So, you spent $200 on a pair of boots you didn't plan for, or ordered 5 of those fancy overpriced cocktails while out with friends, or got your tax refund back and spent it on a plane ticket to Hawaii...
First, I just want to say, spending money on any of those above items is not bad. But when you do it on a whim and without planning, it can leave your bank account looking sad and you feeling uber guilty.
Trust me, I've been there plenty o'times. It's not a fun place to be but it can definitely be a place to learn from.
Below are some common reasons we end up spending money we didn't plan for and how we can stop that from happening in the future:
Scenario 1: Blew a bunch of money because you're feeling restricted and like you aren't able to have any fun in your life and you're just flat out sick of it!
Solution: You need to revisit your spending plan and give yourself a little extra wiggle room in your "fun fund".
Scenario 2: you spent the money because you're stressed about work, relationships, school, or a big life event coming up.
Solution: There's probably a tough conversation or task that you've been putting off and need to face head-on. DO IT! Before you go broke...
Scenario 3: It was a Sunday afternoon and you hadn't left the house all day, you just needed to get out so you went to the mall.
Solution: Compile a list of more productive and free or inexpensive things to do the next time major boredom strikes.
Scenario 4: Peer pressure. You were out with friends and they kept ordering drinks and you didn't want to be a Debbie downer.
Solution: Maybe it's time to get new friends or go out with that group of friends less often. ORRR if they're good friends, they'll understand the journey you're on and they'll be supportive.
Lesson? One of the best things we can do after making a money mistake is to learn from it so that it doesn't happen again.
It's a given that you'll make some mistakes along the way AND THAT'S OKAY. The most important thing to do after a major money mistake is to NOT feel guilty. Seriously, don't beat yourself up about it.
Guilt has NO place in your new money mindset and life. Guilt only makes you feel worse and can lead to a money spending spiral that will leave you in much worse shape.
If there are things you really want like a $200 pair of boots, to be able to go out with the girls on Friday night and buy fancy overpriced cocktails because they are FREAKIN DELISH, and if you want to go to HAWAII, all you need to do is plan for them.
Yes, even while you're paying off debt, you can still enjoy your life. Actually no, YOU NEED TO STILL ENJOY YOUR LIFE. Because if you can't enjoy the life you're living right now, then what's the point?
Please don't blindly follow the advice of Dave Ramsey (eat rice and beans for dinner every single night and don't spend a dime until you're debt-free). That will quickly lead to a miserable and unhappy life, one that you won't be motivated to continue.
You'll give up your debt-free journey almost as soon as you begin.
• Figure out what lead you to the overspending and get a plan in place to stop that from happening again.
• DROP THE GUILT
• Work on creating a life where you can pay off-debt quickly while also ENJOYING your life.
&& if this is something you're going through, I would love to help inside my new 1:1 Money Coaching Program where we dive deep on issues like this to help re-wire your brain for abundance and clarity around your money. Learn more HERE.
Thank you for reading and always feel free to reach out with any questions!