Last January I wrote about what I learned from introducing and sticking to a new budgeting system. Here’s the post if you’d like to catch up.
I get that ‘budgeting system’ might make you switch off. As a teenager I tended to spend my weekly pay from Lakeland on the Urban Outfitters website immediately. I only started to appreciate money management aged 17, when I needed to save £1500 on top of my maintenance loan to pay for university halls. The Saturday job money added up and I felt a small rush of satisfaction in meeting that necessary goal.
Conversations throughout the past year have shown that my friends and peers are still curious about other people’s finances and how to get their own in shape. As I mentioned in November’s post, Laura Whateley’s Money: A User’s Guide is a handy starting point.
I thought now would be a good time to share a few financial resolutions for 2019. These are things I want to start or keep doing in the months ahead to stay on track.
1. Save more
My recent job move has meant a pay increase. I’m not really one for excessive luxuries, so my aim is to keep my outgoings similar to before and save the rest.
2. Build my pension
Okay, this one doesn’t take much action on my part due to auto-enrolment. I’m including it as a reminder that a chunk of my pay isn’t disappearing, it’s going into a pension. That counts as saving, too. Note to self: I also need to move my old pension balance into my new pension scheme.
3. Use the ‘fun’ fund
I’m going to continue giving myself a modest entertainment allowance. I can keep this low most of the time because my favourite things to do regularly are cheap or free – reading, walks, seeing friends at our homes. At the moment my ‘fun’ fund is about enjoying the quiet life and booking cultural things to look forward to.