The holidays are officially over and now you’re
back at work wondering how on earth it’s mid-January already?
And if you’re like many other who are filled with regret after checking
their post-holiday financial statement, then we’re here to tell you to kick
those regrets to the curb!
We get it, you lived it up a little (or a lot) over the silly season. But so,
Don’t get it twisted, we’re not encouraging you to spend recklessly or
make poor financial decisions. But, we also don’t want you to beat yourself up
over it. Why? Because we’ve all been there.
Now, unless you’ve done some serious damage and wracked up a ton of debt(in
which case, you should make a plan to pay it off ASAP), then leave the past in
the past and start striving for a better financial future.
What matters most is that you learn from your mistakes so history doesn’t
repeat itself. Make it your 2020 resolution to stop spending mindlessly and
start spending mindfully .And we’ve got all the tips to get you started!
Make the switch to a low-rate credit card
But first, you’ll want to avoid wracking up any more credit card debt so you
can start the year off with a clean financial slate. So, if you’re currently
copping high-interest charges then take a look at these low rate credit cards
ways to become a conscious spender
Right, so now that we’ve looked at the best choice for your credit card,
let’s dive into our top three tips to help you turn over a new leaf in 2020!
1. Identify your impulse-spending triggers:
The first step towards building a better financial future is identifying
where the issue lies. Go through your bank statement for clues on where things
started to go wrong. If you can work out what it is that triggers your impulse
spending, then you can find a solution.
Ask yourself, did generosity really get the better of you this time?
Or did you just forget to set a budget and wind up splurging on gifts and stuff
you couldn’t afford?
Or maybe it goes a little deeper. The holidays can be the happiest time of
the year for some people and the loneliest for others. Maybe your impulse
spending over holidays was actually just a classic case of comfort spending ?
Whatever your trigger is, just know that once you become aware of it, you
can gain control over it by making a plan and setting some boundaries. That
way, the next time that you get triggered, you’ll be ready for it with a
2. Set some positive savings goals
If you’re trying to ditch mindless spending for good and start spending more
wisely, then you’ll need to set some clear goals. Seriously, what’s the point
in saving without a purpose?
So sit down and think long and hard about what you want so you can set some
positive saving goals ! Nothing’s off-limits, folks. A
multi-million-dollar mansion in Point Piper? A cherry-red Ferrari? The biggest
misconception in life is that dreaming is a ‘waste of time’.
The key is to start with one big end-goal and then work your way back until
you’ve broken it down into small practical steps.
3. Budget your way to better habits
Once you’ve identified your triggers and set some positive savings goals,
it’s time to seal the deal with a solid budget.
They say it takes at least 21 days of conscious effort and consistency to
form a new habit. The keyword here is consistency people! But good intentions
aren’t good enough on their own.
In order to break your old, bad spending habits and replace them with good
ones, you’ll need a plan to get you there. Which means you’ve gotta budget
First things first, head over to our handy free budget calculator and
pop in all your regular bills, expenses and income. Once you’ve done this, go
back and reflect on those new savings goals so you can create a budget to help
you achieve them.
It’s important to break each goal down into small achievable steps so you
can gradually work towards your bigger goals.