Right now is the perfect time to reflect on (and review) what you have been spending your money on. Should you be evaluating where you’re spending and why? You have the chance to make changes that significantly alter the trajectory of your financial future. We all spend on unnecessary things, but the difference is how much we spend and how useful the products we buy are for us. Today, we are going to cover two areas of spending that can be vastly different for every person reading this.
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Clothes & Shoes
Every single person needs clothes and shoes, but have you ever thought about what you actually have in your closet (and dresser), how much you wear every item, and how much it cost you? Clothes serve a purpose depending on what you are doing: hanging out, going to work, dressing up for a special occasion, exercising, casual get togethers, warm weather, cold weather, and sleeping. Those situations probably cover just about all of your clothing needs. So how many outfits do you need for each situation? Everyone’s answer will be different, but generally speaking, your wardrobe should somewhat represent the frequency with which you wear different types of clothes and the setting.
Clothes and clothes shopping are different for everyone. You may be someone that really likes clothes shopping or you may be someone that waits until the last minute to buy clothes you actually need because you hate clothes shopping. Personally, I fall in the latter category, and actually need to mentally prepare myself for clothes shopping. If you don’t like clothes shopping, you’re probably not overspending on clothes, but if you love adding to your wardrobe, you may be spending a large amount of money on clothes. Basically, you should buy what you need and will use. If you can, find things you like and wait for them to go on sale. Shop with a plan. Go shopping knowing what you are going to buy or set a spending limit on yourself. Also, buy things with an intended purpose. This means you should know when and how often you will wear what you are going to buy.
How much did you spend on clothes in the last month, six months, year? Did you spend too much? Depending on your spending habits, you could save hundreds of dollars every month by buying fewer clothes.
House Decorations
Do you decorate for every season? Do you rotate what you have or do you buy new decorations every year? Do you spend $50, $100, $200 every three to six months keeping up with new styles? Wouldn’t it be better to buy a decoration you would love to look at for years? If you travel, consider decorating your house with unique items from places you visit. These decorations tied to memories make you want to keep them displayed for a longer time. If you feel like you ‘need’ to periodically change your decorations, keep a few sets of simple decorating items, like throw pillows and curtains, in a closet and rotate through them when you feel like you need a change.
Separating you from your money
New clothing lines and decorations are constantly released. Every day, you receive a constant barrage of advertising saying you NEED a new fashion style or seasonal decor! That is big business, and that’s their job. They (big business) may be significantly contributing to your excessive shopping for clothes and home decorations, without you realizing it. Advertising is everywhere. Your favorite clothing retailer and decorator pay for tons of research into exactly how to most effectively advertise to get you to spend money. Everything from color, font, layout, and everything else in advertising is researched with one primary goal: separating you from your money.
Some people may also compulsive or impulse buyers. If that is you, try to figure out a way to break out of that habit. Unsubscribe from retailers’ email lists. Don’t get drawn in by the constant. Don’t just ‘swing by’ a store when you don’t need to go there. Read about it and try different methods to break the habit. If that doesn’t work, do get help. Living in credit card debt for the for the foreseeable future and potentially sacrificing your financial future are not worth it. Do you want your money to be displayed through clothes and decorations? Or something more?
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