When the Penny Drops // Money Talk

So the penny has literally dropped. It’s almost the end of January and you are desperately trying to make the money stretch. Payday seems to be a million miles away, even though it’s really just next week. Ah the sweet post-Christmas financial crunch. Thank god for overdrafts these days!

Going into your overdraft is effectively just spending money that you don’t have, and this is never a good route to go down. So here is a short but effective guide to helping you quit going into your overdraft. We’ve all been there, but it’s about time it stopped! Take a look at some of the ways that you can stop sending and start saving today!

Budget in advance

If you are anything like the rest of us, then you can probably only budget as far as your nose. Setting a spending goal for the following hour is a good start (we salute you!), but setting a spending goal for the next month will ensure that you stay away from the dreaded overdraft! Try budgeting further in advance and start saving rather than spending those pennies.

Put savviness over spending

So you’ve bought an amazing new pair of jeans. Then, while on your leisurely (and far too common) visit to online shops, you spot the exact same pair of jeans for half the price that you paid. You are gobsmacked. Why…this is daylight robbery! Funnily enough, this happens a lot more often than you would usually expect. Make sure that you shop savvy rather than spontaneously. If you see some jeans that you would love then be sure to search around a little for some deals or money off first. A lot of online retailers will give discounts when you sign up to their newsletters or when you buy with them for the first time too! You can get a first order ASDA voucher code that will certainly save you some well earned doe. By shopping savvy you will definitely be helping to make your dream of quitting that overdraft a reality!

Stop living like a millionaire

So you’ve just been paid. You are feeling a little extravagant and you know that your bank balance is at its highest point in the month. You can finally buy that pair of shoes that you’ve been drooling over, or you can eat in that luxury restaurant that you have had a hankering for. Finally, it’s your time to live! But then, BAM, you are back down to zero pounds and nineteen pence.That’s right. Stop living like a millionaire the week after you have been payed! It forces you to live on barely anything for the rest of the month and will certainly see you dipping into your old faithful overdraft!

Set an overdraft limit on your account

Now this may be a scary thought, but stick with it. You can actually set up a function on your bank account that fines you when you enter your overdraft. Shock horror! ‘But how is this supposed to save me money?’ I hear you ask. Well, the point is that you are a lot less likely to make use of an overdraft if you are charged each time that you go into it. You could also think about setting up a barrier that disallows payments if they will force you into the minuses. This is a great little incentive to get you saving those pretty little pennies.

Think about what you are spending

No really, think about it. It can be so easy to head out and spend, and spend, and spend (you get it), without really thinking about what you are spending your money on. You may just get that extra coffee because your friends are getting one too, or maybe you are getting the expensive hair care brands when actually the cheaper ones work just as well. Take a moment to think before you buy, people! You can also make use of sites like My Favourite Voucher Codes to ensure that you really are getting the best price on your goods!

Cook at home

A huge modern day expense is that of going out for drinks or food. This can be a hugely expensive endeavour, not to mention overpriced anyway! Instead of meeting your friends at a bar or at an expensive restaurant, consider inviting them over to your place. Cook them up a nice meal and grab a value bottle of gin! This will save you and all of your mates a considerable amount of money, and who knows, you might actually enjoy it more than being hauled up in a overpacked bar!

There are plenty of ways that you can start reducing the need for that overdraft, these are just a few of our top ideas! So make sure that you budget in advance, stop living like a millionaire, set a limit on your account, think about what you are spending, become a savvy shopper and start cooking from home. So go forth my friends, get on top of your financial dilemmas and start saving those pennies today!

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