Ask Boo: How do I stop spending money on the go?
If you look after the pennies, the pounds look after themselves. The problem is, modern life seems designed to not let us stop spending money on the go. There’s that coffee shop on the way to work. The vending machine in the break room, the chocolate bars in the petrol station… the take-away just around the corner. And the pub on a Friday night…
Want to stop spending money on the go? Here’s 3 things you can do
It has never been easier to keep spending money. Not only is there lots more stuff to spend money on in the shops now, but online banking and money transfer apps make parting with your money easier than before.
But before we tell you what to do, we thought we’d take a look at why we spend money on the go, by looking at the psychology of impulse purchases.
This video is really interesting. Grab a cuppa!
Now, onto the list of ways to stop spending money on the go…
Tip #1: Buy reusable receptacles
We spoke about this last month when we looked at ways to save money and the planet, but buying a reusable water bottle, coffee mug and lunch box will not only help you stop spending money on the go, but save you money too.
Let’s look at some basic figures: if you grab a coffee before work, a £3 meal deal at lunch and a bottle of water during the day, that adds up to between £7 and £9 a day, depending on how fancy you like your coffee.
There are around 253 working days a year, so that means that you could spend between £1771 and £2277 on coffee, lunch and water every year.
Whereas, you could pick up a reusable water bottle, coffee flask and lunch box for £20, helping you stop spending money on the go.
Tip #2: Practice Money Mindfulness
Money mindfulness sounds a little bit hippy-dippy, right? Like you’re going to sit around and ponder the meaning of money…
It’s not that at all. Instead, it’s just a way of saying: pay attention to what you’re spending in a conscious way. Don’t just mindlessly tap your card or buy something out of habit. Make sure the pennies you spend are a deliberate purchase.
There are numerous videos on youtube to help you be more mindful with money and help you stop spending money on the go. A tip we particularly like is the “use cash for a month” tip. That really helps demonstrate how much you’re spending in tangible way.
Tip #3: Set yourself a goal
According to the Money Advice Service, setting a savings goal helps you to save faster. But it doesn’t have to be saving for a rainy day. You can save for a bit of a treat too. Something like, “If I pack myself lunch every day for a month so that I can avoid buying lunch out and stop spending money on the go, I’ll treat myself to a nice meal out on payday.”
As we saw in the video above, we’re hardwired to crave dopamine hits and these rewards will help reinforce your good habits.
If you want to stop spending on the go and pinch the pennies in other areas of your life too, check out the Frugal Lifestyle section of our blog.
- Author The Bamboo Team
- Posted 25 April 2019
