Hey Selfcare Squad,
Did you know ?
April is Financial Literacy Month and "retail therapy" could be one of the things keeping you from your goals.
Being aware of your emotions and their impact on your relationship with money is essential. Selfcare is more than massages and bubble baths. Selfcare is also taking care of our finances. So this week’s self care strategy is to practice financial self care!
Practicing financial self-care means developing habits that set you up to reach your financial goals and teach you how to start saving money. Setting aside money for your savings every month, creating a spending plan, and following a debt management plan head on are several ways you can practice financial self-care.
In a recent post that I love by @blkwomenshealth the content creators share 5 tips to prevent that impulse buy:
1. Know Your Emotional Spending Triggers
The first key to curbing retail therapy is understanding what drives you to spend. What moods or things will tempt you to make unplanned purchases? If you know your spending triggers, you can find ways to combat and/or avoid those spending temptations entirely.
2. Monitor Your Spending to Find “Emotional” Purchases
The only way to know about all your emotional spending habits is by tracking your daily spending. You might notice certain times of days or days of the week you’re more likely to spend on items you don’t need.
3. Use the 48-Hour Rule
Give yourself 48-hours to reflect about a specific purchase decision and its impact on your monthly spending plan. This 48-hour period allows you to ask yourself if you really need the item — and if it’s really worth it to you.
4. Remove Spending Triggers by deleting apps from your phone.
You know what will trigger you to overspend, so plan ahead. Don’t make it so easy, and challenge yourself to not spend money. Removing these triggers will help you fight the emotional spending urge.
5. Reduce Retail Therapy by Sticking to a spending plan.
Develop an overall monthly spending plan that will you to save (and invest) a certain amount each month — while spending on things you need and paying down debt. Treat Yourself with Small Purchases. Using the terminology spending plan that allows you to feel in control and not restricted as the term budget often can. You can decide how to allocate your money, and make purchases with freedom and without regret.