You know how it is. Those cute shoes you’ve been eyeing at DSW for weeks would be an awesome fit for your wardrobe :). They are practically calling your name….they are the perfect color, style and of course they are available in your size. And tomorrow is Friday….AND it’s payday! Yes you already own a nude pump but these are mary janes and they are on sale for $59 ! You just have to have to them. But do you need them?
This is the story of my life ,every two weeks on payday lol. I have a bad habit ( that I am slowly trying to overcome) of thinking about my account balance as abstract vs. my account balance in reality; what I think/hope is in my bank account vs what I REALLY have. Of course my MINT account has been invaluable in allowing me to track all of my accounts in one sitting, along with seeing all of my transactions and budgets so that I know what I am working with. This has helped me to exercise a measure of restraint that I never really had before. I also try to treat Friday like any other day. I definitely believe in rest , recreation and enjoying your money but there is a need for a little extra self – control especially when the weekend comes! Here are a few tips that I’ve implemented to help curb those (unnecessary) spending urges:
- Go straight home! I was born, raised and currently work in NYC and Friday afternoon/evening is one of my favorite times of the week because I can walk around the city, window shop , and just enjoy the sights and sounds of everything around me. And it’s also plenty of opportunity to SPEND. Yes, you’ve worked hard all week and you want to unwind but if it’s at the expense of blowing your budget or going into credit card debt when you didn’t really plan on shopping… is it really worth it?
- Plan Your Evening Ahead of Time. Having a plan ( that doesn’t necessarily involve spending money) will prevent you from wondering aimlessly around the mall or going out with friends when you didn’t budget for it. There are often free things to do in the town where you’re from, here are some ideas if you are in NY. Netflix and chill can mean just that, watching movies, eating some food and chilling at home with some friends.
- Keep Your Overarching Financial Goal in Mind. Got student loans, credit card debt or 401K loan to pay back? Keep in mind that the money you are spending on unnecessary items will prolong your timeline in paying these things off and postpone your freedom to buy what you want later on.
- Analyze/Recognize What’s Driving Your Need to Spend. Did you have a bad day at work, get into an argument with someone or receive bad news? Emotional spending is one of the leading reasons we get into trouble with our finances. It’s very important to separate our feelings from our values and what’s important to us. Really meditate on why you are buying a particular item and determine whether it falls into the need or want category.
- Re-route your spending. So I have this little spending hack where if I get the urge to spend, I first think about my list of financial goals, in this case debt pay off. I take the money I would have spent on (insert random item here ) and apply that to in this case, my student loan balance. This is also a nice confidence booster in that you are telling your money where to go instead of letting it run you!
What say you friends? Do you have any tips to avoid shopping on payday? Share below!