As a fashion enthusiast and content creator, money drips out of my bank account at an alarming rate. Not only is my willpower flaky at best, I also know that YouTube hauls get me a lot of views. As well as this, people like to see different Instagram outfits on a daily basis, preferably new in, so they can shop the exact items I’m wearing.
I am, however, a big saver. Since I spent all of my student loan in the first week of uni and had to ask my poor loving mum to bail me out, I have always made sure to put a percentage of my earnings into a savings account.
Putting money into savings is one thing but does anyone else dip into those savings willy-nilly? That’s what I’m desperate to stop doing, so I can afford my lovely holidays and designer clothes that I want to share with you over on YouTube.
What’s on Emma’s Luxury Wishlist?
Jacquemus Le Chiquito Moyen crossbody bag in white - I think this is such a cool, trendy bag that still looks timelessly chic. It’s small but big enough to hold the essentials - phone, bank cards and keys. It’s also on the lower end of the luxury price scale.
Jimmy Choo Bing 65mm heels in nude - I did see a pair at Bicester Village at a great price but sadly they were not nude. Rather, they were blue leopard print! I’m good, thanks. These come in at a whopping £795 so I definitely want to buy them in the sale.
Max Mara camel coat - My Ted Baker coat feels a little small for me now. I have actually always bought tighter-fitting coats because I found them more flattering but my tastes have changed and now I enjoy an oversized look. I’d therefore like a straighter style rather than the wrap styles I’ve liked in the past (I can always add my Loewe belt if I want to emphasise my shape).
Demellier Vancouver bag in black - I keep seeing these on Instagram and they are so elegant. This would be the perfect bag to elevate everyday outfits. It’s just my style - crossbody and big enough to hold an umbrella (very important here in the UK).
Pretty Affluent Beatrice blouse - This is a romantic twist on the classic white shirt. It is also made of sustainable bamboo. I have had this on my wishlist for a while and would love to finally buy it for Spring (though, having looked at all the other fun things I’m saving for, it might have to be Spring 2024…)
This all sounds glorious but you may be asking how I’m supposed to afford all these? In the past I would’ve dipped into any old savings fund or I might have used Klarna to pay in 3. I’ve deleted the Klarna app from my phone and won’t be installing it again!
If, like me, you are good at putting money into savings but not so good at leaving it alone, you might like my new budgeting system.
How to Afford Luxury
Last month I discovered @millennialsnmoney (Charlotte) on Instagram and she introduced me to the cash-stuffing system.
If you haven’t heard of it, it’s where you have envelopes for different things you have to pay for each month, like groceries, petrol/gas and more fun stuff like fashion, self-care or drinks with friends.
Charlotte also has envelopes for different things she’s saving for e.g. wedding fund and emergency fund (so she’s not caught out if something goes wrong with the car, for example).
I loved this system but I know what I’m like - going to the bank to withdraw cash every payday would feel like a huge chore to me. So I’ve altered the system to work for those of us who like to be digital!
You Will Need:
A Monzo account (or any bank that allows you to create multiple ‘pots’ for your money)
Your calendar or diary
Some pretty pictures to remind you of your goals
The desire to be good with money!
When I got paid in February, I looked through my calendar to see what I would need to pay for this month. I put absolutely everything in a spreadsheet and worked out budgets for each individual event or purchase. There were things like dinners and museum entry duroing my Iceland trip, takeaways (I always make sure I have lots of money allocated to takeaways!) and also the Mother’s Day lunch we enjoyed.
I wore a full Ted Baker look for our Mother's Day meal at Browns Restaurant, Nottingham.
I have had this spreadsheet for about a year so I’m used to allocating money to different things but I often think ‘ah, it’ll be fine’ and go over budget. To avoid this, I got all the amounts right on my spreadsheet and then created a Monzo pot for each.
This meant I didn’t have to check and update my spreadsheet before and after every purchase. I just had to remember to take the money out of my Monzo pot and move it into my current account. This is easy to remember because it’s embarrassing when the card declines the first time!
Also, I have savings pots for different things too, just like Charlotte. It’s now so much harder to dip into my savings because I’ve labelled them all, rather than just having a generic savings account for everything. Now I see that money is allocated to travel, I think, ‘Do I really want to dip into that money for a Domino’s pizza or would I rather go on holiday?’ The answer is holidays, of course!
(I am considering creating a savings pot for Domino’s because I bloody love Domino’s.)
To help you be even less likely to dip into savings, use Monzo’s function where you can add a picture to the pot to remind you of your goal. I took all mine from Pinterest (you don’t need to worry about copyright because it’s just for your own private use) except for my pot for my friend Sarah’s hen do. I chose a fab picture of us from Facebook for that.
At the time of writing it’s the day before payday and I’m really impressed with how much money I’ve got left. I had other pots throughout the month and once I didn’t need the remaining funds in those, I moved them into different savings pots. So not only have I got money left over at the end of the month, I’ve been actively adding to my savings throughout the month too!
That’s Nice, Emma, But My Salary is so Low I’m Never Going to Be Able to Save for a Chanel Bag.
To be honest, me too. So I’ve been thinking a lot lately about how I can make extra money on the side.
One thing is to advance your career. Personally, I’m not a fan of climbing the corporate ladder. I used to manage people and I found it was a lot of extra stress for not that much extra money. I’m all about work-life balance instead but if you are an ambitious person who wants to smash that glass ceiling, go for it!
I know that many of you who follow me on Instagram and YouTube have your own blogs and social media accounts where you create fashion and lifestyle content. I’m sure you all get annoying requests to work for free just like I do! It can be tempting to accept a free gift from big brands but remember, these brands do have a budget. It’s highly unlikely that the likes of FashionMumblr, Lydia Elise Millen and Freddy My Love are all working with those brands on a purely gifted basis. Start as you mean to go on and say no to such offers. You can’t pay your bills with free dog food.
My favourite easy way to save money is by using Quidco, a cashback app. If you use it for all your online purchases, you can withdraw money quite frequently. Obviously this is a percentage of money you already spent so you’re not making extra money even though it feels like it! You’re essentially getting a discount on the things you buy, but after the purchase instead of before.
Lately I’ve also been selling my clothes on Vinted and Vestiaire. The money goes straight into my savings.
I hope this post has inspired you to enjoy your life while still saving for nice things rather than buying them on credit. I really love that sound on Instagram that goes, ‘People say not to spend money on expensive clothes, spend it on memories, spend it on travel… but I’m like, yeah, but what are we wearing?’
Don’t feel bad for spending money on nice things! As long as you can afford it, it’s cool. You earned it!
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