One of the biggest barriers to me being mortgage free in 5 years is a bad habit I don’t tend to talk about too often: I’m a comfort spender. If I’m stressed, I spend money on anything and everything. The ironic thing about this unnecessary splurging is that it ultimately leads to me adding to my stress levels because I end up wasting money that I need to save or use more appropriately. To put this into context: I recently had to give my credit card (which I took out at 0% interest purely for emergencies when solicitors fees swallowed my savings) to Gaz to look after because I spent £57(!!!) on a dress I didn’t really need.
I have good months and bad months. At the minute, despite being hugely anxious about work and my impending return to freelance, I am also incredibly aware that I have no choice but to cut all non-essential spends for the foreseeable future. Over the weekend I managed to keep my spending low despite being out and about, yesterday I spent just £15 on groceries for the week and I have successfully resisted the urge to buy an extra set of barbell weights (which I ‘need’ to progress my lifting).
Although… I did have a minor slip this morning and spent £1 on a box of Cadbury’s chocolate fingers, oops.
I know I’m doing it, even as I shop. I know I’m wasting money. I browse online shopping sites and tell myself as I go along “you don’t need this” and “you can’t afford this”, and then end up clicking “buy” anyway. Sometimes I add a ton to my basket and get as far as checkout before I come to my senses and browse away (but sometimes I don’t).
I know I do this for the feeling of pleasure I get both completing a purchase, and also when the things I’ve ordered arrive, but I also know that this feeling is fleeting and is soon replaced by spending regret, or (often worse) complete indifference: because that means the hole I’m trying to fill remains a void. I also know that I primarily spend like this on days where I don’t have my babies at home. I’ll leave you to fill the gaps there.
The question is how do I stop myself from doing it? How do I employ enough willpower to stop the spending (especially when I feel like my strength & willpower is exhausted just getting through the day at the minute)? I suppose I could buy a book on comfort spending habits…
Please note: this is an old post. I have been blogging for a really long time: since my childhood, in fact. Bear in mind that any opinions stated may have changed, any code snippets may no longer be considered safe or secure, and my personal circumstances are almost certainly different to what's contained herein. You have been warned...