Welcome back to Think Like a Saver Thursday. I’m really enjoying this series! These are things I’ve always done, and now I’m learning to be even more mindful of my spending.
Over the last three weeks, I’ve given you tips to train your brain to stop thinking like a spender and start thinking like a saver. This week we are going to identify our spending weaknesses. Don’t worry about coming up with ways to overcome them yet. We are taking baby steps here!
Take some time today to sit down and write out a list of all the ways you feel tempted to spend money. This doesn’t have to take a lot of time. You can even start a running list on your phone if you don’t have time to sit down with pen and paper.
Start out very general and then move onto a specific list of things that tempt you to spend money.
There is no right or wrong way to do this. As long as you are identifying a weakness, you are on the right track. And don’t feel like you have to finish the list today. This can be an evolving list. I know my weaknesses change with the seasons, sometimes with the hour.
Here is a peak at my current list:
I’ll type it out for you if you can’t see the picture:
Hannah’s $ weaknesses
- Starbucks + other coffee shops
- ALL shopping
- Out to eat/ drinks for happy hour
- Groupon and other daily deals
More specific with shopping
- work out clothes
- baby clothes
- beauty supplies
You probably aren’t surprised to see Starbucks at the top of my list. Lol. This is a never ending struggle!
If you are the type of person who likes to move along with goals fast, go ahead and start thinking of alternatives to your weaknesses. However, I wouldn’t encourage it. Take this week to really think about your weaknesses. Be mindful of where you are spending your money and check in with your list throughout the week. You may be surprised to find that you aren’t giving into your weaknesses, or you may find that you have a few more that you need to add to the list. Keep this list out all week and feel free to amend it before the next post in this series. I’ll keep mine out too and let you know how mine evolves over the week.
Training your brain to stop thinking like a spender is time consuming and hard. Don’t rush this process if you don’t have to. Just take this week to be mindful of where you are frivolously spending your money. We’ll check in next week and come up with alternatives.
Time to recap the first four steps to thinking like a saver:
- Identify your goal and continue to remind yourself of it. Post it somewhere around the house and think of it often, especially when tempted to spend money.
- Learn to be confident in your money-saving and spending habits. If you aren’t confident in the way you are saving money, it will be impossible to go on to the next step.
- Be honest with your friends and family about your financial goals.
- Identify your money weaknesses and be aware of them.
Next week we will come up with ways to overcome our spending weaknesses. Keep thinking of your weaknesses so you can come up with alternatives.
I’ve shared my biggest weaknesses when it comes to spending. What are yours?