Thursday, January 14, 2016

My New Year Money Resolutions ♥

When it comes to money I am the most spend-happy person I know. Money seems to burn a hole in my pocket if it's there too long and I impulse buy on a continuous basis. I've always been useless at saving too, I mean, why wait for a rainy day when it's always raining in Ireland - an excuse to justify my spending, no? I've also always embraced the mindset that 'you can't take it with you', so why not spend your money and have the satisfaction that you actually got to use it for making yourself and your family happy?

However, now that I'm a mother and with another child on the way, it's important for me to be a good role-model to my children and to teach them the value of saving money and the positivity it can have for their future, because as a child I was never taught the value of money and had no money to my name when I became an adult.

So this year I've put together some money resolutions for myself and I'm going to try my best to stick to them and hopefully save a bit of money this year.

1. Have a month-long spending ban
As I said above, I impulse buy on a regular basis and to be honest, most of the time I can't even remember what I bought. My money always seems to be spent but I have nothing to show for it. This March I'm going to put myself on a month-long spending ban, that means no takeaways, no snacks on the go, no online shopping and no on a whim shopping trips where I end up buying things that myself or my family don't need.

2. Set up a savings account for myself
I've never been great at saving but I really want that to change as I'd love to have some money saved up so that I can finally buy a new car and so that we can go on a lovely family sun holiday either this year or next. I think setting up a savings account for myself would be the best option and as I don't go downtown much it would mean that I wouldn't be able to access the money as readily as I could if I just kept it in my purse, therefore, saving it from being spent.

3. Open a credit union account for Tyler Lee and the new baby
I've been wanting to open a credit union account for Tyler Lee ever since he was born and I still haven't gotten round to it - he'll be three in February too, for shame! He has a bank account with a good bit of money saved up already but I'd like to transfer this to a credit union account so that it's there for him when he turns eighteen. I also want to open one for the new baby too. Any money that the two of them get for their birthdays, Christmases or anything occasions will go into the accounts and they'll be given access to them when they turn eighteen so they can have the funds for college, traveling or whatever else they may want.

4. Sell things we don't need and put the money towards a new car
I've said it on the blog many times before but I really need a new car. My current one is a three door with a small boot and water keeps leaking into it from under the glove-box. I will need a five door for getting Tyler Lee and the new baby's car seats into the back and room for a pram/buggy. Currently it's only my Cosatto Supa Firebird that fits in and if I want to get the Graco Evo XT in I have to put the back seats down - really not ideal. Hopefully I can get enough saved to buy a new one before May!

5. Budget and meal plan to reduce spending
Every week we buy food that ends up not being eaten - I blame a fussy toddler and a busy lifestyle for this. It's awful to have so much waste, not only is the food going in the bin but we may as well be putting our money in their too. Budgeting and meal planning every week will encourage us to only buy what we need each week and making meal plans will mean that dinner isn't left to the last minute and we're actually using the ingredients we buy too. Now I just need to come up with a different meal for every day of the week and something suitable for Tyler Lee as he's going through a fussy phase and everything is 'yucky' to him at the moment.

So those are my own personal New Year money resolutions but TSB also shared some great New Year money resolutions too if you're looking for some more inspiration.

Have you made any resolutions in regards to managing your money this year?

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  1. Great goals!!! I've been budgeting my lunch spending since the new year and I can already tell a difference! Definitely target an area you know is your weakness and you'll see the difference adding up! =)

    Best wishes this year!

    Melanie | Blog: Toots + Dill

  2. Brilliant tips, I'm the same; I impulse buy and I buy so much crap and it's ridiculous! I think I'm addicted to buying!

  3. Really great tips! I am going to try meal planning this month as we waste money on "popping" to the shop throughout the week and could probably save about £40 a week on having a structured meal plan. xx

  4. Great goals. I'm really rubbish with money, if I've got it I want to spend it! We've been meal planning to save money on our weekly shop, which is definitely helping us reduce waste too. Good luck with your goals, I hope you manage to save the money you need for your new car xx

  5. I think you have the same resolution that I do! I am such an impulse shopper or anything that makes my kids happy. Good luck!

  6. So strange that this has popped up on your blog because I have just told my family that in February we will be cutting back. No spending, we too are having a spending ban

  7. I have money transferred automatically every month from checking to savings. I don't even miss it, but it totally adds up at the end of the year.


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