I’m sharing this post again after three years because I’ve had a couple of emails from lovely readers recently asking for tips on how to stop sending money. This little trick is the one thing that helps me the most when I’m considering a purchase so I thought I’d update this old post and reshare rather than write the same thing again. 😉
I’m far from perfect when it comes to spending money (my handbag collection will attest to this fact) but I do have a few tips and tricks that help me to sensibly consider a potential purchase so at least I can say that I’ve thought carefully before I buy something.
The first thing you need to do is to work out how much your hourly wage is – just for the sake of having a nice round figure let’s say it’s £10 an hour.
(If you don’t have a set wage then you can use your partner’s wage if that’s easier)
From now on, every time you’re trying to decide whether to buy something, work out how many hours would have to be worked to to pay for it.
So if you’re thinking about a family takeaway for £20 ish, you would have to work for two hours to pay for it. Do you really want to spend money you’ve worked for two hours to earn on a quick takeaway?
You can apply it to everything you have a choice about – the full Sky package per month could work our to seven hours work which is worth it to some as it’s their only extravagance but to others not so much! That new handbag you might be considering might not be worth it when you consider how many hours work it will cost you (although depending on the handbag it may possibly be totally worth it 😉 ).
Try it, it really works!
I have a few other posts with tips on how to stop spending money that you might like to read:
25 simple ways to spend less money
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