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New Years Resolution - Saying no to a spendthrift Year

Although we have not even reached christmas yet, today is payday so I thought I'd start my new years resolution early. The aim is simple; I want to get my savings account looking healthy again.

I've done a spending ban before and, aside from failing it a little early, it did make me think about doing a longer run. However, a spending ban does not work for me. Going cold turkey just makes me want to spend. (I know I'm weak!) So instead of a total ban I have set myself some rules.

The first rule is to look for alternatives that cost no money when it comes to treats. For example, digging out a nail polish I haven't used in ages, borrowing a DVD from someone. I am going to go to the library more often, and will be doing reviews of the books I read. I already do this on GoodReads but if you want me to review books on here too let me know in the comments.

The second rule is to save at least a third of my wages in total over the year. That is the minimum.

The third rule is that I am allowed to treat myself on occasion, BUT this will be after I have completed a set task, either writing or craft wise. For example, the first task will be to finish the Starry Night cross stitch and, considering I have been working on it for three months and haven't even finished page one, this should take a while!

The fourth rule is to not give up if I stumble (should apply that to all aspects of life really). Instead, I need to make a note of exactly what I spent, how much I spent on it and, most importantly, to explain WHY I bought it. Over time this should give me an idea of what triggers to look out for. If I feel the urge to spend but avoid it I also want to make a note of why.

The fifth rule is to stop and think. At the moment, for every hour I work I take home £6.24 after tax, national insurance and pension. So when I want to buy something I need to work out first how many hours I needed to work to pay for that and then think, is it worth it?

One of the main things I have been doing recently is going to Boots and buying reduced sandwiches for work. This may seem like a good thing except for one very clear and shameful reason. I have thrown away the stuff I have prepared. Why I have done this I don't know but when I have my break I don't want to stay in work so I nip to the shops. Thankfully there aren't many shops in Newquay.

Month one will be a good test. There is one main con and one main pro to January. The main pro is that if I do spot something that I really want I can just hint to someone to get it for my birthday in Feb. The con is that there is over six weeks between now and the next payday.

So anyway, that is my New Year's resolution and I will be updating it as often as I need to, probably a short paragraph at the end of my normal crafty posts.

Wish me luck!
Emma

NB - the original title of this was a spendthrift year. Then I googled it and found out that's the opposite of what I meant, hence the change in title. You learn something new every day!

Comments

  1. Hello Ems. Great, chatty and friendly post. Love it.

    For me ... I set myself a 'crafting spending money' figure ages ago, and I can usually stick to it. I have a monthly 'pocket money' amount for crafty things and at the beginning of each month I work out how many weeks are in that particular month then divide the monthly amount by that much to give me a guide line on how much I can spend in a week. It kind of makes me think more carefully.

    I've found that this 'system' works brilliantly for me. Some months I do 'over' spend a little, because I've found something which I've wanted for ages at such an incredible price that it would be foolish to not buy it there and then - but I haven't gone so crazy that I've ended up beating myself up about the over-spend because it's usually pretty small.

    I had to introduce this 'system' because there's always something new and exciting or 'just arrived' in the crafty world and the stock changes ten times faster than the seasons for couture, so I've learned to question my intentions with regard to buying. I've forced myself to double check whether the item I'm looking at is simply a 'want' or is it something I'd actually use, AND I have to work out how it would fit into my current style of crafting. If I can't make it work in my crafting style, then I don't buy it.

    I love that it's making me do this thinking process, because it's stopped me from buying just because I like something. I can like things, but leave them on the shelf. I don't have to buy everything just because I like it. (It's also helping me use up what I already have in my already stuffed to the limits craftroom!)

    Very good luck with your own system. I hope that it works for you and that you end up finding that you're crafting in a better way, AND saving money at the end of it. Love the thinking process!

    Sending love and ... while I'm here, . . . wishing you a peace filled, warm, loving, but most of all contented Christmas, - for once you have that magical thing called 'contentment', everything else just seems to fall into place.
    Love ~ Cobs. x

    ReplyDelete
    Replies
    1. Thanks Cobs - sending the same wishes your way :)

      One main thing that I'm doing differently this time is blogging openly and honestly about what I'm spending. I'm hoping that doing this will make me think more. I have kept spending diaries before but on occasion I've ended up lying about what I've spent and the only person I'm lying to is me, which quite frankly is the epitome of stupidity.

      I have no idea whether my new approach will work but I'm hoping it does. Thankfully I have no debt to pay off, but I do need to save some money for a rainy day, and we get plenty of those in Blighty!
      Ems

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