She Strengthens

Breaking Free from the Spending Cycle

As a self-proclaimed spender, I’ve always struggled to save money. From my first paycheck at 15 to my current job, I’ve consistently blown my earnings on trips, clothes, and shoes. Despite having a savings account, I never made saving a priority, convincing myself that I’d start when I earned more. But when that day came, my spending habits remained unchanged.

The Turning Point

Everything changed when I became interested in personal finance and learned how others managed to save for their goals despite their natural tendencies to spend. The advice to align my spending with my priorities resonated deeply with me. I knew I cared more about securing my future than buying unnecessary items. However, making this mindset shift required discipline, honesty, and careful planning.

Taking Control

To break free from the spending cycle, I took four crucial steps:

1. Identifying My Priorities

I started by setting both short-term and long-term financial goals. I prioritized my health by spending on exercise classes and organic food, while cutting back on expensive drinks and beauty products. Long-term, I aimed to build an emergency fund and save for my Ph.D.

2. Tracking My Spending

I used Mint to track my expenses, but this time, I confronted my spending habits head-on. I discovered that I was spending more on clothes than groceries, and wasting food by batch cooking. This realization helped me adjust my budget and prioritize my needs over wants.

3. Choosing a Mantra

I created two mantras to guide my spending decisions: “Saving for later is more important than having this here and now” and “You have enough. This will not bring you true happiness.” These reminders help me rationalize my impulses and stay focused on my priorities.

4. Taking Action

I automated my savings by setting up a separate account that receives 25% of my paycheck. I also established guidelines to curb unnecessary spending, such as limiting dining out, planning meals, and avoiding impulse buys.

The Result

While I’m not perfect, my spending habits are slowly aligning with my priorities. It’s an incredible feeling to know that I’m taking control of my finances and building a secure future.