This is a very related topic. I’m so embarrassed to speak on this topic because I don’t understand it.
Its so embarrassing as a woman and I’m still confised on how to save, what an impulse buy does to my account, How to invest and all. Its not the middle of October and I only have $39 to my name.
I understand I’m not alone in this so I’m here to share how money leaves my account without me even realizing. I believe this is a very common activity and some do not realize it. I have this urge of sharing this and aiming for you to understand that you arent alone in this and if you realize these actions it will change your perspective on how you spend.
To begin, lets look at getting paid or receiving money from any ‘good’ source. I always have the mentality of yes “I’m about to save this month, no bill is coming my way *dancing emoji* *dollarsign*”. I’m sure everybody does.
Then you move from that to calculating how much you will get and save in 2-3 months, sometimes I go up to a year. Well this act allows your brain to create a door that says “spend more, theres more money in coming months”. My advice will be to stop calculating. Focus your mind on what you have at hand right now and act like you are not receiving next months salary.
To follow that is spending wisely. I saved $300 in one month and it felt like the hardest thing to do but that money vanished in one week of the second month. How you ask? The brain door and buying what I thought I needed but I didnt. Be a minimalist, think very hard before you buy that product, go to a cheaper store, wait till that item is a necessity and you or your house can’t function without it, and take your mind off that item you feel you need to have now that you have the money.
In connection to my previous point, have a plan. It is impossible for you to not spend money, but have a plan. When I say plan I mean, what are you eating this week, how much is your T-fare this week, what do you think will eat up your money? Have a plan to wait till this period before you can buy that item. How much am I getting this month, allocate the budgets to the ‘very important’ things and put that money aside. Then watch how your mind is at peace knowing you have X amount in your account, watch how you will feel when a friend asks you for an amount and you can help, watch how relaxing it will be to buy that treat for yourself knowing you earned it.
I’ve experienced that and I must say its a good feeling but I keep tripping. I’m trying to say it wont be a smooth ride, you will fall and get back up but dont stop.
Drop a comment on your experience with money, I would love to read them!