Everything Else: Limit Your Shopping Spending

I’m always trying to think of creative ways to challenge my spending, especially my shopping. Some of you might know, I’ve struggled to look after my financial affairs in the past which left me with poor credit. Luckily, I searched “fix credit report on my own” and managed to retake control of my financial affairs. This was one of the best things I have ever done and really was my financial saviour! I’m still doing the Closet Creativity Challenge {read about it here} where I’ve put my closet and creative juices to the test. This month, I’m changing the way I budget. For the longest time, I never set a budget for shopping. I know that when it comes time to retire, to ensure I maximize my income in the most efficient manner possible, I will have to watch the pennies and where they go very closely. Of course you can still make money in later years through investments or an equity release perhaps, but it’s still important reduce outgoings and curtail overspending where possible. Sure, I don’t buy everything in sight but there was never a set amount every month designated strictly for shopping. Now that I’ve come up with a realistic amount for shopping and entertainment, I am determined to stick with the plan. I wouldn’t say I spend a ridiculous amount but I do spend more than most. I feel if I don’t cap my spending now, I will end up getting a credit card with no credit to cover my spending habits. To make it work, I’ve decided to buy gift cards every month with a set amount strictly for those 2 categories. I must use the gift cards to shop, once the gift card runs out, that means no more shopping that month. Another perk to this plan, when I buy these gift cards, I earn credit towards gas. Win-win! I’m sure many others have done this, it kind of takes the thinking out of budgeting and wondering where you stand that month and how much you’ve already spent. Plus, it will be like my birthday every month…kinda?
Do you get creative with budgeting and spending?

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