New Year's Resolution: Save More Money
As someone who dedicates a large amount of her time staring into her closet, I know better than anyone how impulse buys can add up. With all of the disposable fashion available, it’s sometimes difficult to say no. For the past few years, I have been trying to cut my spending on trendy, fast fashion and invest more in pieces that I truly love and that will last a long time. Don’t worry. There will always be room for fast fashion. (See Gold Sequin Pants) But overall I have been trying to be less wasteful and extend the quality over quantity mentality to all of my spending habits.
This is a nice segue into my Big New Year’s Resolution: Save More Money
I knew I needed to take a deeper dive into my spending, but I wasn’t really sure how to start. Finally, after reading the article How I Cut My Spending by 50% by Refinery 29, that sort of jolted me into thinking differently about my money. If I subtracted my fixed expenses from my monthly salary and divided what was left in half, putting one half in my savings account and using one half for variable expenses I could actually save a lot each month. By variable spending I mean expenses like food, household items, gifts, and services like haircuts and oil changes. They tend to vary per month.
Using the number I was left with for variable expenses, I tried to figure out if that number would truly be feasible. One of the ways I knew I could stick to this number was by spending less on food and entertainment. I gave myself strict goals for each per week. These goals do not take into account rare situations such as travel or a large car repair, but I am ok with saving less when these larger expenses do come up as long as I am sticking to these numbers most of the time. After all, its large unexpected or expected expenses that leads one to save money in the first place. And if I decide that this plan is too restrictive, I can always adjust my spending and saving amounts to something more realistic. This at least is a good starting place.
Thing I’ve Learned Since Turning 30: Money by Cupcakes and Cashmere is another blog post I found helpful. She actually breaks out her spending by percentages, which is a really nice way of thinking about it. I would love to know how you budget and try to save more money throughout the year.