Spending Diet

Today I’m going to talk about something that I haven’t before on this blog, and that topic is money.

Since the beginning of the year especially, and after reading The No Spend Year, I’ve been attempting to become more conscious with where my money is going and what I’m putting into savings every month. In the last week, I’ve accepted an offer for a masters degree, which although is a really exciting opportunity, comes with a whole host of new financial worries. With my fees for one year of study coming to just over £6k, and the government loan for postgraduates stuck at £10k, there will have to be some serious lifestyle changes that come with my next round of studies. That’s not even including this summer, where I will be getting no support from student finance, and even with working extra hours will have nothing left over once the essentials have been paid.

I will be keeping my current part time job in order to help pay the bills, and luckily with the loan and my income combined, all the basics will be covered during term time, leaving about £60 a month spare. Although this is much more than I ever had ‘spare’ for the majority of my life (and even the majority of my degree), since having a little extra income my spending choices have adapted to meet my disposable income.

So, in light of this, I’ve decided to put myself on a spending diet, from now until graduation. Instead of doing the tempting thing, which would be to ‘make the most’ of my spare money while I still have it, I will bring down my spending to what it will have to be over the next year. Everything that I have coming in that is ‘extra’ will go straight into my savings account, meaning that if I do desperately need more than what I have coming in next year, I can feel more comfortable dipping into what I’ve put aside.

I’m also hoping that choosing to reduce my spending now, as opposed to being forced to come September, will make the transition easier and that I won’t feel tempted to over spend or use up my savings.

I’m hoping to keep a mini weekly diary of my spending in order to keep track of it, as well as little ways that I’ve managed to save money on day to day costs.

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