As many of us are getting vaccinated, the country is opening back up in a big way – and after more than a year of staying in the house, we’re starting to feel the itch to spend. So on this episode of How To Money, Matt and Joel are offering some tips and tactics to keep us from spending wildly and erasing all the savings gains and decreases in credit card debt we may have made during the pandemic. First, they encourage us to dream big. What are some big financial goals we’re working towards? Is it reaching financial independence as early in life as possible? Maybe a down payment on a home, or a dream trip to another country? Whatever big financial goal excites you, make sure to have it in the top of your mind when you’re about to click “Buy.” If you’re thinking about how that small purchase is taking away from your bigger goals, you’ll be less likely to purchase something you don’t really need.
Another tip is to clean out your house. As you’re getting rid of stuff you no longer want or need, you may feel less temptation to fill your house up again with new stuff. You could even sell your gently used items and make some money instead of spending it – or use the money you make as the spending cash for new stuff. If you limit the amount you can spend on new purchases, you’re more likely to be thoughtful about that purchase, and you’ll keep yourself from turning to a credit card or putting a dent in your monthly budget. This is also a great chance to get creative. What exactly are you looking to buy? Is there a gently used option available on sites like eBay or Facebook Marketplace? What about borrowing it from a neighbor or friend?
Matt and Joel also encourage us to figure out what we’re trying to do when we’re shopping. Oftentimes, we use “retail therapy” as a way to cure ourselves of boredom or sadness; instead, they suggest we spend our money on some actual therapy to address the root of the problem, making us healthier, happier, and wealthier in the long run. We could also scratch that itch with a minor splurge, like a fancy coffee – or, even better, on an experience. Research shows that intangible experiences are much more rewarding than tangible items. And an experience doesn’t have to be expensive; it can be as simple as drinking that fancy coffee during a nice walk around the neighborhood, or purchasing a zoo or botanical gardens membership, creating opportunities for recurring experiences that can bring us a lot of joy. So if you’re feeling tempted by the “sirens of spending” to crash on the “rocks of retail,” listen to this episode of How To Money to save yourself from the shoals.
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