Coins Step one Sleep on it. Thinking of making an extravagant purchase? Know it is an item you just can’t do without? Take 24 hours to reconsider and after a good night’s sleep the chances are you don’t actually need it so much after all.
Sleep on it. Thinking of making an extravagant purchase? Know it is an item you just can’t do without? Take 24 hours to reconsider and after a good night’s sleep the chances are you don’t actually need it so much after all.
Step two Pay in cash. Don’t be tempted to slip everything onto plastic – it never seems real. Set a weekly budget, take it out in cash and leave the creddies at home.
Step three Keep a change jar. Spare change always ends up all over the place, so why not centralise it in a change jar which can later be used towards paying off a debt? Knowing you have to empty your pockets at the end of every day will discourage you from cracking into a note too.
Step four Avoid shops. Don’t while away your leisure time window-shopping, it is a recipe for disaster. Keep busy or find another hobby that doesn’t put quite so much temptation your way.
Step five Haggle. If you do have to buy big ticket items, don’t be afraid to ask the store what the best price is they can give you for it. Go on – it is worth a go.
Step six New for old. Make it a rule – for every new thing you buy, you must sell something you don’t use on eBay to cover the cost.
Step seven Shop smart. When you do your grocery shopping, make a list and stick to it. Never, ever go to the supermarket when you are hungry and better still, shop online so you do not stray.
Step eight Make a list. Take the time to list out every one of your debts and then keep it in your wallet or purse. That way, every time you try to get some cash out you will be reminded to be careful.
Step nine Get a work/life balance. Remember you go to work to earn money – not to spend it. Cut down on those comfort-cappuccinos on the way in, expensive lunches with colleagues and other unnecessary workday treats.
Step ten Work out the true cost. This one is a real killer. Before you get carried away with an impulse buy, work out how many hours you have to work in order to pay for it. So, if you earn £7 an hour, and your must-have item costs £170, you will have to work around 30 hours to buy it, taking into account taxes.