I am my worst enemy when it comes to sabotaging my financial goal setting. It always starts off with the best intentions at the beginning of the month- no spending outside of the basic necessities such as food, water and a roof over my head. But somewhere along the way that line gets blurred. Suddenly I’m a money spending machine. So what gives?
The two worst things you can do to watch your financial goals blow up in your face are putting yourself in money spending situations and hanging out with money spending family and friends.
Did you know that sales in stores actually cause you to spend more money???
I remember having this discussion with a friend before. We both concern ourselves good at financial goal setting, however, our biggest downfall is when we see a sale at a store. Who can refuse a good sale???
But stop for a minute... do I actually need that item? Is it really a good deal if I’ll never use it? What happen to the last few items I bought that were such a good deal? Did I ever use them?
If you find yourself compromising on the size, colour or even make of the item while you’re digging throw the pile it’s best to walk away empty handed.
While you’re at it don’t go to shopping centres unless you absolutely have to. If you do, only walk to the sections that have what you need. Don’t even look at store flyers because you’ll have so many sale items thrown in your face.
The internet doesn’t help either. I can now make purchases from my smart phone. Wagjag, Groupon, Living Social flood my inbox daily with any deal under the sun. If you want to stick to your goals the best thing you can do for yourself is unsubscribe to those newsletters.
More Tips to Stay On Track of Your Financial Goal Setting:
1. Pay yourself First. Have money come out automatically from your bank account to correspond when you get paid. Have it go to an account that is difficult to access.
2. Write down your financial goals and share them when others so you’ll always be reminded of them.
3. Set a realistic goal about how much you are going to save. Saying that you won’t spend anything is unrealistic. Saving $100 a paycheque is more reasonable.
4. Visualize the goal.
5. Don’t buy on impulse and learn to walk away. An example is to have the 24 hour rule. Don’t allow yourself to buy an item until 24 hours later. If you still want it get it. Sometimes even the idea of driving back to the store is a turn off.
Share your financial tips with us and good luck!