Which money personality are you most like – Frugal Fran or Spendthrift Sue? I am going to guess that, as you are reading my blog, you are all Frugal Frans! But maybe you are you spending too much? If you recognise your poor habits you can stop wasting money.
How can you stop wasting money?
I am always amazed at how much money my friends and colleagues appear to waste during the course of a working day, whilst also complaining about how little spare cash they have. It is fine to spend money like Sue if you have plenty to spare. Personally, I would be in trouble pretty quickly if I lived like that. I certainly wouldn’t be able to put anything aside for savings.
It takes a little more time and effort to be a Frugal Fran, but I feel it is worthwhile if you need to stop wasting money. More cash in the bank and less anxiety about your finances!
What’s your money personality?
|Is very organised and puts the laundry on before leaving for work. Uses a brand name laundry liquid as she likes the TV ad (8 pence a wash)||Is very organised and puts the laundry on before leaving for work. She uses the supermarket own laundry liquid as it is cheaper (3 pence a wash). She spends 15 minutes chopping up some beef and veggies to put in the slow cooker|
|Buys a coffee and breakfast muffin on the way to work (about £5)||Has a bowl of porridge and cuppa at home before she leaves for work (about 50p)|
|Gets tea and biscuits in the staff canteen|
|Keeps a pack of biscuits in her drawer for when she needs a snack and takes her own teabags and mug to work (a cuppa and 2 biscuits: about 35p)|
|Buys a meal deal at lunch – sandwich, fruit and crisps (£3.50)||Has a packed lunch she made at home the evening before – sandwich, fruit and crisps (£1)|
|Gets a chocolate bar from the vending machine in the afternoon (80p)||Keeps a pack of biscuits in her drawer for when she needs a snack (10p)|
|Feels really tired when she gets home and orders in a takeaway pizza (£14)||Feels really tired when she gets home and is so happy to smell her slow cooker meal as she walks through the door £2.50)|
|Gets the laundry out of the washer and puts it in the dryer (30p)||Gets the laundry out of the washer and hangs it on the airer (FREE)|
|Perks up a bit and agrees to meet her friends in the pub (£15)||Perks up a bit and invites her friend round to share a bottle of wine (£6)|
|Total spend: £40.18||Total spend: £10.48|
If you need to watch the pennies to build an emergency fund, are saving for something specific, or are trying to pay off debt, then cultivating Frugal Fran’s habits could make a huge difference.
Once you get into a money saving mindset and begin to see the benefits to your bank balance and your stress levels, it becomes pretty addictive!
I know this is a very simplistic way of viewing two different approaches to personal finance, but it does show that the small actions you can take to stop wasting money add up to a lot over time.