Savings

When I look into ways to be better with money, making money work is something that comes up often, as well as ways to make money last longer.

So, savings are twofold. You can save money by not spending and you can save money by buying items for less. I am still a materialistic person. I recently kon-mari-ed my clothes, I HAD LOTS. I went through them and for each one I checked for that spark of joy, those that didn’t, I thanked them and they have been sent to Barnados Charity shop, to be joyful for someone else. For those that did, I carefully folded and placed them into drawers and the cupboard. This felt so good, but I also acknowledged that there was a lot of wasted money right there. I made a pact with myself to only buy items that are needed and I truely love from now on…I am already wavering on this. I need work trousers as I am down to one functioning pair, I need a new pair of leggings- I am down to one pair, we are off to Florida later in the year and I dont have a lot of hot weather clothes. I live in the UK its not that hot! So, some clothes are actual needs, some are wants and desires.

I went on to Evans last night. I am a plus size girl and its hard to get bargains. We live relatively rural and our charity shops dont seem to have any clothes for big lasses. I left the items in my basket, and this morning the three items in my basket are in the 24% off sale. I still like all three items as much as yesterday and my leggings are down from a tenner, so even better! Now, the other two items are lovely, beautiful, hot weather clothes- they may not suit me and I can return them if they don’t. Evans is pretty happy with that, but the fact I have waited instead of purchasing meant I got them with 24% discount, ergo, I have made a saving. I could argue with myself that not buying the items would be a better saving though!

I also found two pairs of trousers for work on Amazon for a great price, again, if they aren’t right, Amazon are pretty good about returns. One really bad thing, is that Amazon seem to be offering lots of plus size clothes for a great price. Noooooooo! My plan to manage this impulse to buy, is to leave items in my basket, see if I still like them, and then check if funds can cover it this month. If not, I will save them for later, when I have the funds!

As to the other part of saving (the not spending part) we currently use Santander and get 1.5% on the money in our current account. This is better than a kick in the teeth, but not great. I also have an M & S account, and have opened a 5% savings account. To get this rate, we have to leave the money for a year and can only pay-in up to £250 a month. This means in a year that account will be £3k and we will earn over £81 in interest. This is where that money will be working for us. Depending on my variable income, this money will either be entirely new savings or a mix of new and some other savings we already have. Making money work for us is a concept I am new to, and I am still trying to get more into this mindset, including investments etc. as well. One day at a time! 🙂