Breaking Free from Bad Spending Habits
As a child, I was known for my impressive saving skills. I would stash away my pocket money for weeks, carefully planning what I wanted to buy and waiting until I could afford it. But as I grew older, something strange happened. Despite still identifying as a saver, I found myself with little to no savings. I blamed everything from low pay to high public transport prices, but the real culprit was staring me right in the face: my attitude towards money.
The Problem Wasn’t Saving, It Was Spending
I had developed terrible spending habits over the years, habits that decimated any good intentions I had for saving my hard-earned cash. For me, saving was a rational, measured action, while spending was an impulsive, emotional response. I would tell myself I deserved a treat because I’d had a good or bad day, or buy something simply because it was pretty. I even bought things when I was hungry, and not just food!
Common Problems, Common Solutions
As I talked to friends and read articles about saving, I realized that these bad habits were embarrassingly common. If I, a self-proclaimed “good saver,” was struggling with these issues, then maybe the problem wasn’t saving at all – maybe it was spending. Saving money is only attainable when spending is under control.
Reframing the Conversation
I needed to shift my focus from saving to spending. I stopped worrying about saving plans and travel goals and started working on fixing my spending habits. I developed new habits like writing down every extra thing I wanted to buy and giving myself one spending day each month with a set limit. I even asked friends to hold me accountable when I felt like making an irrational purchase.
The Power of Good Spending
With time and practice, I’ve become better at spending, and surprisingly, better at saving too. I now have extra money left over at the end of each fortnight to transfer to my savings account. I’ve started planning an overseas trip for next year, and thinking about my bank account no longer fills me with dread.
A Newfound Sense of Freedom
Becoming good at spending has freed me up to become good at saving again. I’ve learned that it’s not about being a “good saver” or a “bad spender,” but about finding balance and control. By reframing the conversation in my head, I’ve taken back control of my finances and gained a newfound sense of freedom.
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