A Tip from Nana's Wallet
When you hear the word “money” what's the first thing that comes to mind? You don't have to say it out loud but take a moment to ponder the question. What's the first thing that pops into your head when you hear the word “money”? For many people when they hear the word, “money” their first thoughts are, “I wish I had more of it.” Why do you want more of it? So you can buy that fancy car. Or purchase a new home or just move into a better area, or take a well deserved vacation.
Now those are very common thoughts. But what if I told you that you probably are making more than enough money to do all of those things that you desire but you're spending your money in undesired ways?
Let me ask you a question, How many of you go to a store to buy three items and leave out with 23? In other words, you leave out with more than what you went in for. Whether it was four items, six items, ten or twelve, you only entered the store needed three items. This is one example of what I mean when I say, You spend your money in undesired ways.
One sure way of beating this habit is to have a list. Go through the house and write down everything that you need — not want but need. Why do we do this? When you have a list you are more prone to concentrate on that list rather than looking around the store for other non-beneficial items. Many will say, “I've tried that before and still leave out with more items than intended.” If that be the case then you will probably benefit by acquiring a financial coach if this is an area that you want to address and fix.
One sure way of beating this habit is to have a list. Go through the house and write down everything that you need — not want but need. Why do we do this? When you have a list you are more prone to concentrate on that list rather than looking around the store for other non-beneficial items. Many will say, “I've tried that before and still leave out with more items than intended.” If that be the case then you will probably benefit by acquiring a financial coach if this is an area that you want to address and fix.
Writing a list of what you need is great; however, in the world of finances, you also will make a list of all the items that you did not intend to buy. After you've made that list you'll ask yourself these questions:
- Was this item beneficial to me
- Was this item beneficial to someone else
- Am I going to use this item today or this week
- Did this item set me back financially
- Could I had used this money to put towards a bill
- Did I really need this item
Once you've pondered these questions and are truthful with your answers, most often you will see that you didn't need the item at all. In fact, rule number one is, whenever you have to ask yourself if you need an item... you don't.
It's different when you can see bullshit on paper. There's no hiding it. It allows you to become aware of your finances.
Now, did you know that the time of day you shop has a lot to do with what you buy? When we go to the store in the morning we are refreshed, ready to start the day. When we shop in the morning shortly after the store has opened we are more likely to buy what is on our list or what we need (if we don't have a list). We tend to make better and wiser decisions in the morning.
In the afternoon, you're wired from the day. You probably had a good lunch, got to hang out with friends or going to hang out with friends later. When we're wired we tend to be spontaneous. We grab this and grab that and most of the items we don't even need.
In the evening we are more prone to feel sluggish and lethargic and when we feel this way we might pick up all sorts of items. You're half sleep! The day is behind you and you might pick up a bag of potato chips, popcorn, cookies, cake, ice cream or some other kind of mood food. The majority of sweets are purchased towards the evening hours because you need something to take the edge off the day and help you wind down and fall asleep. Why do you think most of your drug stores and convenient stores don't close until eleven or midnight?
If you can, get to the stores the first thing in the morning. Remember, when you were younger and your grandparents always went to the store early in the morning? If you take time to notice, those over fifty-years-old are in the stores early in the morning.
In closing, you probably have enough in your wallet to embark on all the ventures you want in life, but your spending habits are keeping you from acquiring your dreams and allowing you to remain broke. So make a list and check it twice and at the end of your shopping experience you'll find out if you were naughty or nice.
Join us next week for another edition from Nana's Wallet entitled The Coupon Lady.
