We’ve got one more pay day until the end of January, and the thought of that hurts. It will arrive to us this week – in all it’s ‘thank goodness’ glory – begging to be saved and spent efficiently, on things like food supplies, heating bills, transport to distant relatives. What will we spend it on? ‘Reunion drinks’, the Zara sale, and reduced Christmas-themed chocolate. No more. This, my excitable spend-it-all-by-27th-December-and-hate-yourself-til-February friends, is your guide to being savvy and making your pay day funds last.
One thing to note – I’m no Martin Lewis, but I am in my twenties, and boast an insatiable habit for social spending. I’m simply sharing my (researched) wisdom, just in case it helps.
By Rachel Spedding
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1 Set a budget
According to Co-operative Bank, we spend at least £80 in the first 24 hours of being paid. Skip to 11 days, and the average person (most definitely me) has spent half their pay packet. No ‘I’ll think about budgeting tonight’ – as soon as your wage hits your bank account this month, budget it. Strip out savings (if you’re saving), and do some bank-account shifting. Mint app is great for tracking this.
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2 Stay in
I’m serious. Your pals will be just as fun on your living room sofa. Try switching one of your nights at the local, for a cosy chat and bottle of Blossom Hill (or just a great cuppa) in your own abode – reap the benefits of saving dollar. You’ve seen those Tasty videos on Facebook. Grab a camembert, treat it to some garlic cloves, gather round its wonder, and enjoy a cosy night in with your bestest. You’ll all be in the 'cheap month' thing together.
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3 Take out cash
Cash. Good old cash. It’s been a while since my contactless-accustomed hand has held ‘em, but actually, taking out cash is a well-known tip for saving money. The ‘envelope budget’ as it’s known. Set your weekly budget, and withdraw it. It’s easy to track the loss when you can feel that bundle of cash reducing in size. Should you need to go over, consider adjusting the budget to avoid it next month. Best part of this method is not going accidentally overdrawn in your bank post-weekend. The worst.
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4 Be savvy in the sales
What do you really need? The notion of fast fashion is on our minds more than ever (and if you haven’t watched that Stacey Dooley documentary yet, I’d definitely recommend). Sure, we all love a bargain, but weigh up if you’d pay full price for that item. If the answer’s probably no, listen to that frustratingly-reasonable voice in your head and leave it be. No spending for the sake of it. Unless it’s next year’s Christmas decs, that's always acceptable.
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5 Say 'no' more
When your friends are peppered across different groups, and all expect your presence at various ‘only chance to meet up for ages’ events, the pressure to attend is real. Don’t allow turning down events to foster guilty feelings. Tell the truth, without the shame (we need to sack off that concept that discussing money is sinful). You’re saving, you’re budgeting, you just don’t want to spend the moolah on brunch. Good mates will stay mates, regardless.
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