The 10 Commandments of Saving in 2018 with Bola Sol
Online talk show host and founder of the personal finance website, Refined Currency, Bola Sol shares her smart saving habits to help us get the best out of our money this year.
1. Thou Shall Stay Within Thy Budget!
Planning and reviewing how you’re spending your money is so important and there are so many easy to use and helpful apps available in the app store right now that there’s really no excuse. Try Money Dashboard, Squirrel and Spendee as a starting point. If you’re worried about security ensure that the app is regulated by the Financial Conduct Authority.
2. Thou Shall Cancel Subscriptions Thou Aren’t Using!
It’s so important that we cut down on our spending by looking at what we use. As much as I love the Audible app to read books, I have to balance that out with a phone contract, rent, insurance and all my other living costs. Sometimes it’s necessary to cancel those luxury subscriptions until we get all our finances in order.
3. Thou Shall Stop Impulse Buying!
If you didn’t plan to buy it in the first place, you don’t need it now. Cut it out!
4. Remember To Check Transactions Daily!
Between contactless and direct debits, there are so many companies who have access to our bank accounts. Yes, it might feel daunting to check our transactions so regularly but you need to take ownership of your money and pay attention to anything that looks odd on your account.
5. Honor Thy Meal Plan!
By planning what you’ll eat for the week, you’ll only buy what you need and are less likely to eat out or get takeaways. If you can incorporate packed lunches to take into work with you as well, your bank balance will be smiling.
6. Thou Shall Eat Before Going Food Shopping!
One of the biggest mistakes we make is going food shopping when we are hungry. That is when you’re most likely to impulse shop and put one too many treats in your basket. Rule of thumb - eat before you shop.
7. Thou Shall Turn Dinner Dates Into Coffee Dates!
Unless it’s someone’s birthday it’s not necessary to always meet up over dinner. Eventually, those costs add up and that conversation could have been had over a coffee that cost £4 or less. Same conversation, better budget. The next time your friend asks you to meet up for dinner, don’t be afraid to suggest Starbucks instead.
8. Thou Shall Ask For More Money!
Every year prices of living go up, and in a similar manner, your rates should rise too. If you’ve been putting in the time and hard work at your job, don’t be afraid to discuss an increase in pay with your employer.
9. Thou Shall Pay Thyself First!
Before you think about dishing out your money to restaurants, shops, cinemas, etc… remember to pay yourself before anyone else. If you’re in a stable job you can set up a standing order that ensures a percentage of your salary goes straight into your savings before spending it anywhere else. For freelancers, when you get paid for a job, pop a portion into your savings too.
10. Thou Shall Follow Refined Currency!
Keep up with Refined Currency online for more advice on making the most of your money this year, tackling debt, boosting credit scores and more.