If you’re serious about learning how to save money, then you have to change the way you see money, or just the way you buy things. Your mind is a tricky thing all ready. How many times has it convinced you to eat that last piece of chocolate cake when you KNEW it wasn’t good for you? Did you know that your mind tricks you out of saving money? Or rather, the stores do a Jedi mind trick to trick you.
First off, let’s define guilty buying. Guilty buying is purchasing something just because it is “on sale” or is a “good deal”. Some people see this as, “too good to pass up,” so they must purchase it right away. (This definition was provided by me because it wasn’t in the dictionary. It’s now in my dictionary and I’m putting it in yours, too.)
If you’re reading this, I’m sure you’ve read so many other posts about money. How to save money, make money, handle your money and even reduce your debt. That’s all fine and dandy, it’s great that you want to be knowledgeable and find the best methods and systems so you can be financially free. What is not great is not doing anything with this knowledge on how to save money.
I feel like a track record sometimes because I just repeat this quote over and over in my posts, but get ready to hear it again because it’s my favorite! “Only 20% of money is the knowledge of what to do with it, 80% is your behavior with it.”
So ….. What is your behavior with money? Have you been executing the systems and methods that you’ve learned in every book, post, podcast and money lesson on how to save money? Or, are you like most of us, who just keep learning but never implement?
Changing your Mindset
Lucky for you, I’m here to teach you how to change your mindset. I’m going to show you what the common behavioral obstacles are when it comes to money, and teach you instead how to save money so that you can live financially free. Who doesn’t want to be financially free?
If you’ve ever gone to a store and saw something on sale and immediately thought, “That is such an awesome deal, it would be a crime not to get that!” Or my favorite is when you buy some new hand soap at Bath & Body and they slip that coupon into the bag so when you get home you’re like, “Well, I HAVE to use this coupon now because I can’t let it expire.”
I laugh at myself when I figure out that the store totally tricked me, their ever faithful customer, into buying even more. I’ve totally been guilty of this several times. (The coupons get me EVERY TIME.)
That’s just what those stores do though, they trick you. Their gimmick is right under your nose and you don’t ever see it coming because, “Oh look! 10 dollar boots!!” (Again, guilty. I guess I really didn’t need those five pairs of boots in different colors.)
The one way to stop this trickery is to not buy into their tricks. Be smarter than sales tactics and simply change your money mindset.
True Story
I was talking to my husband one day after I came home from the mall, and I was super excited because I had gotten an awesome deal on boots. (I was being serious about those five pairs of boots!) I just kept telling him that I couldn’t believe that I saved that much money on shoes and that he should be proud of me for being such a bargain shopper. (You mean impulsive shopper.)
He said something to me that completely changed everything when it comes to my shopping. It changed my whole money mindset and I could now see right through those tricky sales tactics.
He said, “You didn’t save any money. You spent $50.”
This was a “stop me in my tracks, what did you just say?” moment. And yes, I will give you a few moments to let that sink in. I seriously reflected on this statement for like half the day, trying to figure out where I went wrong and how I let my obsessive shopping disorder take over my body.
Until then, I thought that I had been getting such good deals on stuff that I was buying. Stuff, that I realize now, is not necessary.
Disclaimer
Before I go on any further I want to be clear on something. You can find good deals on stuff that you NEED. You don’t need to go over board and buy 150 cans of tomato soup because they’re 2 cents. You can find reasonable deals on groceries, household stuff and even clothes when you need it.
But, instead of seeing how much money you SAVED by buying this, think of how much money you SPENT.
I started really paying attention after that. I don’t even pay attention to the good deals at Bath & Body anymore, I Just notice that $12 for a candle is a lot more than I should be paying.
Now you’re thinking to yourself, “Holy crap. I have been so misguided in my life and need to take back those 3 candles.” No, don’t return anything. (Unless it doesn’t fit.) Don’t stress out because your life has been a lie and you just saw the light. (A little too dramatic there?)
How to Save Money – the Mind Trick Way
What you’re going to do is some simple techniques so that you don’t fall for these kinds of traps again. Simply change the way you see money. Pay attention to what you SPENT instead of what you SAVED. Because you still spent something, and you could have saved even more by simply not buying it. (I totally need that sassy hand up emoji right now.)
When you get into this predicament, or think you’re getting blinded by some pretty sales pitch, there are a few things that you can do. First, ask yourself some questions:
1. What are the reasons I am buying this for? Is it an essential product such as laundry detergent, or is it just a new sweatshirt for fall?
2. Can I live without this? If it’s toothpaste, then obviously you can’t live without it because everyone needs some fresh looking teeth. If it’s the same boots you have, but in a different color, you definitely do not need it.
3. What does my budget look like currently and do I have room in my budget to purchase this? This should really be the first question you ask, because you always need to stick as close to your budget as you can.
4. Am I going to regret purchasing this once I take it home? Seriously, I am such a guilty shopper.
5. Am I just buying this because it’s “on sale” or it’s a “good deal”. This right here is what we are trying to avoid at all costs. This is a guilty buy, (remember the definition above), and should be avoided at all costs.
That Extra Push
You’re probably thinking, “Geez, Kenz. That’s great that you have questions for me to ask myself. But, I’m not going to listen to you because the voice in my head can’t resist buying it.” There may be some of you that might be able to just simply ask those questions to themselves and then like the strong person they are walk away. Some of us are a little bit more stubborn and could use just a little extra push.
Here’s your extra push:
1. Avoid the mall or stores. If you can’t handle it, don’t go. Simple.
2. Have someone go with you, (I make my husband go with me), to be your hand slapper when you try to give in to buyers guilt.
3. Set aside a certain amount of money each month to spend on whatever you’d like. Go nuts, but don’t go too nuts. And don’t feel guilty about spending this money, just stay within the amount allotted to yourself.
4. Do some deep soul searching and find your will and backbone to say no. Remember my favorite quote that I mentioned above? Find out what drives you to not spend money. Do you want to have a better life for your kids and not live paycheck to paycheck? Do you want to retire early so you and your spouse can travel the world? Do you want a new home? (Me, me, me!)
Find out what it is that will make you stop in your tracks, and think about that every time you are forced into a guilty buy.
Remember, it’s not how much you SAVED it’s how much you SPENT.
Changing your money mindset can dramatically improve your financial situation. You can research all you want on how to save money but until you take action it will never happen. Make it happen, you’re better than that!
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