You see, my mother was a shopaholic. She use to go shopping and would buy a shirt in every color available. She collected shoes and looked up to Amelda Marcos. She'd actually reference her with every pair she bought and then she'd come home to place them with reverence in her closet as an homage to her. Her closet was her shrine where every article of clothing, every accessory, made her feel a bit better about her lost childhood.
My brother and I grew up watching that behavior. We would help sneak packages into the house and keep a watchful eye out for when my dad rounded the corner on his way home from work so we could remind her to collect the mail. Surely, her credit card statement would be there. Dad was frugal and a big saver, so credit cards were the Antichrist to him.
It took years for me to understand why she shopped so compulsively. It wasn't until after her death that I truly grasped the whys of her spending habits. As we cleaned out her apartment, my dad and I accepted the fact that every tangible object in the place had a special emotional meaning to her and helped heal some of her pain. She went without as a kid and now had the opportunity to soothe herself with shopping sprees.
In my marriage I agreed to buy things we couldn't afford. Debt was justifiable because we would pay it all off with the next work bonus. Of course we would. Keeping up with the Joneses was okay because it's something we all do. We compare our lives, our cars, our homes, etc. to those of our friends'. Right? We all do it. A man picks up a woman for a date and he has at least wondered if his car is good enough to impress. The woman judges the man based on his whip and she has no idea that the car note has left him living check to check.
So now I'm in my 30's and old enough to know better. Let me tell you that it's taken years to change my mindset and stop buying things just to buy them. I kid you not, the self-gratification I felt during a shopping spree was exhilarating. My heart would race and I would be on a mission until whatever item I was hunting for was found and purchased. I relied on payday advances to get me by and I always wondered where my money went. It went in my closet, that's where.
Tax-free weekend inspired this blog post. I felt going shopping would be justified because it is, after all, tax-free. I finally had to tell myself to slow down. Self-talk is powerful. I'm living proof. I did the math and realized that the few items I would buy will only amount to a tax of maybe $5. After checking my bank account and realizing I'd either have to put myself into debt or borrow from my savings, I told myself it was a no-go. If I was to use a credit card the amount I saved on tax would be paid twice just in interest.
Want my advice on how to manage your self-talk when it comes to spending habits?
1) Create a budget - I was once living check to check so my budget was a bi-weekly one. I used MS Excel to create mine.
2) Prioritize - Be sure the roof over your head is paid first and be sure to buy food! I use to deprive myself of food in order to pay certain bills, but you can always negotiate w/creditors. Be sure to stock your fridge or set money aside if you shop for fresh food daily.
3) Ask yourself certain questions before buying something that is not budgeted for. I often ask myself: Do I need it? Do I have room for it? Can it wait?
4) When the impulse is strong enough to where you find yourself in the store w/your heart racing, ask customer service to hold the item for you. Many stores will hold for 24 hours or at least until closing time. That will give you time to reconsider. Be sure to leave the store, however. Often the euphoria of being in the store will keep you convinced you need the item.
5) After you have purchased, keep the tags on and receipts in a memorable place so you can go back and change your mind later.
6) Track your spending. There are software programs that can help you or a simple MS Excel spreadsheet where you can track what you are spending money on and how often.
7) Keep all receipts.
8) Flexible spending account - Ask your employer HR department about a medical expense account or daycare account, where you can be reimbursed for medical co-pays and/or medication as well as daycare expenses. This will put some extra money in your hands throughout the year. Beware, though, that those funds will come out of your check each month so in a way, you end up breaking even.
9) Christmas Club account - Most banks have a Christmas club option where you can set money aside throughout the year. There is usually a penalty for early withdrawal. This account works well for when the holidays creep up on you and you realize you have to decide between holiday gifts and paying the electric bill. Yikes!
10) Cut back where you can. This includes the use of coupons as well as eliminating the DVR (I know right!), cable and the gym membership you said you would use, but haven't used in months. Be honest with yourself and cut out those little things that add up each month.
Now you see where I'm going with this? It's hard, but we are ultimately responsible for our own impulses. Self-awareness is key and self-talk is crucial in getting us to change our bad habits. We are all born with common sense. At some point we lose it to behaviors we grew up observing. Using common sense can help us save some cents and my bank account is smiling right now.

























