Daily Spends – A Diary of Spending Habits

What I spend, when and where?

Posts Tagged ‘money

The Long Term Impacts Of Saving

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It’s pretty obvious that in the short term, saving money rather than spending it is going to benefit us financially, but what about other, more long term impacts of saving? It seems like more and more emphasis is being put on spending money, and ever since the 1980s where excess and spending really came to the fore, this has been the case. These days though, things are a little different, and affluence is not quite so wide spread or common place for most of us. So the impacts of our old spending habits are proving more and more important to break.

Saving with John and Lee

It’s always good to talk in terms of examples when looking into a concept or explaining an idea, so let’s run with one here. John and Lee have two kids, Rick and Sally. John works a regular job where he receives an average wage, and Lee is looking to start looking for online jobs after having been at home with the kids up until now. The couple have a mortgage, a few credit cards and store cards, as well as a personal loan and car loan. Nothing too special in terms of their circumstances here, and something you would be likely to find in your neighbourhood.

If Lee and John manage to save a little money by reducing their spending habits (which often takes but a little adjustment here and there), their family finances can look a lot different. There are unnecessary excesses in all our lives, and if we are honest with ourselves we will be able to name them pretty quickly. These excesses may involve occasional shopping sprees, regular spending on things like cigarettes and alcohol, entertainment or leisure activities that we really do not need to partake in – whoever you are, whatever your lifestyle, there are things that you do not need to be spending your money on.

Turn your spending into saving

By turning that spending to saving, you are having a marked impact on your finances and your life. Let’s return to our example. By reducing their spending by just $100 a month and instead turning that money towards reducing their levels of debt, John and Lee are choosing more than just financial savings. By paying the extra off their credit card, they are saving a bunch of interest. If they continue until one of the cards is repaid, and then snowball the minimum credit card repayment and the $100 towards paying off the next debt, they will be surprised at how quickly their debt is looking lighter – all from such a little sacrifice.

The long term impacts of reducing their spending and therefore their levels of debt is enormous. Not only do they save money, but their family life will improve as they no longer struggle under the burden of owing money here and there – in effect limiting their lives. The kids will be able to learn valuable lessons in regards to debt and saving money and have positive financial role models for managing their own personal finances as their grow older. If the family is able to start saving money and putting their money to work for them, then the possibilities really are endless – and all it takes is a simple mind shift, a decision really, and then to follow it up with concrete action.

Written by dailyspends

July 12, 2011 at 10:03 am

Posted in money

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Daily Spending Back on Track

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Dear mamma joe! I’ve been busy lately . . . so busy . . . absolutely crazy busy. Work is mad as hatter and family life is busy to say the least.

But enough of the rubbish excuses! Daily Spends is now back on track (for today anyway). Wann know what I spend yesterday? Well do ya?

Here you go:

coffee – £0.20
cake – £1.00
fish ‘n’ chips – £8.45
Total Spends = £9.65

PS – i’m now getting a lift to work which is saving me over £200 per month! Whicked eh?

Written by dailyspends

August 7, 2008 at 11:12 am

It’s been a while

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Every now and again I look back at dailyspends and realise that I’m not doing a great job of tracking my actual spending. I’ve also been a bit naughty and neglected the blog slightly over the last few weeks.

The thing about DailySpends is that I enjoy writing it and when I do write it, it actually makes me think about what I’m spending.

This weekend we’ve been a bit short on the readies because we’ve had to spend a few quid on the car (£270 to be precise on MOT, TAX & a new tyre). So it’s been back to basics with some old skool (yes! with a K) thrifty tricks:

1 – Nice cheap dinners: Home made pizza (50p per head) , Nachos (30p per head), Cheap Sunday Roast (£1.00 per head)

2 – Cheap weekend drinks: 20 bottles Becks (£7.59 on sale at Tesco), 4 litres Cider (£3.00)

3 – Family fun: Dog show (free), Craft (free), Park & Walk (free)

Written by dailyspends

June 23, 2008 at 9:22 am

Posted in weekend spends

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Money you never thought you had…

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Money in pocket

Short on cash? Looking for ways to generate extra income? There could be money right under your nose!!! It was right under mine…

I went out for a drink last night & was excited to find £5 in the pocket of my jeans (a pair I haven’t worn for a while). It’s not exactly a fortune but it paid for my 1st two drinks to I was happy 🙂

When you next get a few minutes, have a look in the pockets of your old jeans & jackets, behind the sofa & in the car. You may be surprised to find the odd £5 or £10 notes, in amongst all the coppers.

Of course, this is no long term solution. If you are regularly short on money, you will need to find a more reliable & consistant way of earning more, but it’s a bit fun & you can even get the family involved; ‘Finders – Keepers…!’

Written by dailyspends

June 13, 2008 at 9:37 am

Posted in money

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Finance News

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MyBudgetQuest has just set up what I think will become a really useful financial news resource over the coming months. He’ll be taking the best of consumer finance news, articles & blog posts and amalgamating them in to one handy personal finance hub.

These things can sometimes take a little while to get moving, so we’ll cut him a little slack until it’s up to speed. GFI! Feel free to pick up the RSS feed and stick it on your blog: http://financial.newsvine.com/_feeds/rss2/master?articles&seeds

Written by dailyspends

March 27, 2008 at 1:38 pm

Posted in daily spends, Members

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