Do you often find yourself with buyer’s remorse after a spending blowout?
Sometimes it can feel like there’s an devil on your shoulder convincing you to spend money, but there are ways to tame the devil.
There’s a difference between allocating extra funds to your mindful spending, and simply giving in to bad habits.
Mindful spending is where you think about what’s important to you or what brings you the greatest pleasure.
For example, I spend a large amount on fitness because it makes me happy and is good for me.
But I don’t buy designer clothes or eat at expensive restaurants.
I give myself permission to spend on the priority.
This is not the same as the ‘treat yo’self’ mentality.
Buying an expensive pair of shoes is only mindful if you’ve previously decided that it’s a priority.
You’ve accepted that expensive shoes make a positive difference to your life, and you’ve cut back on something else to allow for it.
Something that seems to permeate our culture is a sense of helplessness in the face of spending.
Yes, shops are good at marketing.
But managing our spending should be something we work on with the same fervour as we work on our diets.
So, if you love expensive shoes, don’t go into that shop.
If you overspend on boozy nights out, don’t take your card with you – make a cash budget and stick to it.
I’ve heard two different people say recently that their worst habit is getting a newsletter from their favourite store, then splurging as a result. “It’s my weakness”.
Well this might sound obvious, but how about you unsubscribe?
While you’re at it, you probably need to unfollow them on Instagram too.
I know, I’m mean.
But will your life really be worse because you haven’t been invited to ‘shop the new season look’?
Get off the spending merry-go-round
AKA: avoid recurring costs.
I love a Shellac manicure with all my heart.
Those colours! That staying power!
But I have no Shellac in my life anymore, because it’s a revolving door of gel polish, UV light and acetone baths.
Even if you just want it for an event, you have to go back a few weeks later to get it taken off.
And then while you’re there, you may as well get a new colour, and then boom!
You’re back on the spending cycle.
The same can be said for a lot of hair and beauty treatments, but also things like subscription boxes.
Get smarter than the finance companies
One of the wonders of modern life is how it thinks up new ways to make you buy stuff you don’t need.
We’ve moved on from the credit card.
Now, we have Afterpay and zipMoney.
Sure you don’t pay interest, but it takes a purchase that’s otherwise unaffordable or ill-advised, and puts it within your reach.
It breaks down the mental barrier of ‘my cashflow can’t deal with this’.
Don’t use them. Don’t sign up to them. Don’t create an account – or cancel the one you already have.