Whether you’ve had to learn to live within a strict budget in the last few years or not, there will undoubtedly be instances where you’ve regretted a spending decision that you’ve made. You may have impulse bought something at the till, only to never use it. You could have shopped at the supermarket on an empty stomach and ended up throwing food away at the end of the week. Whatever your spending crime, it’s likely that it began with a lie that you told yourself.
‘I’ll never find a deal this good again’
Imagine the scenario; you walk into a shop and see something (let’s say a camera) on sale for a ridiculously low price. It’s a top of the range make with all the extras and it’s 75% off! Not only that, but the salesman says he’ll throw in a carry case and a free cable for it too. It’s too good to be true, so you buy it straight away. In fact, you buy two so that you can give one as a gift as well.
If you ever see a deal like this then stop and think – do you actually need/want this item? If you were going into the shop in order to buy the exact same thing anyway, then congratulations, you’ve found a good deal. If not, then you may have just been taken in by some great marketing. How do you know that the camera wasn’t overpriced to begin with? How do you know that you can’t get the same thing for a cheaper price online?
‘I absolutely NEED this item’
When you want to satisfy a spending urge, it can be easy to convince yourself that you’re in desperate need of whatever it is you’ve got your eye on. ‘I need this dress for that work do next week’, ‘I need this saucepan set because mine are old’…the lies can be convincing, but if you actually take the time to think about it, then you may go off the idea. Make a list of the things you genuinely need to buy so that you can refer to it if you ever feel this way. If the thing you want isn’t on the list then walk away and think about it for a while. Try not to get caught up in the excitement of shopping.
‘It’s only a few quid, it won’t make a difference’
This is a common excuse that we all make when spending money, but in reality, every single penny makes a difference to your budget. If you struggle with this regularly, then try to carry your allowance around with you in cash. This will help you to see exactly what you’re spending and it’ll make you stop and think before you buy that second takeaway coffee. Be honest with yourself and you should find your money easier to manage.
This article was written by Coral Pearce-Mariner on behalf of https://www.samedayguarantorloans.co.uk (UK Credit Ltd). As a creative writing graduate, Coral enjoys writing on a number of finance-related subjects and contributes regularly to various blogs. Click here to read more of her writings.