Did you ever buy new shoes without actually needing them but somehow have managed to justify the purchase saying “I don’t have such pair”. This type of rationalization can help us sleep better but when it comes to our financial independence – they are only moving us away from our goal.
The first step to deal with such situations is to admit to ourselves that we have a problem. Here are the most common things we tell ourselves to justify overspending:
1. I work hard and I deserve it
We often justify buying unnecessary things with the fact that we work hard and we deserve it. However, next time when you want to buy another pair of shoes you don’t need, think about whether you would rather save up for a vacation a holiday or another type of experience. Our financial independence depends on the decisions we make every day.
2. It’s for a good cause
There are more and more noble causes you could help. However, don’t make the mistake to overlook your own needs for the benefit of others. Experts advise to give for charity after you have covered your financial priorities.
3. I owe him one
Most people make mental lists of who they owe and who they feel owes them. When a colleague buys you lunch or a friend – dinner, you will want to return the favour. However, before you do that think about another way in which you could repay your debt – you can help them with work or with another chore.
4. I had a great (awful) day
We often use shopping as a way to relieve stress at the end of a bad working day or as a way to celebrate a job well done. In such situations it is best to have a predefined list of “permitted” treats, which will not eat away your budget.
5. I will save more when I earn more
The only thing you will be achieving this way is procrastinating about something important. The sooner you get used to setting aside a small amount of money from your salary for saving and investing, the easier it will be to do it later on. Not only will you have developed the habit for saving and a good financial culture, but you would have saved up as well.