Part of being self-employed is that checks tend to come in spurts. I usually get paid over a one-week period each month, with a random check here or there floating in a couple weeks later. So I get the majority of the money I have to work with all in one fell swoop. That’s when the temptation comes in. You see money sitting in your bank account and you start to think, “I’m hungry. I bet I could afford some Chipotle – it’s only $6.” Then a couple hours later you’re thinking, “I’m sleepy. I think I’ll hit up Starbucks on the way home.”
Before you know it, all those little purchases add up. My favorite cupcake shop has these to-die-for flavors but they cost $2.50 each. So if I go in and buy four cupcakes I’m out $10.
I had to learn how to rein in that type of spending. I had done a good job cutting out most of the fluff in my budget but those little $5 here, $8 there was having a real effect.
So my solution? I keep a “Did Not Buy” list. On it, I list all the things I wanted to buy, but didn’t.
It looks something like this:
- McDonald’s breakfast ($3.00)
- Peppermint mocha ($3.50)
- New gloves ($10)
- New jeans ($45)
- New bedsheets ($30)
The hard part is convincing myself that I don’t need these things and to go without. Because I figure, I work hard, I should be able to buy myself a peppermint mocha, right? But keeping the list helps me see two things.
1) It helps me see what I’m frequently craving. If I keep writing down peppermint mocha, then dang it, I’m going to get a peppermint mocha.
2) It helps me see how much money I save by keeping my butt out of the store. Just think about Target. If you didn’t shop at Target, how much money would you save? I know that I will exceed my expected total by at LEAST $10 every time I go to Target. First I stop at the $1 bin, then the women’s clothes, then over to the accessories, and then to the shoes and then the kids’ section…by the time I get past the music and the food, I’ve probably tossed six things in the cart that I didn’t intend to!
I’m trying to build a legacy here, and it’s hard work sometimes. I work hard and that’s all the more reason to hang on to my money, versus letting it slip through my fingers on purchases I can’t account for later.
This is a great idea, especially to cure out of control shopping for the holidays.
That’s a great idea. Especially since it gives you a birds-eye view of how much money you can spend on seemingly inexpensive items. For me, having a big goal – such as our family vacation – is what helps me when I find myself putting things in the cart that I really don’t need. I remind myself that my vacation with my daughters is what matters most, then it doesn’t feel like I’m denying myself anything.
Great point Shannon!
Tara this is so awesome! Thanks for posting! My husband and I were trying to find somewhere to treat ourselves to lunch the other day and every vegan restaurant he named I said “nah, I already went there”. He then said “Well that’s where all the extra money is going! You’re eating out all the time!”. I went to evaluate my account and he was right!!! I hadn’t even realized how hard those little $6 and $7 snacks, lunches and “treat” stops were hitting us up! I also feel the need to “treat myself” more than I should in this season so I’m going to start a journal this week and utilize your method!