Get real – stop buying stuff you can’t afford

So here’s a cold hard little debt busting fact:

When you are up to your eyeballs in debt, you can’t afford expensive hobbies. You can’t afford go out to eat at 5 star restaurants every week. You can’t afford to shout rounds of cocktails to your friends at Friday night drinks. You can’t afford that expensive faceceam – even if it on special.

Before I got serious about debt repayment, I played a little (and financially dangerous) game of spending tug of war when it came to the things I really couldn’t afford.

I told myself these things:

  • I deserve it.
  • I’ve had a tough week.
  • It’s on special.
  • The world might end if I don’t get it.
  • It’s not a lot of money.
  • Whats the point in going out for just one drink?
  • It will make me happy.

The last reason is possibly the worst of them all. I was happy in the moment I purchased whatever it was. Then I felt anxious, guilty and hopeless about my ever mounting debt and my seemingly inability toΒ stop spending money.

Truth is, most of my blow out expenditure was on nights out – booze and food. Drinking + making intelligent financial decisions do not go hand it hand. For me, anyway.

I don’t even know how many ‘mornings after’ I woke up to an empty wallet and a vague feeling of handing over my credit card to the bar to buy drinks time and time again.

This sort of spending – silly, wasteful spending – had to stop. Even the seemingly not so silly spending did!

Even spending $15.00 (that’s not much right??) over your budget each week adds up to $780.00 a year! Thats $780 towards debt freedom or savings!

If you are in debt, you have given up the freedom to spend money left right and centre. Quit the vague promise to yourself to ‘put more money towards my debt this year’.

Be clear in your commitment. Draw up goals. Plan. Budget.

And stop buying stuff you can’t afford.

 

 

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8 thoughts on “Get real – stop buying stuff you can’t afford

  1. It will make me happy. That’s the best reason to spend. It tends to be my only reason to spend. After a long day sometimes the feeling of buying something just gives you that high. Of course the next morning I’m always like why did I buy that!? Not spending has been hardest adjustment for me over the course of this month. It’s required a complete change in my way of thinking.

    • Exactly – a complete change in thinking is required…and yes, it is tough! Especially at first. The crazy thing was, the more I was in debt, the more I was likely to impulse buy…it was like, well there is so much on my credit card, what difference is another $50 going to make. Crazy,
      Thanks for stopping by, I look forward to checking out your blog!

  2. I remember those going out days and buying drinks for people and using my credit card to do it… terrible! (not that I am old now… but I mean my early 20’s) I just wish I could go back and give my young self some financial tips. I’d been in a much better position when I first started a family if I could.

    • I agree! When I think of the money spent on nights out when I really couldn’t afford it, it makes me cringe! I am all for a fun night, and not saying you can NEVER LEAVE THE HOUSE πŸ˜‰ but seriously, $100 + on drinks for a night on the town is crazy. Especially when you are charging it to your card! At least we have learnt those lessons though! Never to late to change silly financial habits! πŸ™‚

  3. imakemybed says:

    Reblogged this on I Make My Bed and commented:
    Great stuff. So true!

  4. Jocelyn says:

    Ugh, my ex-boyfriend had $40k of credit card debt (which made my $13k seem small in comparison) and was *always* buying rounds of drinks for everybody. He loved feeling like a baller especially when he hung around with the college-age crowd, like he was the big brother with the big boy job. So glad I dodged that bullet πŸ˜‰

    • With 40k in credit card debt you shouldn’t even be buying yourself drinks, let alone others! ha. Sounds like a lot of ego based spending πŸ˜‰ certainly a bullet dodged! I think financial compatibility in a relationship is important. At least you got out when you did! Thanks for stopping by The Debt Breakup πŸ™‚

  5. Carly says:

    Great post! This story is also my story! Only forget the 5 star restaurants, I couldn’t afford the cheap Thai take-out down the block. All of the reasons you’ve listed are reasons I’ve told myself — and you are absolutely right–they’re ALL LIES. After a year of working towards getting out of debt, I get it. And I’m soooo much happier (not in-the-moment happy, but happy happy) because of it. Great advice! πŸ™‚

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