Monday, May 10, 2010

Cutting out little splurges to reach financial goals

I have never been the type of person to spend a large amount of money on any item at one time. I usually have little splurges that (psychologically) make me feel less guilty about spending money. But as most people realize that track their money, those little splurges can add up to a lot of money over time. I’ve spent most of 2010 so far burying my head in the sand about my little splurges. I'm sure many people have heard of David Bach's Latte Factor. But lately, I’ve been trying to make a conscious effort to cut out those little splurges and only spend money on planned expenses but I have to admit it’s hard for me. Small treats like a latte from Starbucks or a new lip gloss from CVS or an album I’ve been contemplating downloading off of iTunes will have to stay in their respective stores where they belong. I also need to stay out of my favorite big box retailers altogether for a while to avoid temptation. After looking at my calendar in dismay and seeing that the year is half way over motivated me to be a little more cautious in my spending so I can really see some progress at the end of the year with my financial goals. I’m not on a spending fast, but am doing the diet equivalent of ‘stepping away from the table before over-indulging.’ I'm going to put any 'leftover' money I have after my expenses into debt repayment, because that is my focus right now. Though I don’t plan on taking up antisocial behavior to save money, I will try to spend as little money as possible while partaking in any activities. I think that summer approaching actually works in my favor of my efforts to spend less. I do live in DC after-all, there are plenty of low-cost things to do here, if I look hard enough.


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Small Budget, Big Style Chick said...

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