BLOG – OMG! Where’s my money gone? My spending leakages and how I fixed them (1 minute read)

I had $60 in my purse last Monday. By Thursday it was gone.

OMG! Where’s my money gone?” I thought.

It’d been a ‘usual’ week. I’d gone to the Sunshine Coast for a job interview and bought lunch, I’d been to a meeting and paid for drinks and I’d used the inconvenience of being in a Moon Boot to buy convenience foods.

I’d done a fair amount of ‘accidental’ spending!
It’s pretty easy for money to leak out of our lives:

  • Impulse buying fast food, coffee and snacks
  • Impulse buying that ‘bargain’ or ‘special’ we see online
  • Impulse buying at the supermarket when we’ve just ‘popped in for milk’

Research by ASIC indicates the average Aussie household spends $200 a day on general living costs. According to UBank only 14% of Australians know how much money they’re spending.

Everyone’s circumstances and financial obligations are different. Here’s what I did in 15 minutes last Thursday night to fix my spending leaks.

  1. Check – I did a diary – on a post-it note – of roughly what I’d spent each day
  2. Categorise – I marked-off which purchases were wants, which were needs and which I really enjoyed
  3. Check – I did a check to see if I need to increase my spending money. I’ve got a Spending Plan and a bank account with money for discretionary spending and for things that are important to me.
  4. Cut – What could I cut? I remembered I don’t need to buy a take-away coffee every day. A coffee once a week is a treat that I thoroughly enjoy.

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Until next week…