Hello, my name is Taelor, and… *sigh… I’m addicted to spending.
If you’re anything like me, you have a serious issue. You have the superpower ability to spend money on nothing, think you need everything, and always seem to get hungry when you aren’t at home. So, I’ve compiled a list of things that will (hopefully) get our spending habits on track.
1. Admit you have a problem.
Look around your closet and ask yourself how much stuff you’ve actually worn? Why did you buy shoes for one event? That jacket from 3 seasons ago still has the tag on it, did you really need it? Those sandals were “so cute” so you got them. Yeah, you have a problem.
2. Calculate your “income.”
Whatever type of cash flow you have, whether you work, get an allowance from your parents, or got a bomb refund check, calculate how much you make daily, weekly, even monthly, and get a financial advisor! Whether it be a good friend, your mom, an actual banker, or even yourself, find someone who can give you great financial advice and help you SAVE!
3. I NEEEEED it!
Write down your constant needs, how often you need them, and their approximate cost. If your bills are $400 at the end of the month, try setting aside $100 weekly. Groceries $75 every 2 weeks? Make sure you don’t spend that on a night out. Get an envelope labeled “Needs” and set aside money from each paycheck, even save a bit extra just in case you fall short one paycheck.
4. Tell yourself “No,”
And mean it. This can be hard, yes. But it’s really all mental. Just think “Do I really need this full set or can I get it on and poppin’ with this nail file and $.99 polish? Do I really need this $300 dress if I’m not a celebrity?” Separate your needs and wants and pick ONE “want” to get every 4 weeks. (You don’t wanna blow half of your checks every week, space it out a bit.)
5. Pick a bill, any bill,
1’s, 5’s, 10’s, (100’s if you got schmoney like that,) and store it away when you get your hands on one. Broke a $5 bill for a candy bar and got back four 1’s? Put those in a jar somewhere and save ’em!
6. They bamboozled you, Sis.
“Sale” does not always mean “Good deal!” Now I, myself, cannot resist a ‘take an additional 50% off clearance’ sale at Forever 21, but I remember this every time I want to splurge:
$50 off of $100 isn’t you saving $50, that’s just you spending $50 you could’ve had. You can just keep walking for the low price of free.
7. Accept that fact that you’re broke,
and some of y’all are like “Girl, I’m not broke.” But compared to Jay and Bey? Yes, yes you are. Just because you get that $500 check does not mean you have to spend $450 of it, cause then you’re back in the same predicament. Trust me, I know how easy that is to do, but the easiest way to save money is to pretend you still don’t have it. Very few people in this world are getting paid just to exist, and I know I’m not one of them. Got that check? Put it in your account and pretend you didn’t get paid.
8. Hide your money.
Put your money somewhere you don’t have disposable access to impulse buy. In a locked box in the back of your closet, in a trusted friends hiding spot, in an untouchable savings account. I hide my money in my cash app, simply because I’d rather pass up the buy than go through the process of transferring the funds.
9. When do you spend?
Figure out when you seem to spend the most? When you’re using paper or plastic? I tend to spend more on a card because I just swippity swipe everywhere like it’s a sport. I’m frugal when it comes to tangible money, so I try to have cash as much as possible. Figure out how you spend, then switch it up!
10. #Goalz
Set a goal, and challenge yourself more and more each time you reach your goal point. Try saving $7 one week, then $14 the next, $21 the next and see how it goes.
Be strong, we’re in this together. It may be a struggle, but you know what’s more important than those new Puma slides?