Thursday, June 13, 2019

Spending Ban - Things to Stop Buying

I bit the bullet and put myself on a spending ban! My shopping habit was getting out of control and as I result I was watching my personal savings dwindling down to nothing - so I decided to do something about it! 

I'm not sure how it happened but I slipped into the bad habit of online shopping. A clothes order here and a new pair of shoes there meant spending hundreds of dollars a week on unnecessary stuff! I had gotten so good at refining my wardrobe and cutting down what I owned all in the name of minimalism. Check out my minimalism series here.

Yet suddenly I was allowing myself way too many splurges and couldn't help but click on an ad whenever I saw a sale! It was getting pretty bad guys! I was no longer prioritising saving money toward my future and instead was filling my wardrobe with more items than I needed. So I am going to share the main things I recommend you stop buying if you are going on a spending ban!

Stop Shopping Sales 
I work in marketing. I know the psychology around promotions and sales, yet I still get sucked into it occasionally when I open a promo email from a brand I like! The issue with a sale is that you often find yourself justifying why you need something - because of the fact that it is on sale. A bed shirt that says 'avocuddle'? I already have 173 bed shirts but this one is 75% off so I definitely need another. You end up with way too much stuff and the majority of it you wouldn't have purchased unless it was discounted. I try and focus on only purchasing quality items I know I will get good use out of. I don't mind splurging if it comes to the right pair of shoes or LBD as long as it is a quality item.

Stop Shopping Brand New
I am quite conflicted on this one because I do see value in purchasing some things brand new! In my mind, there is not much better than buying a new car or luxury designer item brand new. However, there are many things you can compromise on that you can purchase second hand and it is much more economical than buying brand new! This was brought to my attention recently when I went to sell my brand new Kindle! It was a present I got for myself over Christmas and have literally NEVER used. I don't know why I thought I would love a Kindle so much because I soon realised how much I prefer a physical copy of a book! I soon realised that the Kindle I had purchased barely 3 months ago and not used once was now worth less than half its value! This is when it hit me that I myself should have gone to eBay or Gumtree to purchase the Kindle in the first place and get a bargain, especially if I wasn't even sure I would like one! I'm also super guilty of buying brand new books for $20-$30 each instead of going to a second-hand book store where they are sometimes just $3. If you start being savvier about what you buy brand new or what you search around second hand for, you will save a lot of money in depreciating items.

Stop Buying Frivolous Things 
I feel like marketing is to blame for this one but it seems like, as consumers, we can never have enough. You always need just one more gadget, a new lipstick, this cool outfit or these airpods etc. If you fall into the trap of buying every cool thing you see on Instagram or every outfit your favourite influencer wears you will soon find yourself pretty broke. The critical thing to remember here is that these materialistic items are JUST THINGS and you don't need them to fit in or be cool or reflect who you are. Try to limit your spending by banning purchases of all frivolous things. More often than not, these are the items that you throw to the side and forget about only to have to cull them in your next minimalism attempt.

Stop Buying Expensive Necessities 
We all have those items with quick turnover rates where you find yourself constantly replacing them. These kinds of products look like - mascara, shampoo, tooth paste and body wash. I used to only wear Chanel mascara, use Redkin shampoo, some specialty toothpaste I could only ever order online and Philosophy Body Wash. Since making the swap to Maybelline mascara, cheaper salon quality shampoo I buy in bulk, Oral B toothpaste and Kmart Body Wash - I can safely say that I DO NOT notice the difference. I know it feels like we can't live without our favourite Chanel mascara but trust me... at $65 a tube... that swap alone saves me over $700! Don't even get me started on my swap from Chanel to Rimmel foundation. It sounds like I'm cutting myself short - not spoiling myself of the luxuries I want - but I can assure you it is the total opposite. I still have all my favourite brand makeup but I wear cheaper brands on the daily. It still looks good and does the job - it just means I save thousands a year through these simple swaps. If you have to repurchase these products so regularly, it makes sense to keep the general price within a budget. That way I can splurge on a new pair of Louboutins and not feel guilty - because I'm cutting down in other areas.

Okay so those are my biggest tips for being on a spending ban and what I recommend when it comes to cutting down on what you buy. I was super raw and unfiltered in this post about my struggles and genuinely what I did to dig myself out of the mess I created, so I hope that these methods can also work well for you!

1 comment:

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