Spending sustainably is all about getting into good habits but it can take a bit of discipline, especially at the start. Once you get it right though, it can help you feel free of any financial worries. Importantly, it’s not about not living your life. It’s about doing the things you want and having the things you need without any financial regret or breaking the bank.
Here are my top five tips for sustainable spending:
1. Avoid that payday spending: You might be feeling flush on the first of the month, but what about in a few weeks when your rent, bills and subscriptions have come out. Try putting a ‘no spend’ week or weekend (aside from essentials) in your diary after payday. This will give you time to think about whether you can afford all the things you had your eye on pre-payday, and if you need them at all. Brands are very good at tempting us to make purchases without thinking. Resist the clever marketing and take your spending into your own hands.
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2. Save through simplified spending: Multiple cards and accounts can make it hard to track how much you spend each month. Combat this by bringing all your accounts into one place with the power of Open Banking. For peace of mind, Updraft allows customers to link up all cards and accounts to create a clear picture of their finances.
3. Join the circular economy: Thrifting is the natural enemy of fast fashion; it is environmentally friendly and great for your wallet. Sites like Depop and Vinted are a good alternative to traditional charity shops. Many items are new, clothes that sellers haven’t bothered to return, and a great way to get a discount on something you already wanted.
4. Champagne lifestyle on lemonade budget: It can be easy to want a champagne lifestyle on a lemonade budget when everyone else seems to be doing the same thing. But if this is going to put you into debt, resist the temptation. Credit cards or overdrafts can quickly spiral and you can end up paying expensive interest on debts. Few things are worse than making interest payments on an item that a) you couldn’t afford in the first place and b) you missed payments on.
5. Delete credit card details from autofill: Delete card details on your phone autofill or shopping websites. Having to get up, find your card and put in the details, gives you time to think about if you need what you are about to buy. Also, if you find yourself tempted by marketing emails promoting the latest sales, unsubscribe!