Throughout my working career I noticed that during a month usually by mid-week, after receiving my paycheck the preceding Friday I would be asking myself this troubling question, “ where the cash at?” Where did all my money go after paying off bills and other necessary expenses? I figured out that it was due to my impulsive buying habits. Whether it was an impromptu trip to the club or buying new sneakers that hit the shelves, I was spending money without thinking twice about it. Now I am proud to say that with focus and dedication I have now transformed myself into a very frugal spender. The trick is to reprogram your mindset when it comes to purchasing items you did not plan to purchase. You can begin reprogramming by asking yourself several questions before you reach for your wallet. Some key questions may be :
Is this really a necessity?
Did I try shopping around for this item or have I tried looking for a cheaper alternative?
Am I going to feel guilty about the purchase after I have the item?
Am I buying this item to help me feel better about myself because I may be feeling depressed or sad?
Asking yourself these questions will help you better evaluate the situation and it may help you reconsider spending the cash to purchase the item especially if the item is a luxury. Another great strategy I found to battle my impulsive habit also turns out to be a great financial skill and that skill is called budgeting. If you can, at the beginning of the month estimate how much money you will make and decide where it needs to go. On a daily basis keep track of your spending and that will help you control your spending patterns. Don’t forget to budget yourself some money to put away to the side for a rainy day (you’ll thank yourself later).
Follow this practical advice and the next time you ask yourself “where the cash at?” the answer will be your wallet.
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