A Quick Fix to Control Holiday Spending
MAKE SURE YOU DON’T HAVE ANY MONEY!! HA HA
No seriously. At least limit how much you have available to spend. You see, I have no self control. Are you shocked? Go ahead, clutch your pearls. *standing in a chair to admit* I HAVE NO SELF CONTROL! LOL So I have to play these little mind games with myself by creating self imposed restrictions. Sounds crazy, huh? But hey, it works! *shrug*
After an expensive weekend, plus my travel and shopping plans for this upcoming week/weekend, I had to tighten the reigns before things got out of hand. A quick look at my cash flow and CC balance showed a net surplus of ~$1,500. Now I know me! After all important expenses (i.e. saving/investment contributions, bills, and necessities) are allocated for the month, I consider the rest free game. All of it! LOL!
When I looked at my spreadsheet and saw cash flow in the four digits, my eyes glazed over with thoughts of all the shoes Serenity and I will buy next Saturday. Ha! But do I need shoes? *plead the 5th* I’ll admit this much, if I’m spending just to be spending, it’s never a good thing. I need to limit frivolous purchases, and most importantly, control the urge.
So what did I do?
I estimated ~$300 in round trip travel costs (gas, dining out, misc.) for the 4 day Thanksgiving holiday. Also, assuming the bulk of my Christmas shopping will take place this weekend, I estimated ~$500, which is half of my gift budget. To make sure I stay within reasonable spending limits, I moved $700 of the surplus to my e-Fund. My logic: if I can’t see it, I can’t spend it.
I realize my way of doing things may not be possible for everyone. My point is to show you that I, too, have problems controlling my spending. BUT…I also have a strategy to fight the urge. Self imposed restrictions are the only way I can do it successfully.
Fabulous Financial Tip:
Acknowledge your weaknesses and implement controls that work for YOU.
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So true, the tip is priceless. This is my most financially vulnerable time of the year, by far. Mostly because by this time of the year, generally, my financial goals have been meet and I tend to binge (either for myself or others) at the end of the year. Just the other day, I was in Coach (why, I don’t know!) and my eyes honed in on a bag like it was calling me. The $700+ price tag was a instant deterrent for sure and I know I looked at the sales lady like Coach had lost its mind, but that dayum bag is still calling and this is the time of year when I just might buy it. Crap. I have all kinds of controls in place to get me over the urge period that is December, so I completely understand. Once January hits, it is like I wake up and get my sanity back, but December is HARD.
I do the same thing. If I can’t see it, I can’t spend it.
Funny, I mentioned you specifically in an article I wrote this morning and scheduled to post tomorrow about Black Friday and spending out of budget.
Maybe I’ll have to link to this article before it goes live :)
*sigh*
Black Friday is coming up and I don’t know how I will hold out. It’s gonna be hard.
This is how I have myself set up. I plan on using $500 of the Christmas bonus for my Holiday Shopping which includes includes $ for gifts and myself. I get the bonus on 12/15. I have been charging my purchases to a credit card that I haven’t used in 8 months and has a credit limit of only $500. By the time the statement closes and a payment is due I will have the bonus and just pay off the card with that.
All my other cards are locked away and I can’t use them. All saved billing info (i.e. credit card #s) have been cleared off my computer.
It sounds like drastic measures but I know myself. Everything has worked out well so far. I have only spent $80 on myself and $32 on gifts.
Pray for me girl.
Tell Serenity that she and I have the same b-day. I’ll be turning 26. :-D
*sigh*
let me get on drafting my spending plan.
Ha, my holiday money is already spent. I paid for my way on our family Christmas trip. Actually, I am very excited. And bonus, every time I see commercials for sales that start at 5 am, I smile. I won’t be doing any Xmas shopping this year! Yes!
@ Dimples – That is just what SingleMa said DON’T do, count on money you don’t have yet. What if the bonus doesn’t come on 12/15 or it’s lower than you expected? Will you still be able to pay that credit card in full?
@ geckogirl
The bonus is a given and has been for the past 2 years that I have been with them. And yes I am fully capable of paying that card in full.