Are you tired of the endless cycle of payday spending? Well, you’re not alone. Beth Fuller, a money-savvy mum, recently shared her secrets to clearing £8k of debt in just one year. In this article, we will explore the bad habits you need to drop and why it’s time to change your “payday mentality”.
Drop the Payday Mentality
According to Beth, the key to saving money is to let go of the “payday mentality”. She admits that she used to give herself pocket money for the month, but would quickly splurge within the first week. This left her struggling with her disposable income for the rest of the month. Beth believes that having this mentality prevents us from being satisfied with just one purchase and encourages constant spending.
Buy What You Need
One of Beth’s tips for controlling spending is to only buy what you need. When you head to the store for petrol, resist the urge to purchase snacks and other items just because they’re convenient. Beth learned this lesson the hard way when she realized that adding unnecessary items to her basket was costing her an additional £10 on top of her petrol expenses.
Stop Being Lazy with Food
Another area where we tend to overspend is on takeaways and eating out. Beth found that preparing her lunch the night before saved her from spending over £5 on lunch and coffee every day. It may seem like a hassle, but the difference it made in her monthly expenses was significant. Beth advises against buying a £4 sandwich when you can easily make one yourself at home. By planning ahead and being mindful of your meals, you can save a considerable amount of money.
Face the Reality of Your Finances
In the past, Beth had a bad relationship with money and avoided checking her bank balance. However, she realized that facing reality was essential for improving her financial situation. Now, she checks her banking apps every day and her credit score every month. This habit allows her to stay on track with her monthly spending and savings goals.
By breaking free from the payday mentality, buying only what we need, and being mindful of our food expenses, we can make significant progress in paying off debt and saving money. It’s time to take control of our finances and start building a better future.
Read the full article on F5 Magazine.
Note: This article is a rewrite and adaptation of the original source published on The Sun.