How I Overcame The Holiday Spending Temptations

Are you guilty for going over budget during the Holiday season? I used to stressed by the credit balance till late April to catch up on my spending regrets.

With the Sales signs and the notifications pushing through your phone, it is way too easy to make necessary purchase. And, with inflation rates that are going through the roof, our dollars are stretched to their absolute limit. Even before the pandemic, a survey found that 72% of Americans reported feeling stressed about money and 22% among them reported “extremely” stressed.

Interestingly, the survey report tells us that even the “rich” are stressed about money too.

So, if you think having a second job can resolve the problem; you are wrong. But changing your spending habit can help you make ends meet. Here are 8 Strategies I discovered (and worked) for Overcoming the Spending Temptations:

1) Master the 30-day rule

We all do that — buying for the sake of buying because it was on sale; it was cute; I can use it one day…

Honestly! How many of these purchases end up collecting dust in the corner of the closet?

Avoiding instant gratification is one of the most important rules in personal finance. You need a cooling period, 30 days at least, to decide on a major purchase. Use the Needs and Wants Analysis to help you determine if the purchase is a need or a want.

Often, after a month has passed, you will find that the urge to buy has also passed and life goes on without it.

2) Stop using the credit card

Having a credit card could make it easier to build a good credit score, but it’s time to lock it up if:

1. You’re not financially disciplined
2. You can’t pay your bills on time
3. You are carrying a balance on your credit card
4. You don’t want the temptation of buying things that you don’t need
5. You don’t have a budget or are not following the budget
6. You want to get out of debt

This is by no means an exhaustive list, but you got the idea.

Keep your credit card for emergencies ONLY. Keep it out of your sight — lock it up, put it on the bottom of your drawer, place it under your flower bed…wherever it is but NOT in your purse or wallet.

Go back to the old fashion way — CASH only. Another option is lower your credit card limit to $500. Be sure to pay it off each month. DO NOT CARRY A BALANCE or you will have to lock it up.

3) Remove your credit card number from all of your online accounts

It is easy to overspend while there are so many online stores. If you have followed strategy# 2, your credit card should not be in your wallet. Well, it doesn’t mean you are safe. To make it easier for you to put money in their bank accounts, most online stores have your credit card number on file already. You can shop and buy anytime, anywhere, without your credit card. Only one click away, and, there goes your grocery money for the week.

Delete your card information on these sites and apply the 30-day rule before making a purchase.

4) Follow your list

I am guilty of buying way more than I should at a grocery store. So, please, please make a list and FOLLOW the list when grocery shop.

I know there will be a lot of temptations while you browse through the aisles. So, DON’T give yourself any chance to pick up that extra box of cereal because it is $2 off the regular price. DON’T give yourself any chance to buy more than what’s on the list.

In case you have difficulty walking away from the big red on-sale sign, give yourself 15 seconds before dropping that extra item into your shopping cart. It works for me, and I hope it will work for you too.

5) Avoid the mall

The shopping mall is full of temptations. What is the wise thing to do? Avoid it. Retail Therapy is only a short-term solution to boost your happy hormones. I hope you have developed the habit of making a list of what to buy before hitting the store. Use the Needs and Wants Analysis to help you determine if the purchase is a need or a want.

I strongly suggest you shop solo. Do not make shopping a social event. Buy what is on the list and run out as fast as possible. Window shopping is a big NO!

6) Don’t Buy Because It’s On Sale

It takes a lot of self-control to walk away from the big on-sale sign. In fact, it doesn’t make sense to let a great deal pass by if you are to save money, right? Here are a few points to consider before you lay eyes on those on-sale items. 

Firstly, business is not a charity. The main purpose of a business is to make a profit. They will do everything in their power to get your money, which includes putting up those signs to lure you in spending extra. 

Secondly, some stores over-price their items in the first place and create the illusion and make you believe you are getting a great deal. But you may be able to get the same or similar item for a lower price somewhere. Check before making the purchase. 

Also, don’t fall into the “buy 3, get 1 free” trap. Seriously, do you really need 4 boxes of cereal of the same favour? Please. Please. This is just one of the marketing tactics. 

Don’t let the on-sale sign tempt you. Use the 30-second rule and reassess before making that extra purchase. The bottom line is: if it is not on your list, DON’T buy it!

7) Hit the “unsubscribe” button.

“Give me your email address and I’ll give you something for free” is the most used marketing tactic. It is also proven one of the most effective strategies to top the sales because everyone loves bargains; and, businesses know it so damn well.

Well, it’s perfectly fine if the item is on your shopping list; but not when you are buying for the deal. (See strategy# 6)

These email advertisements are evil. The good news is, you can stop them.

Thanks to the CAN-SPAM Act, a law that sets the rules for commercial email, establishes requirements for commercial messages, gives recipients the right to have you stop emailing them, and spells out tough penalties for violations. The “unsubscribe” button is usually located at the very bottom of the email; but some of them are not very obvious (so sneaky), so look carefully.

8) Alternatives to eating out

Eating out is fun, relaxing, and convenient; however, in most cases, we eat out not because we are hungry.

Eating out is a form of social gathering or celebration with or without a particular reason. Eating out brings us pleasure, and, we crave it. 

So, fighting off this temptation is not easy. 

Firstly, you cannot simply take away something in your life without replacing it with something else. If you do, you will become miserable. Secondly, we all need to reward ourselves to keep us motivated. 

So, what should you do?

Try to substitute eating out with fun and rewarding activities. Use your imagination. Be creative. Invite friends over for a potluck dinner instead of going out. Go for a picnic or have the whole family put a meal together — the 4-year-old can definitely help with some light duties too. Bake cupcakes with your partner on valentine’s day instead of spending a fortune. 

Over to you

It’s a very tough time in our economy. We have to be creative in dealing with money and develop a new set of spending habits. Hope the above tips are helpful to you.

About the author

Christine Cheung, the founder of YourLifeCoach.CA, is known to inspire and empower people in developing a positive outlook on their future and reach self-actualization, through the building of their Self-esteem, Self-confidence, and Self-worth.

Looking for a deeper conversation? Email her at christine.cheung@outlook.com or book a FREE coffee chat with her.

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