Sunday, January 16, 2011

Spending Diet...

Thanks to my new financial advisor I have been put on a strict spending diet!! My girl Lillian put me on with her cousin who is an excellent help in getting finances in order. I am great at saving money but I still have tendencies to spend the rest of my money very frivolously. Sitting for 2 hours yesterday going through all my bank statements, accounts ect. I was so ashamed and upset with myself. The main items on my statements were: Lauriol, Chipotle, McDonalds, Baskin Robbins, TJ Maxx....should I continue??

I got to really identify where my money was going so now I can focus in on what areas I need to cut back on my spending. A lot of those purchases are out of pure laziness or impatience. I am too impatient to wait to eat when I get home or too lazy to cook something when I am home. I will be cutting back on hanging out places that require me to spend money, I have been given an allowance amount to receive every time I get paid. I can do whatever I want as long as the spending stays within the alloted amount. I am forcing myself to make better day to day decisions and I'm sure I will see so much money left over from month to month. I have to learn to say NO....I can not participate in every event that takes place. Honestly, a lot of events that I should be involved in are free or low cost.

This will really be a huge change for me but they say prepare before you have no choice so while I have the choice I'm working to create good habits and someone else is now holding me accountable. My advisor threatened to not work with me anymore if she saw I did not stick to the plan...I don't want to disappoint myself or a genuine caring person who's attempting to help me out in the long run.

Wish me Luck!!!!

3 comments:

  1. Good Luck in your endeavor.

    It's really about discipline. We all could use it. What i've done in the past is to write down everything that I spend and keep receipts.
    You will be so surprised at what you spend your money on. Additionally, you will be very 'aware' when you do make a purchase and perhaps reluctant to spend.

    ReplyDelete
  2. You are so right! My adviser wrote down every bill for me and gave me a spending allowance so know I know exactly where ALL my money is going. Like you say, I definitely think twice before I agree to go to certain places which require spending money. Thx for the comment :-))

    ReplyDelete