I’m no finance guru but having good finance control makes it easier to buy the things you want without going broke too often 🙂 The best way I know of is to separate your funds into different bank accounts.
So most of you know I love my bags and yes I do spend lots of money on them. But what you might not know is that I’ve already saved up that money so I don’t quite eat into my retirement fund nor do I feel the pinch that badly when the time comes to swipe the credit card.
What I do is keep a separate bank account for such expenses. Whenever I have extra money, I set it aside aside in this separate bank account. This is also true if I’m saving up for something big. Small bits of savings can add up over time and its a lot faster than you think 🙂
When the time comes that I see something I like, I have a ready fund to draw from and I don’t touch my other savings for more serious stuff.
This is easily applied too for anything you want to buy but feel you cannot afford it quite just yet. Set up a separate bank account and save up for it. Opening a savings account is quite easy and with online banking these days, its easy to keep track of your accounts and your money.
It also makes it easier to save when you keep your funds separate and you might just surprise yourself at how much you can save if you just put your mind to it! With blogs and the world getting smaller these days, we know of limited edition releases way ahead of their time, so you do have about 2 months to save up for something you might like before it is released here. I’ve already saved up for the Guerlain Cherry Blossom blush – which I learnt of way back in November 2009 and am now just waiting for it to be released! 😀
Incidentally, having a bit of savings tucked away can help you during a rainy day too. Having to repair a broken down car is less painful on the wallet when you have a bit of savings to draw from 🙂
Do you keep a separate account for your savings too? Do you enjoy reading finance or money saving tips? I’m always trying to find ways to get better financial control or save money so if I come across tips I’d be sure to share.