I did something a bit strange a couple of years ago that set me on the financial path I'm on today.
It started when I got married in September of 2007. (It's amazing what marriage will do to you!) My husband is a great saver and at the time I was not. I had a lot to learn about money. I had also started feeling overwhelmed by the stuff I brought into my home. The clothes I ended up not liking, the lotions and potions that lost their appeal because I found a new one to love. Not to mention the amount of cash I was spending on things I ended up not enjoying!
At the time I was justifying every purchase because it was on sale. That was something right? Although I would never spend more than I had in the bank, this spending habit was not helping me move towards completing any goals I had. Like saving for a rainy day or simplifying my life by having less stuff to look after.
Maybe you can relate to this struggle I had?
I finally came to my breaking point in January 2008. A strange idea popped into my head. Maybe a bit crazy, but I must admit, it cured me of my habit. I decided to incorporate a No Spend challenge for the entire month of January. Yes, I challenged myself to not spend a cent the entire month. I allowed a few exceptions. Groceries for one, as I couldn't let my husband starve and secondly, any bills that were due that month. But other than that, nothing. No Starbucks, no clearance books...nothing.
The first week was the most difficult. It was an eye opener for sure. I never realized how much time I spent wandering the stores to cure boredom! All that time I was wasting at the stores I could have been investing in my biggest purchase, our home. I came up with some projects to keep me busy that January. I finished many sewing projects and I even repainted our bedroom with some paint we had.
After my personal challenge was over, I wondered if I was going to go back to my old ways, but I surprised myself and didn't! I think 31 days was the magic number to break my spending habits.
Since that January in 2008, I have been enjoying seeing my bank account grow and feeling the freedom to purchase something because I've saved for it. I've realized that I don't have to buy everything new as well as learned what I can do without.
I've learned to ask myself a few questions if I'm thinking of purchasing something that may be of benefit for you.
"Do I love it?" Is it something that I can see myself loving for a long time? Do I love it enough that it won't be a hassle to look after? Let's face it, we all need to spoil ourselves once in awhile, but that's only why I buy the things I love.
"Do I need it?" I find there are many times I don't buy something because of this question. Quite often it's to do with clothing because I remember all the clothes I have in my wardrobe that hardly see the light of day! Or I have something similar already that works perfectly fine.
"Will it make my life easier?" In my pursuit to simplify my life, this is an important question. If something needs to be dusted 8 times a day, then it's not making my life easier. If it will take up more room then we have in our closets, then it's not worth it.
By no means have I perfected my spending habits to this day, but I am trying my best to be responsible and wise with the money that we have earned! My hope is that I've inspired you to make some changes in the way you view money and the stuff it buys.
May 2010 be a brand new financial year for you!
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