When you have a taste for the luxurious things in life but not the budget to go with it, something needs to give. And try as you might, it very often means cutting back on the finer things in life to make sure that the everyday things are covered.
That doesn’t mean you need to cut out all the luxuries, rather that you should take a look at your budgets and start prioritising what’s a must have over what’s a would love to have.
The headline costs
This is the expenditure that’s impossible to avoid, such as rent or a mortgage payment, car insurance and running costs, bills and so on.
In order to create a budget that’s going to allow you a little wriggle-room, it’s first necessary to see exactly where the money’s going. Once you’ve got your direct debits all accounted for, you’ll need to take a look at your discretionary spending. While your food bill can hardly be considered optional, you’ll want to see if you can find any way of bringing it down. This might include cutting out bought daily lunches and taking in your own salads, soups or sandwiches. This might add a little to your overall bill but ultimately you’ll be saving a lot more.
Do make use of price comparison sites that find ways of bringing down your costs and help you to switch to lower providers for your energy, mobile phone bill and so on.
If you’ve already got a holiday pencilled in or need to buy a new car then the time to start planning for this expenditure is right now. Far better to have the money saved up ahead of time rather than running the risk of taking on debt in the form of a credit card, at the time.
Shop around for car bargains, look online using sites such as https://www.lnkmotors.co.uk/locations/bury to eek out a real bargain. Set realistic expectations on what you can and can’t afford and don’t be swayed by a salesperson on a forecourt. Instead have a clear budget in your head and stick to it. You may have to compromise on the added extras, heated seats for example, but staying in your budget is going to free you up and keep your budgeting on track later down the line.
It’s not easy sticking to a budget and can feel so restrictive when you’re trying to live your best life. Get the basics down to a minimum and you’ll be able to splash out on the finer things in life every now and again. Do what you need to do to keep costs down, including finding cheaper supermarkets, energy tariffs and so on.
The hard work comes with all the initial research but once you’ve discovered all those hidden bargains you’ll be in a great place to save for that new car, that dream holiday or even that new house when a deposit seemed so far out of your reach previously.
We’re proud to bring you this feature in association with Hannah Frances McCreesh, LNK Motors and uSwitch.