Category Archives: Money

Self Imposed Poverty – How to force yourself to save more

Most people would say money burns a hole in my pocket, that’s not entirely true, I’m not as frugal as some, but I enjoy the money I do have and have enough to get buy on.

But, I’m trying to save to buy a property and so every penny counts. Changing your spending habits takes discipline and saving as much as I need to in the time that I want to takes a lot of saving, thus a lot of discipline.
So I’ve been trying out self imposed poverty.

As with most of you, in the last week of a month I’m pretty poor, and start spending more frugally, watching what I spend more, making the cheaper choices and so on. So what if I move the poverty line? What if I shift the date when the pinch hits forward to midway through the month?
So the last couple of months after I get paid and my regular transfer to my savings occurs, I transfered an extra £100 to my savings.

So now I’m poorer sooner, but start spending more frugally sooner. Even if I need grab that money back towards the end of the month I’m not dipping into my regular savings, and I’ve already started spending more frugally by then anyway, so will have still made some in roads to spending less that month than I otherwise would have.

So what do you reckon? Think you can try and impose some poverty on yourself for your own greater good?

 

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