Cash ER: 10 lies you're telling yourself about spending and saving money

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Stop fooling yourself and start handling your money like an expert with these saving and spending tips.

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No one ever said saving money is easy, but we're all guilty of telling little white lies to make ourselves feel better about our spending habits.

10 lies you're telling yourself about spending and saving money

I have no money left to save at the end of the month

Setting aside the hours before pay day as your saving money window is guaranteed to end in tears. Get your savings out of your current account as soon as you're paid and then you won't be tempted to spend it later in the month.

I don't need to save money, I'm only 31!

If you're still burying your head in the sand about pensions and savings accounts, now's the time to snap out of it. We're all expected to live longer and the state pension is about £5,000 per year. Can you really live off that?

There are some things I just can't live without. Like Netflixs.

There are loads of things you CAN live without, you just don't want to. If you really want to save money scrap Netflix, gym memberships, Sky TV subscriptions and expensive phone packages - anything you can realistically be without for a while.

I can't save money because I have a social life

You don't have to have one or the other. Ask your friends to avoid the expensive steak houses and go to cheaper chain restaurants instead. Research 2-4-1 voucher codes and swap expensive bottles of wine for cheaper vodka tonics.

I don't really know what I'm spending daily

Practice some mindfulness whenever you use your debit card or credit card. Buy a pocket notebook and scribble down everything you spend in one day - you'll be more likely to see where you can pull back the pennies later.

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A credit card will help me pay the bills

Technically this is true, but you need to be able to pay the amount back monthly using your income. If you can't, you're spending above your means and will soon slip into a debt cycle.

Buying lunch from Pret-a-Manger is essential

One of the biggest money drains we know is buying pre-made salads and sandwiches from a local deli at lunchtime. Make your own packed lunches and you'll save about £30 per week.

Budgeting? That's what accountants do, right?

Setting a budget, or using your online banking to set up e-savings accounts, is something you should be doing. Give yourself a spending limit for daily essentials and you'll be more likely to spend and save wisely.

I don't earn enough money to save

You don't have to save thousands of pounds a month to do yourself a favour. Even putting away £50 after pay day is better than nothing. Save in accordance with your means, but never say NO to saving.

Buying a coffee every morning isn't going to ruin my finances

If a coffee costs £2.50 and you have one Monday to Friday, you'll be spending £12.50 per week. That's £50 per month and £600 in a year. That's more than enough for a city break in Europe.

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