Ever felt really guilty about a purchase right after you “got it”?
Or maybe, it happens to you a few hours, even a day after those moments of shopping bliss! Oh, in that moment the feeling of satisfaction is unmatched. Well, it was such a great catch until you began feeling the process actually got you – again! If you’re the time of spender who easily gives up a dollar, this crazy happy-then-guilty cycle can typically extend to many other aspects of your finances, not just impulse shopping!
How often is this happening to you? Rarely, occasionally, or pretty often?
My lovely ‘pre’ or recent retiree, if this ‘spending regret’ is happening to you during the holiday season, remember this is a time of year when many of us can experience anxiety about the multiple items we’re grabbing to bless a number of special persons in our lives. (Let’s consider that this type of spending happens at least once a year, so resolving this process in our hearts and minds will help tons in this category of spending regret!)
That’s one scenario, but there could be several others haunting you throughout the year. As intentional as you may be, this feeling of spending regret could be tagging along for the ride, with your best intentions every time you choose or have to shop. It isn’t just you – it is more common than you may think, and the part you do know is, it isn’t beneficial! Not emotionally, psychologically nor physically!
If what you’re reading so far is all too relatable to you it’s probably time to engage in some deeper financial introspection. Then, answer these questions for yourself:
1. Are you planning for seasonal spending in advance? Some seasonal commitments may be the birthdays of special persons in your life, and equally important celebrations like mothers’ and father’s days, and let’s not forget slightly lesser, but equally present holidays like Independence Day (varying dates on the calendar for different people) and Valentine’s Day. These are some potential spending alerts that when properly planned for, can remove a lot of anxiety from your life.
2. Do you happen to have professional commitments that require a monetary collaboration at given times of the year? Think again of birthday celebrations. For coworkers, these can be so much fun but costly, depending on the number of persons who have to be celebrated per year! Another consideration for workplace spending would be recognitions that your given institution may be expecting you take on for your given work area. One suggestion here is to get a clear understanding before these special events happen, as to the level of monetary responsibility that you will have for each of them throughout the year. Again, the key to successful (and shame-free) contribution is to discuss, know, and plan ahead.
3. How about those certain expenses that end up costing more than they should have in the first place? I mean activities such as meeting friends at a restaurant, and spending way more than you intended to. This is a sure way to invite high anxiety levels into the room!
A quick solution to avoid this type of overspending is to check out menus, movie ticket prices, and the like, online - before you get there. This precaution will add more time for you to enjoy your social life and keep it stress free!
Key Takeaways:
· Any activity or special occasion that you have to shop for the last minute is likely to cost you a lot more money, than if you plan and shop for it in advance.
· Be very intentional about managing your spending cycles, and your rhythms around those cycles! Set aside times of the month when you know that you’re experiencing your right balance between calm and energized. This is your sweet spot to be most focused and effective with your efforts. Is that morning times, while drinking your first hot beverage for the day?
If you’re already retired, you may be developing different routines from the ones you had during those working years prior to retirement. In this new chapter of life, certain shifts are necessary. Spending practices are certainly one of those very important shifts.
Do you by chance take morning or afternoon walks now, like I do? Well, after you’ve done that and enjoyed its benefits, you may also find this a great time to settle in and work on your monetary spending for your year- at-a-glance. I personally find a peaceful walk very energizing, and a great preparation for my focused brainstorming sessions about effective financial management. This is one practice that is sure to get your retirement years headed for a healthy and happy enjoyment of this new life chapter!
Coach Mandy S.
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