Wednesday, January 6, 2016

MONTH ONE: STOP SPENDING SO MUCH MONEY.

money, management, financial advice, consumerism, budgeting
Image via The Glitter Guide

Your homegirl needs to stop spending so much money.  Like, for reals.  I am your classic haul loving, beauty blogging, impulse spending, millennial living beyond their means.  Please don’t leave me unsupervised in Sephora and if I think I’m getting a good deal I will spend my shekels on just about anything.  (I know I will eventually find a use for that vintage tea set I picked up at the flea market last week.)  What it boils down to is that I need to make some changes.  Everyone wants to be financially smarter for the security and freedom it brings and with this being “My Year of Choosing the Bigger Life” (you can check out that post HERE) my first month will be dedicated to whipping my poor butt into shape. 

Now it could be a lot worse, I don’t have any credit cards so I’m not in over my head with a large amount of debt, but I do want to get much better at saving my money.  These past couple years have been a bit tumultuous and it would have been much smoother sailing if I had an emergency fund set aside, or as financial counselors recommend 6 months of your living expenses.  There is a lot of traveling I want to do and investment items I want to save up for ie. a house, but instead I have found myself indulging in little impulse purchases here and there that don’t seem like a lot at the time, but added together are substantial and ultimately keep me from these bigger goals.  And we all know that studies show spending our money on experiences brings longer lasting happiness than a material product.  I have definitely fallen prey to the idea that snagging a new handbag will bring me joy, but ultimately it leaves me feeling guilty and defeated staring at my bank account longingly.  It’s time to make some changes.

“Our experiences are a bigger part of ourselves than our material goods.  You can really like your material stuff.  You can even think that part of your identity is connected to those things, but nonetheless they remain separate from you.  In contrast, your experiences really are a part of you.  We are the sum of our total experiences” – Dr. Thomas Gilovich, Psychology Professor at Cornell University

Now if I was married to Donald Trump I would be strutting my stuff in Louboutins daily wearing the latest fashion launches and traveling throughout the Italian seaside on my pink moped.  But who really wants to be around that atrocious hair all day long?  So it’s time to face my financial reality and below you will find my specific goals for the coming month…
Month #1 Goals:
1. Look at past spending habits (even if it isn’t pretty) and use this to create a budget for myself and stick to it.
2. When I do make a purchase only buy things I deem investment items.
3. Track all of my spending. 
4. Call my bank and have a certain amount of money automatically transferred to my savings account each time I get paid.
It’s gonna be rough ladies.  I will be checking in throughout the month to let you know how things are going and there will also be a guest post from a very special someone this month.   For you financial mavens out there please leave any advice or tips in the comments below, I would love to hear your suggestions!  And for those other ladies who are struggling to save in this climate of consumerism like me please leave a comment below letting me know I’m not alone.  Oh and one more thing, if I blackout shop in Target again someone please hold me accountable…

xoxo Nicole

2 comments:

  1. I totally hear ya on this. If I have a discount then I buy for the deal. Sounds like you have a good plan in place though! Lately I've been stopping to ask myself before I buy anything "do I absolutely love this or need this, or am I just buying to buy?" It's actually talked me out of a few impulse buys!! Stay strong!

    She Likes to Shop

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  2. Sounds like a great plan you have in place. I'm no financial guru but having money withdrawn from your check into savings is a great idea. You won't even miss it if you aren't expecting it. Also as a fellow shopaholic I've been doing "no shop February". Only buying essentials like food...and toilet paper if you run out. This started after a friend told me she couldn't meet me for dinner in November because she was doing "no shop November". Sounds better but...does she know how many sales are in November?! And February is the shortest month. Just another idea.

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