I’m back from my holiday with renewed optimism that I can get out of debt for good in the near future so I can enjoy family holidays more often. We had a great time at Butlins and immediately booked again for next Halloween, so it’s now even more important to reduce our outgoings to take this new addition to the budget into account.
On my lunch break today (after eating my free bake from Greggs and whilst enjoying a free coffee at Virgin Lounge) I listened to the Shopping Ban episode of the Budgets and Cents podcast. A shopping ban is something I’ve tried to do several times and have inadvertently been doing it already by not buying clothes since March this year and rarely buying toiletries (due to a massive stash under the spare bed). I also don’t buy books (I use the library) and rarely buy music. My weakness is my son. He generally gets most things he asks for, although he’s a good ‘un and doesn’t really ask for much (aside from that damn pic’n’mix in Tesco – and he usually has to make do with a 10p bag of Haribo instead). I’m now considering how I can up my game in 2017 and reduce the amount of small boy stuff that is brought into the house – Lego magazines, Star Wars memorabilia etc. I am hoping to get him invested in the idea that if he doesn’t have that new thing, there is more money for holidays. I’m also hoping to continue selling off his old toys and letting him keep the money so he can buy things he wants for himself. However, I fear this will be easier said than done.
So I’m committing to a six month shopping ban, starting January 1st. I’ll post nearer the time about what this will entail, but you can be sure that clothes, shoes, toiletries, make up etc will be off the menu. I’m hoping that I will be able to push it further month by month but we’ll go for six months to start with.
Do your children understand the value of money? How do you teach them to spend wisely? Let me know in the comments!