Last Updated on 12 October 2023 by Colette
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At this time of year money is definitely something playing on most people’s minds – between the presents, the parties and the extras on the grocery shopping list December is certainly an expensive month.
Legal & General have created a habit cost calculator to show you just how much you are spending on luxury items (yes that Starbucks on the way to work each day is a luxury . . .) and, perhaps more importantly, highlights just how much you could save by changing your habits. Of course this is timed perfectly for January when we all suddenly decide we’re going to make lots of New Year’s Resolutions and become better, richer, slimmer people . . . or not!
In days gone by I had a very expensive cosmetic and skincare habit . . . I say in days gone by, I still do. I love high end make up and skincare, I just buy it less regularly now. A cheeky new MAC eyeshadow at around £10 a pop used to be a regular shopping treat but of course funds are tighter these days and my priorities have changed.
I’m less frivolous and impulsive with my cosmetic shopping but I still refuse to buy cheap. If I were to spend £50 a month at cosmetic counters (in my dreams) I’d be racking up a spend of over £600 a year!! These days I only buy what I need and I actually get a lot of my cosmetic and skincare products now through saved up loyalty points or as gifts, I don’t think it actually costs me that much “hard cash” each year and in all honesty it’s a rare treat I’m not prepared to cut back on! We all have to have some luxury in life right?
I do enjoy a lovely Costa hot chocolate (yeah ok and a cake) when I’m out shopping or driving a long distance.  Looking at the calculator if I spent £5 a week on a coffee and cake (which I don’t Dave, honestly) then over the course of a year I would save over £260 – which according to the calculator would be two festival tickets!  I’m pretty sure I could give up a cheeky hot chocolate if I thought it meant I was going to get to spend a child free weekend at a festival with Dave!
Essentially the calculator is designed to open your eyes about those small amount of money you spend here and there without really thinking. With a bit of mindful spending instead of frittering (I love that word) you could quickly be saving up for a much more substantial purchase.
What do you fritter your money on? Do you plan to be more careful with your money in the new year?
