How is it possible to have a lifestyle of hitting up bars, going out for brunch and still being able to save for your future?
At Pursue Wealth we believe that there is absolutely no point in earning money if you aren’t still going to have fun- it’s important to do the things you love but at the same time it is important to save for your future.
And this can definitely be done with a few strict measures in place.
Here are our top 4 ways to have a lifestyle but still save money
- Track your expenses with a spending schedule. A Spending schedule is a nice way to say I have a budget! Where do you start with a budget? Start an excel spreadsheet that outlines your income and all expenses but the most important thing is to make sure you are realistic about your spending. There is no point in painting yourself into a corner by not allowing yourself to spend any money and then dipping into your savings at the end of the pay cycle.
- Set up the several bank accounts including one for bills, savings and an everyday account- this was you will have a specific account for lifestyle so once this account has been used then unfortunately you are calling last drinks! This will also ensure you have enough funds to pay all your bills and most importantly you will be paying into your savings every single pay.
- Work out what it is you’re saving for. If you have a goal in mind- either it be saving for a holiday, a deposit on your dream home or saving for your wedding. All of these items give you a goal for what you are saving for and that way you will work hard towards saving and you are much more likely to not ‘dip’ into this account as you know exactly what it is for.
- Live within your means. If you know how much is allocated to bars, brunching and lifestyle expenses then this is it! Don’t go and grab yourself a credit card and pay huge amounts in interest because it doesn’t feel like it’s your money. Sometimes you will need to say ‘no’ to going out!
- Have your savings in a different bank to your normal accounts. This is pretty explanatory but it works. If you have your normal banking with your savings it makes it easy to transfer between savings and spending’s- so make it harder for yourself and put your savings in a high interest bank that it separate and forget that you have these savings.
Here at Pursue Wealth we consider ourselves your financial dream team, because we help coach you to achieve your financial goals. It’s very similar to trying to get fit, if you join the gym (and go often!) you will slowly see the result whereas if you get a personal trainer to keep you accountable and to push you then you will see results fast. We are the same when it comes to money!
You can definitely do it yourself, but have you? If you want to see results and want to be kept accountable, then you can book in to chat with one of our awesome financial advisers here.