Mindful Money Tips To Avoid BS and Overspending!
How to avoid falling into a New Year debt hangover and avoid money traps at this time of year.
Have you a mindful money plan in place? Black Friday and Christmas are upon us. Weeks of smart marketing and repetition by retailers and online stores will help to rewire our brains in their favour.
We may be unaware of their mind games but can fall into money traps. Spend, spend, spend, instant gratification and the need for urgency is rife. We can fall into money traps that drain our wallets.
Payday loans, buy now don’t pay for six months after Christmas, money lenders you name it, it sucks. But we all have a choice. It is important to understand how these decisions affect us in the long run.
Integrity is everything. I understand business in business, but I can’t help but feel there are elements of preying on the vulnerable in what is a season of kindness and giving.
Do you want to spend your hard earned cash on stuff you do not need? Or worse again, the money you do not have at the cost of your emotional and mental health?
Being in debt is dangerous it has vast implications for our lives, yet so many fall into this trap. At Christmas, it is even more of a challenge to avoid with all the hype and noise around.
But you can turn down the volume if you choose.
We all want beautiful things. The need for acceptance will increase. There will be TV ads with families and friends gathered around trees and dinner tables! It gets the heartstrings-pulling, and the tugging at the wallet may begin. I am not the Grinch by the way. I love Christmas. This being my favorite ad of all time.
A bit off topic now apologies, but I was over at the home of the black stuff last week! I asked my husband to take a picture of me at the gates as I wanted to recreate a photo for Christmas! That didn’t quite work out!
He tried his best bless him! A bit far away but you get my drift!
Back to Black Friday! We are busy thinking about all the bargains we will get. But will we? Retailers would have you believe you will never get your hands on this stuff again and that it will walk out the door. But will it?
Will people be grabbing stuff out of each other’s hands to get a bargain? Will a lack of mutual respect and good old-fashioned manners go out the door? It’s Black Friday after all!
People will take the day off work to spend hours online and scan the net in search of deals. But are we buying stuff for the sake of the day or season that it is? Or are we adding to our vast collections of shit we never use?
What about this one? Are you buying stuff to impress others with money you have not even earned yet?
Or as Dave Ramsey, The Total Money Makeover: A Proven Plan for Financial Fitness says:
“We buy things we don’t need with money we don’t have to impress people we don’t like.”
I used to do that by the way, so I am not judging in my little world it was a form of acceptance to fill a void in my life! You live and learn. It is a time of year all the same where we can see vulnerable people get sucked in and follow crowds.
According to this report from CNBC, shoppers are still paying off last years debt! So how can we be mindful of our money and the decisions we make about how we spend it? Not only in general but at Christmas so we don’t start 2018 with a New Year debt hangover.
So with perspective as always! I have compiled my list of five Black Friday myths and BS for you to consider and five ways to be more mindful of your money.
Let’s start with the Black Friday Myths and BS, will we? So we can piece together the bits between fact and fiction.
1. For One Day Only!
It is the only day of the year you will get these deals! What utter BS. There are sales on 24/7 in stores and online.
2. Lynch Mobs Await!
People will be killing each other over these deals. It’s a life or death situation to get your hands on them. Before going near a store on Black Friday, make sure your life insurance is in place (more on that in a bit I was a broker!)
If the media wins you over it would have you believe you’re going to be dealing with a bunch of wild materialists. Are people more violent on Black Friday? No, of course not, the media doesn’t pay attention to violence in stores until it happens on Black Friday. I smell BS!
There are people in this world who do crazy things in retail stores every day of the year. I worked in retail for years before becoming an insurance broker. The stories I could tell you!
3. Savings Galore!
It’s good for your pocket and profit! You make significant savings. The stores make big profits, and it’s a win-win for all concerned. BS! You might not save any money, and the stores might not make a profit.
Why?
Some retailers will put a “Black Friday” label on items that are reduced at the same price for months. It means nothing. Stores also use the shopping holiday to get rid of the excess inventory that hasn’t sold yet. Call it screwing the consumer.
4. Chain Yourself To The Laptop Quick!
If you want the online deals, you can’t leave the computer. What? I have to stay glued to my computer all day to get what I want? Merchandise sells quick, if you see something that you want, you need to go ahead and buy it now. The need for urgency and instant gratification yet gain. Clever marketing ploy. They restock inventories all the time and reduce them again trust me!
5. It’s Depressing!
So, missing Black Friday is depressing! The fear of FOMO yet again! Are you for real what kind of guilt trip is that to promote sales? So sad, what a mockery of people with genuine mental health issues and anxiety already.
So here is how we can be more mindful to counteract this BS:
1. Be Responsible
I have life insurance policies (former broker!), and a few bob saved. If something happens to my husband or me, the people we love will be taken care of. Check out this great blog with the Avocado, toast guy.
Do you agree?
This time of year you can see a lot of people spending money on shit they can’t afford. Then when the bills arrive and they cannot pay it back it is everyone else’s fault. Live within your means with meaning and purpose. Be accountable for your accounts.
2. Remind Yourself What Matters Most
Give yourself a gentle reminder why you should not blow cash on stuff you do not need. When you feel the temptation to run up the credit card bill ask yourself is this important to me?
How will it impact my life?
Will it provide me with value and enhance my happiness?
3. Make a list and Prioritise
You never hit the grocery store without a list or do you? Okay, hands up I have done it! What happened? I overspent and bought shit I did not need. Stuff had to be thrown out. My values around money and food waste got all conflicted. I was a bit annoyed with myself. Lesson learned.
Write down the necessities and gift lists for loved ones and be mindful of your limitations.
Could you do alternative Christmas gifts? Handmade or offer a chore or babysitting service. These things are priceless because they are from the heart and given with love to the people who matter most.
They don’t care about material wealth and objects if they love you. If you have to go into debt to prove your worth, they are not worth it.
4. Understand the “left-digit effect.”
According to psychologists, the far left digit on a price tag affects our perception of the cost. Our minds lock onto the first number in a price like €10.99, associating it with €10.00 when the price is much closer to €11.00.
The correct term is psychological pricing you can read more about it here. Do your math when you see prices ending in .99 and .95 to make sure you’re getting a good deal.
I know most of the retailers here in Ireland round off now. But you will still come across this online with larger retail shopping websites.
5. Focus on balance!
Not only your bank balance your actual balance! What? I hear you say! Yes, having a heightened sense of balance” helps. A Brigham Young University study found: Shoppers were more mindful of their money and often chose less expensive items when focused on their physical balance.
Hit the retail or online store after yoga! You might do a few balancing exercises at home before shopping and see for yourself. Here are a few for you to try!
Any excuse to get you all moving. There is a method in my madness as a woman with a passion for fitness. I had to get that one it at the end!
Happy Shopping!
Happy Holidays!
Happy Life!
Check out my Facebook page for more tips and advice. For more on professional coaching or to work with me see here
Originally published at www.challengeuchangeu.com on November 20, 2017.
