Control That Spending

Hey guys!

I haven't realized how long it's been since I last posted anything. I'm really sorry for not keeping you guys up to date on everything. However, it's not like there is much that has happened anyways, since the last time I've posted, there isn't much new, basically school and studying all the time. the work season is over, so almost no more work for me, but there is still the odd catering here and there for parties and weddings.

Today I wanted to make tell you guys about the spending that I've been doing lately that has gone a little out of control without me realizing and maybe give a few tips on how not to spend as much.

Lately, I've spent a HUGE amount of money without realizing it. Now for a lot of you, the amount Ive been spending might not be all that much, but for me, it is way out of budget, even if the holidays are right around the corner. I know where I've been spending, which is mostly on food and coffees, which frankly, I really don't need. I've been buy soups and salads to go with my lunch, which I really don't need to. it started out as a once in a while thing, but then I also got lazy in packing lunches, so I would always get a little something to add to the food I got, and before I knew it it became habit. The semester is over now, so I just have to learn to not do that next semester. I've also been getting Starbucks very often, and we all know that Starbucks isn't the most value friendly coffee out there. There have also been a lot of sales lately, due to Christmas being around the corner and because of Black Friday. I've been shopping a lot more than I should be as well. And I've been going out for supper quite a bit with my friends. I need to not spend as much and start controlling how much I'm spending. Here are a few tips that I find helpful (from past experience)

1. Ask yourself if you really need we what you're about to buy. Do you need it or do you want it? Will you still be using it in a few weeks/months? If it's an article of clothing, how much will you be wearing it?
2. See if you can get it somewhere else for cheaper A lot of the time we want something because it's a brand name, but most of the time we can get the exact same thing (minus the name and the expensive tag) somewhere else and the quality is basically the same.
3. Set yourself a budget. Planning a big shopping day or to go out and shop for the holidays? Set yourself a budget, don't go above the budget, when you're setting your budget, because most of the time it means that the amount you're willing to spend will encompass everything that you need to get.
4. Don't impulse buy, think your purchase through, ask yourself the first 2 tips, and what works for me is to not buy the item right away and wait a bit. If you really want it, you'll still want it in a few weeks, if you don't that means you never really wanted it anyways. Waiting a bit can also mean that the item that you want will be on sale, then you wouldn't feel so guilty about getting it.
5. Don't carry so much cash with you, or leave your credit card at home if you have issues controlling how much plastic you use. This often helps because you won't have any money to buy the things you see. This is kind of related to the 4th tip because it will also make you think about whether or not you really need the item because it will require you going back to get it.
6. Write down everything you buy, this will help you see your spendings habits and tell you where you could cut some of your spendings. It also lets you see what you should be spending your money on and the 'extras' that you don't need.

 To control my spending, I'm going to try to stick to this list as much as possible:

1. No more spending on beauty products. I'm a sucker at Sephora, everything in there is just so tempting and pretty and hard to resists. I end up getting little things and I come home and realize I have similar products. The same thing is happening with nail polish. I have 31 bottles of nail polish (I just threw some out too). I realized today that I have a million similar colors and I have colors that I don't even remember having, which is not a good sign. I'm only going to spend on a beauty product when I run out of it at home.
2. Capping my spending budgets monthly, except for on boxing day. This is going to take some time because I will have to come up with a reasonable cap for my monthly spending.
3. Budget for boxing day or any day I'm planning to go out shopping.
4. Keep track of everything I spend. Basically making an excel spreadsheet to keep track of how much I spend.
5. Limiting the amount of times I go out. and when I do go out, trying to find less expensive alternatives.
6. Not spending extra on food. In the new school year, I'll make sure I'm packing enough food to not even be tempted to buy something extra to eat.
7. NO MORE COFFEE, unless I plan to have coffee with a friend, because I do not need that much caffeine in me.
8. Carrying less money on me. I've realized that when I have cash on me I'm more willing to spend, when I have to use my credit or debit, I hesitate a little more.
9. I'm only going to get something if I really need it, or if I've been wanting it for a long time.

I'll only start the spreadsheet and the capping in the new years, since we're already in December :P The rest of the list, I will try to start implementing the rest right away because the rate at which I'm spending my money is scaring me especially since I'm not working right now.

Hope some of these tips help you guys during the holiday season, or any time of the year :)

-J