How to... beat your spending downfall

Can’t resist the urge to splurge on the same things each week? This habit could be costing you a fortune!

Do you spend time finding the best money-saving deals, then undo all your good work by wasting your hard-earned cash?

Whether you can’t resist temptation when you spot discounts on your favourite brands, or you always order a takeaway after a night at the pub, these spending pitfalls may be eating a serious hole in your bank account. Here’s what you need to do…

What’s the issue?

It’s so easy to pay for goods using plastic that it can be easy to lose track of what we're spending it on.

Look at your bank and credit card statements – do the same retailers or restaurants keep cropping up? Add up what you have spent in each category. You might get a shock.

Change habits

Altering your behaviour doesn’t mean cutting out all the fun – the key is to be aware and make sure you’re maximising your money. So if your downfall is buying lunch from a posh sandwich chain each day, why not do it once a week and make it a treat instead, taking your own food from home on other days? And if you can’t resist a takeaway on a Friday because you can’t be bothered to cook, stock up on tasty supermarket ‘takeaway-style’ ready meals, as a cheaper alternative.

Log it

It can be hard to stay motivated, so it’s important to keep a spending diary. And keep a note of all the positive changes that have saved you cash, to help keep you on track!