A few of my friends made the decision to begin the year with a dry January. This is the practice of not drinking alcohol during the first month of the year, in case you haven’t heard of it. For those of us who had too many spiked egg nogs at the neighborhood Christmas party, this is a unique idea.
You may apply the same abstinence principle to your spending patterns. For January and beyond, use these four suggestions to help you refrain from careless spending:
Give Up Living Like a Star
According to social media posts and TV ads, we’re all relaxing by the pool with our $4 million home in the background and driving around in $80K Infinitis. On the contrary, the law of averages informs us. Setting a goal to eventually get some or all of the things you see in commercials is perfectly acceptable. The objective should never be to achieve them all at once by engaging in poor spending practices.
It can be rather satisfying to put in a lot of effort and save money for something you can eventually purchase. Ultimately, the short-term financial hardship results in the long-term benefit of gratitude for the item or items you were able to purchase.
Steer clear of impulsive purchases.
This one is difficult. It’s really simple to enter a store intending to buy one item and leave with three more items in your shopping bag. You may prevent careless spending by keeping a laser-like focus on the things you need rather than those you might want. Using the aneedsvs.wants strategy will be beneficial. Do you need or want the new pair of pants in your hand, even though you didn’t plan to buy them?
It’s progress that you would pause to consider that question instead of just using a credit card to make the transaction.
Don’t Overspend
You shouldn’t buy something just because you can. Being able to buy something but not actually doing so brings a certain happiness. This is like being able to resist the want to eat that delectable piece of chocolate cake after supper. Maintaining a healthy weight while avoiding feelings of shame and self-loathing is difficult, but it has its own benefits.
It’s hard to restrain. This is particularly true when you choose to exercise self-control even when you are not required to.
Modify Your Viewpoint
Have you had a satisfying dinner and your tummy is full? Were you manage to spend the holidays with loved ones without too much stress? Have you have a fantastic run since waking up this morning? You are either satisfied, content, or in good health in each of these scenarios. You may argue that all of these are more significant than the cash in your bank account.
Many people suffer from bad health, sadness, and starvation. All of these are clear-cut examples, yet it’s quite simple to become preoccupied with financial issues and lose sight of the non-financial advantages we enjoy.
Refraining from unnecessary expenditure helps position you for future financial success. By using this technique, you may create the foundation for wise spending and a more positive relationship with money.
Now, let’s talk about that chocolate cake.