Miser – a person who hoards wealth and spends as little as possible. How could you adopt a miserly mindset?
It’s March … there’s shoots of spring and the potential for new starts. Most will agree the bleak weather and post-Christmas come down makes January a thoroughly difficult time to make changes. Could March be a better option?
In financial planning world, March signifies the closing of another tax year (ending 5th April). It’s a last chance to fill ISA and pension contribution allowances. It can be a time of bonus distributions and salary increases. Things change financially in March.
This year, I’m using March as a chance to reset my spending. You can follow me @muvado_money and using the hashtag #miserlymarch.
My girlfriend and I have settled into our new home and have a solid routine. Though we have we’ve cut back on 2022’s extravagance (hello entrepreneur life), we can be subject to ‘lifestyle creep – the secret stealer of wealth’
As part of our preparations for #MiserlyMarch we’ve sat down to review our expenditure over January and February and have noticed something; we spend a lot on food and drink. On average, we spent around £1,000 in January and February and are looking to cut this by 50% in March.
Our action plan is
- Meal plans. Be organized and shop big with lower costs.
- Alternative entertainment. Can we have fun for less?
Over on Instagram I’ve been sharing our meal plans and storying our entertainment.
Why are we doing this?
Sometimes it’s good to just take notice of your expenditure. We’ve looked at January and February and we’ve decided to make a change. Our savings can be used to enhance life now (‘ski holiday 2024’ savings pot) or to improve our long-term financially security (invest in stocks and shares ISA).
What are you saving your money towards?
This article was written by Gregory Deer at Muvado Money Limited, an appointed representative of Sense Network Limited. Dated 21st March 2023.
Remember that when investing your capital is at risk. The value of your investment (and any income from them) can go down as well as up and you may not get back the full amount you invested. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.