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.
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.
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?