14 Aug 2019

We all know the feeling too well when we check our bank accounts and see a cheeky few cents sitting in our savings. Not dollars. Cents. Well, that’s if you’re lucky.

Upon realising our crippling financial situation, we wonder what went wrong.

Was it going out and getting a few too many bevs at the pub on both Friday and Saturday? Nah, can’t be. Maybe it was the massive Maccas feed you ordered when you were curled up hungover, but all you could muster up to eat was one nugget? Surely not. Perhaps its the daily (or two) coffees you get because your body is dependant on caffeine?

Ultimately, we’re spending way more than we earn and that’s called living a champagne lifestyle on a lemonade budget.

To combat this lifestyle, I vowed to track my spending for a week. And boy, while I wasn’t surprised about my terrible spending habits, I learned quite a few things along the way. Here’s a few:

1. A coffee a day drains your bank account

I’m someone who can’t function without caffeine. Whether I’m at uni or heading off the work, I need to have a coffee in my hand upon arrival. I don’t make the rules - it’s my body, I swear.

The point is that getting a coffee (or two) a day can absolutely do a number on your account. Whether you’re getting a small that’s about $3.50 or a large that can reach up to $4.50, it adds up by the end of the week. In a week, I spent $20.50 on coffee alone.

My advice is to start heading off to 7/11 for a cheeky $1 coffee or simply adjusting your buds to the taste of instant coffee- cheap, yet effective.

2. Stop forgetting your lunch

Easily avoidable, yet here we are. Spending an absolute fortune on some (albeit, more delicious) food instead of the lunch we had packed from leftovers or meal prep.

Having to buy lunch everyday can leave a steep decline, especially when you spend close to $50 a week on enchiladas, sandwiches, pasta and chicken, and chips with gravy.

Next time, double-check that you've packed lunch in your bag. You'll save yourself some grief. 

3. Travelling is exxy

By travelling, I mean buses, trains, and cars. And unfortunately, it’s unavoidable when you’re travelling to school, uni or work.

While public transport is significantly cheaper, it can still leave our accounts lookin’ a lil' empty when we interact with transport every day.

Try and stick to public transport, but if you’re someone who has to drive every day - budget accordingly and keep an eye out for cheap petrol on the roads. Alternatively, chuck on your runners and take a page out of Forrest Gump’s book.

All up, I spent $65 on topping-up my travel card and petrol combined.

4. Drinking is fun until the next day

What’s worse than being hungover with no money left in your account? The thrill of seeing your empty account with a list of regrettable transactions really hits you in ya gut.

You also need hungover food - so Maccas or KFC is a viable option. In the last week, I spent $79 on alcohol and Maccas combined. To be honest, that’s a quiet one for me too.

5. Retail therapy is a guilty pleasure

When you’re saving, it’s risky when you receive an abundance of emails containing irresistible sales. But if you know your limits, you shouldn’t be guilty to the occasional treat yo’ self-moment. Just make sure you keep in mind the cost-for-wear.

In my adventure, I spent $60 and it was on a vintage Harley Davidson T-shirt. Probably didn’t need it either considering my collection of vintage tees.

Tracking my spending was an interesting experience, despite the not-so-shocking result of realising how terrible I am with money. Although, being able to track what I spent has made me much more aware of how disciplined and intentional I need to be with my spending, so I can stop living on a coupla’ cents till payday.