How A Spendaholic Manages Her Money

26 comments
Hey Lovelies,
I don't know about you, but I'm a complete spendaholic with very bad money management skills. Here's what happens to me every month:
1. I work
2. I get paid
3. I go a little cray cray
4. I blow all my money on payday
5. I spend the rest of the month complaining to anyone who will listen about how skint I am.
Sound familiar? 
It wasn't so long ago I was moaning on Twitter how I had no money and it was another 2 weeks till payday when the lovely Shona from Freshbeautyxox gave me the best money management advice I've ever heard.
Shona suggested to me that I work out what my incomings and outgoings are for every month. 
She then advised me to divide the money which I have left after all my bills have gone out by 4 to work out how much I  can afford to spend every week.
Here's the formula to Shona's money management plan: 
(Wages - Bills = Nuala's monthly disposable income) / 4 = Nuala's weekly disposable income
Now I know this ain't exactly E=mc2 but I think Shona's idea is amazing. In all honesty, I'm quite embarrassed that I have been in full time work for the past 10 years and never thought of this myself. Shona is 15. I am 32. My mother will probably kill me if she ever reads this.
Anyway, I decided to give Shona's plan a go.
But then this happened:
True to my spendaholic ways, I went shopping with my friend who made me look at Michael Kors handbags. (What a bully my friend is). And now I really really want a MK handbag. This means only one thing: Spending ban.
Yup, I am now officially on a spending ban. If I do not spend any money on anything that isn't absolutely necessary (ie food, not make up), I can treat myself to this gorgeous Michael Kors handbag in a months time.
 http://www.houseoffraser.co.uk/
Now 1 month isn't too long to wait, especially considering I know some bloggers who have done the 100 day spending ban. (If you're reading this and have successfully completed the 100 day spending ban, I salute you. I don't think I could ever manage 100 whole days without buying stuff I don't need).
So, wish me luck! The next month or isn't going to be fun for me but I know at the end of it I will hopefully have a lovely new handbag on my arm. And after that I will most definetely be follwing the advice I got from the lovely Shona. Thanks again sweet, you're a star!
Have you ever been on a spending ban?
Nuala xxx
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26 comments

  1. GO NUALA! You can do this lovely, be strong! Glad I could help! :) Looking forward to seeing how you get on :) xxx

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    1. Thanks lovely, fingers crossed! I'm gonna avoid shopping all month ;) xx

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  2. Haha, having to take financial advice from a 15 yr old, love it :) xx

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    1. To be fair to Nuala I am quite mature for my age aha :) xx

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  3. Haha, this post cracked me up! It's edsactly what happens to me every month!! Xx

    gigglesandmakeup.blogspot.co.uk

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    1. LOL glad I'm not the only one ;) xx

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    2. I was going to say that haha, I honestly laughed out loud! I'm the same though. Fingers crossed for your spending ban, that bag is so worth it xx

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  4. Oh wow Nuala.. great insightful post. Followed :)

    missyinthemirror101.blogspot.com

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  5. Be strong! My hubby and I do the envelope system so I know what it's like!

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    1. Ohhh I've not heard of the envelope system how does that work? xx

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  6. I'm terrible too, I try to budget myself but sometimes I can't help but spend. Its a good formula though! Good luck on the spending ban :)

    http://live-laugh-love-fashion.blogspot.co.uk/

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  7. Haha, this makes me laugh - I dread to think whether or not my Mum has seen my posts and realised how much I spend! Oops.
    I used to be the same - when you calculate what money you have left for each week it seems like 'no fun', but it's worth it not to struggle through the month and have no money left to eat at the end of it, haha. Personally I'd rather be paid weekly, but then it wouldn't be practical for things like rent. It's always so disheartening to see a nice sum of money land in your bank account and then promptly disappear again due to all the bills and expenses :-/ Oh well, that's life I suppose!
    Mel xx

    melswallofmirrors.blogspot.co.uk

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    1. Yea I know what you mean. I'd love to get paid weekly would be so much easier to manage my money! My dad's seen my blog and he did ask me once how much I spend on make up. I was like oh you know, nothing much it's just stuff I have lying around ;) Spending ban is def easier though if you are saving for something! xx

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  8. I tend to avoid those shops I know I will spend the most!!
    Oh spending ban is worth it when at the end there is such a treat!! :) I love MK <3

    ♥ ♥ '' Think Pink | Beauty, Fashion & Lifestyle Blog " ♥ ♥

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    1. Me too, I'm just avoiding going into any shops other than the supermarket ;) Love MK too :) xx

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  9. I'm a student. Half of my life is a spending ban haha
    Luckily this tactic does save me a little money for some nice things, usually makeup or clothes

    Emily x - prettypleaseprettyplease.blogspot.com

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    1. Lol it's probably better that way at least you don't spend all your wages on stuff you don't need the way I do ;)xx

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  10. I am also on a spending ban right now, keep getting impulses to buy but managing somehow to control my crazy spending habits xx

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    1. Good luck with the spending ban! I find it's easier when you know what you are saving for and that you are getting a big treat at the end of it :) xx

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  11. I'm currently on a beauty spending ban for the month. It's much harder than I anticipated. I write lots of money saving tips on my blog if you're interested xx
    http://lemonadebudget.com/

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  12. The problems start when you get into the habit of not paying back and making minimum payments while using the card continuously. That right there is the bet instant loans by the credit card companies. Don’t let them win on that bet. When people throw you lemons, learn to crush it and make lemonades they can watch you sip J. Use the card; matter of fact, enjoy using the card but pay up quickly.

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