Controlling spending habits can be a challenge for many of us. Norfolk-based money coach KIM UZZELL offers her expert advice for navigating the cost of living crisis
How much do you think before you spend? If your spending is running away with you, now’s the time to pay it more attention.
With prices continuing to rise, being aware of our spending habits is important. But what does it mean to spend consciously and how can it help your personal, household or business finances go further?
I recall my mother’s question “is it a need or a want?” when choosing how to spend my birthday money or earnings from my paper round or Saturday job.
Most things were a “want” at that age, but it got me used to recognising different ways of thinking when it comes to parting with our cash.
This is not an article that is going to tell you what you should or should not spend your money on. Goodness knows I would be an incredible hypocrite if I did that.
Instead I am suggesting you consider the following when you’re spending money.
Do you actually pay any attention to how much you are spending? Now that we don’t need to hand over £10 notes and coins when paying, we can easily lose sight of how much we have paid.
We can tap our debit card or our smartwatch on a terminal without paying attention to the numbers, and be on our way in a matter of seconds. Although convenient, we are in danger of not consciously registering the transaction.
Do this a few times a day and we suddenly have no idea of what we have actually spent. This can cause stress later on when we realise just what has come out of our bank account or the balance that is building up on our credit card.
Consider WHY you are spending. For example you may opt for the convenience of a takeaway or food delivery.
Nothing wrong with that, of course, but if it’s because you’ve had another hellish day at work, there’s not enough hours to do all the things on your to-do list and despite all the food you have available to you at home you just can’t cope with cooking, then addressing the underlying issues and making changes there might help you in more ways than just cutting back on the food bill.
Consciously spending can take a little getting used to but the benefits can be well worth it.
For more from Norfolk-based financial expert Kim Uzzell head to mymoneymovement.co.uk or follow her on Instagram @kimuzzellmoneycoach.
YOUR MONEY MATTERS
Each week the EDP brings you tips and advice to help combat the cost of living crisis...
TIP OF THE WEEK
Interest payments on credit or store cards can make clearing your balance feel daunting, so make sure to seek out the best 0pc balance transfer deals available.
Comparison websites such as moneysupermarket.com will provide options and removing the oppressive feel of added interest payments can help make the task far more manageable - always check the small print though.
BARGAIN DEALS
Looking for a cheap way to keep the kids entertained? Then check out the GoGoDiscover trail.
There are 55 T.rex and 24 mammoth sculptures to find in Norwich and around the county.
An app is available for £1.79 or trail maps can be found at The Forum, the Royal Arcade or Jarrold for a suggested donation of £1, all in aid of charity Break.
The trail runs until September 10, see break-charity.org for more details.
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