{"id":515,"date":"2017-07-09T12:08:09","date_gmt":"2017-07-09T12:08:09","guid":{"rendered":"http:\/\/marvin.co.ke\/blog\/?p=515"},"modified":"2017-07-09T16:26:34","modified_gmt":"2017-07-09T16:26:34","slug":"spend-less-save-money","status":"publish","type":"post","link":"https:\/\/marvin.co.ke\/blog\/2017\/07\/09\/spend-less-save-money\/","title":{"rendered":"How to spend less and save money"},"content":{"rendered":"

One of the best way to save money is to come up with a spending diary.Many people do not save money because they cannot afford to. Or so they think. There is always more month left over at the end of the money. They just find that they have no money left over to save. In fact, some people spend even more than they earn. We are going to look at some tips that will help you to save money by keeping a spending diary.<\/p>\n

The idea of keeping a spending diary may not set your pulse racing, but it can be a great way of pinpointing where money\u2019s slipping through your fingers and help you save money. It may be that you\u2019re a natural when it comes to balancing your budget, but if you aren\u2019t and you can\u2019t work out why your money disappears so quickly, writing down how much you spend, what you spend it on and when, may help.<\/p>\n

Sarah Pennells<\/a><\/strong> lists ways on how to maintain a good spending diary.
\n <\/p>\n

Diary rules<\/b>
\nFirst of all, a spending diary will only work its magic if you keep it for long enough to get a realistic pattern of your spending. Don\u2019t start your diary for a week and abandon it. Keep it for an absolute minimum of a month, although three months is better.<\/p>\n

Sarah Pennells Tip<\/strong>:<\/b>\u00a0Don\u2019t view it as a test that you\u2019ve got to pass or fail. Many of us spend money on things we shouldn\u2019t\/can\u2019t afford\/wish we hadn\u2019t. But by keeping a diary, you\u2019ll actually be able to see where all your money is going.<\/p>\n

1. Write down absolutely everything you spend.<\/b>\u00a0Make sure that you include purchases such as newspapers and bottles of water and treats such as chocolate bars and magazines. Individually they probably cost less than a pound, but they could add up to \u00a320 \u2013 \u00a350 or more over the course of a month.<\/p>\n

2. Make it easy.<\/b>\u00a0Decide how you\u2019ll keep your spending diary so it fits in with your lifestyle. It needs to be as convenient as possible. It doesn\u2019t matter whether you use your mobile phone or a notebook or by using an.
\nexcel<\/a>.<\/p>\n

3. Write down when you spend your cash.<\/b>\u00a0It may sound like a detail too far, but it will help you to find out whether you tend to spend more money in the evenings when you\u2019re out with your friends or at the weekend when you hit the shops.<\/p>\n

4. Include one-off costs.<\/b>\u00a0Don\u2019t forget birthdays, weekend breaks and day trips. Don\u2019t worry about things like insurance policies you only renew once a year. You\u2019ll be able to make a note of that in your budget (which shows the bigger picture of your finances).<\/p>\n

Sarah Pennells Tip<\/strong>:<\/b>\u00a0Don\u2019t underestimate how good you will feel once you have a clearer idea of what you\u2019re spending your money on. If you\u2019ve never kept a spending diary before, you probably won\u2019t think it will make much of a difference, but believe me, it will.<\/p>\n

Week two onwards\u2026<\/b>
\nOnce you\u2019ve kept your diary for a week or so, you\u2019ll probably notice that you start spending less. It\u2019s one of those curious psychological tricks. If we don\u2019t know exactly how much we spend, it\u2019s easy to spend more. The moment you write it down and start to add it up, your spending begins to fall.<\/p>\n

Sarah Pennells Tip<\/strong>:<\/b>\u00a0Don\u2019t worry if the results of your spending diary come as a bit of a shock. The worst thing to do is to think that your spending habits are beyond salvation. Believe me, they\u2019re not. If you\u2019re willing to make some changes, you can really turn around what might seem like quite a bad financial situation into a much healthier one.<\/p>\n

What could you do with the money you\u2019re spending?<\/b>
\nIf you need an incentive to keep up your spending diary, add up how much you spend on things you don\u2019t actually need (shoes, magazines, ready meals, cosmetics etc) and work out what that money would buy you.<\/p>\n

Sarah Pennells Tip<\/strong>:<\/b>\u00a0Think of what you could do with the money you save, such as pay off your debts, start a savings account<\/a>, or go on holiday. It\u2019s always good to have a goal in mind. If you cut back your spending \u00a350 a month you\u2019d have \u00a33,000 after 5 years. How good would that make you feel?<\/p>\n

About The Author<\/strong><\/p>\n

Sarah Pennells is a money expert, broadcaster, author and personal finance journalist who specialises in explaining complex subjects in an accessible and engaging way. She has more than 20 years’ experience in personal finance, working across television, radio, web and print.<\/p>\n","protected":false},"excerpt":{"rendered":"

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