HOW TO STAY ON A BUDGET WHEN YOU’RE ADDICTED TO SHOPPING

I have a problem. A serious problem. It’s my rocky romance with my wallet and my ever expanding closet. I, Sheila Smires, am a shopping addict.

It’s true. I can’t stop. I mean, I could. But then what would I wear? For some reason everything in my closet just doesn’t seem quite right. It’s basically like there’s nothing in there at all!

Yes, I realize I sound crazy. But that’s what shopping addicts are. Crazy people with credit cards and shopping bags cluttering their bedroom floors.

The good news is that while I am definitely crazy, at least when it comes to new handbags or lipstick, I also am taking a lot of steps to become more financially responsible. But I definitely couldn’t do it alone so I had to reach out to my friend Toyin from Minted & Printed to get some of her best tips and tricks on budgeting. So this one is for all of my ladies out there who struggle with self control in the money department. I feel you!

1. YOU CAN’T STICK TO A BUDGET IF YOU DON’T HAVE ONE

The first step seems super obvious but it is all too easily thrown out the window when you get that Kate Spade additional 30% off sale email in your inbox. Before you click that link, take a step back and evaluate your finances!

Toyin’s Tip:

“I definitely believe that having a budget is important but what is even more important is that your budget has a PURPOSE You first need to understand your financial goals so that you can create a budget that will help you reach them. Personally, I started with the 50/30/20 Rule (a great budget for beginners) and modified it to fit my goals. You can learn more about it in my post about how to create your own budget with my customizable budget spreadsheet.”

2. DOLLA DOLLA BILLS Y’ALL

Swiping a debit card is super effortless and can make overspending on things you don’t really need (like another candle) far too easy. A great solution? Take out the cash you want to use for fun expenses each month so you can actually see and manage your money easier.

Toyin’s Tip:

“Intention helps here too. Go through your closet and your Pinterest boards and determine what items you need in your life. Make a shopping list and don’t stray from it! It also helps to determine (from your budget) much you should spend on shopping and take out that amount in cash from your bank account and only spend that cash for shopping purchases. Or, if you are an online shopper, it may help to open a separate checking account just for shopping. Yes! It does get that serious.”

3. CHECK YOUR CLOSET BEFORE YOU BUY

Sometimes we can get a little too excited about something beautiful and eye catching and we immediately think I have to have it. But do you? Think about what’s in your closet. Do you have something similar? Do you have pieces that will compliment this one? What will you wear it with? These are all great questions to think about before you splurge on something you might not ever wear.

Toyin’s Tip:

“I would say that my number one tip is to understand your style. And if you feel the urge to purchase something that doesn’t fit with your style, don’t get it. That’s a huge pitfall for me. I always fall for beautiful items of clothing that don’t work with anything in my closet. So I never wear it! Don’t do this!”

4. YES, SAVING IS INVOLVED

You may think that the greatest high on earth is walking out of the mall victoriously with several overstuffed bags of new, pretty clothes but I am here to argue that an even better feeling is getting gas, going to a spontaneous dinner with friends or getting your car fixed without the fear of running out of money. Knowing that no matter what may happen, you’ll be set thanks to your savings is the most adult and reassuring feeling there is. So do it! And when you save it, don’t touch it! Even consider multiple savings accounts, one for emergencies and one for fun-mergencies (see what I did there).

Toyin’s Tip:

“My number one tip for saving is to take the money out immediately. As soon as you get paid, add the leftover money from the previous month plus the amount you budgeted for savings into your savings account and DO NOT touch it!”

5. DON’T OVERWHELM YOURSELF

We’ve all been there. You’ve been a little less frugal (or in my case, very often a lot less) than you would have liked and now you’re scared to check out your budget and bank account. So you don’t. For days. And you just keep living under the false assumption that ignorance is bliss when it comes to your finances. Um, it’s not. Don’t overwhelm and stress yourself out even more by avoiding the problem! You will overspend sometimes, that’s why you should check out your finances as often as possible so you can readjust accordingly.

Toyin’s Tip:

“I would say that understanding your expenses and breaking your monthly budget down to weekly budgets is the best practice to stay financially organized. I have a worksheet that you can use to write down all of your monthly expenses (bills) along with the date that they are do so that when you are planning your budget each week, you know exactly how much money you have to work with.”

What are you favorite ways to save money ? I would (seriously) love to know! Let’s support each other!

Check out more of Toyin’s awesome finance tips at www.mintedandprinted.com and check out some of her related posts about understanding your expenses, building weekly budgets with intention and even how to save $1000 fast.

Xoxo,

She