Finance: Intentional Spending For The Savvy Shopper
Happy New Year & Cheers To Us!
We're one week in and we've already had quite the chaotic start to 2021 as a nation!
(It would be very remiss of me not to mention the tragic and cowardly acts of the domestic terrorists that staged a coup and stormed our U.S. Capitol Building January 6, 2021).
What a week it's been...
Nevertheless, we have to remain focused and goal driven and hopefully stress-free. So yes, for some of us, shopping is a fantastic way to relieve stress or celebrate personal wins. For some it's a creative outlet. Others shop out of necessity only.
Thankfully, so many of you happen to shop with me...your personal shopper, sale finder, fashion, beauty, home & lifestyle guru. Curator, stylist, designer....yes, I relish the honor of wearing all of those hats.
It's a new year and while I'm not particularly big on making resolutions I'll inevitably break...I am intentional about goal setting and spending.
As much as I love showing you how to style wardrobe essentials and curate your home design, it's equally as vital for me to express the importance of financial literacy.
Setting and categorizing goals must include establishing a realistic shopping budget.
Whether you're fashion obsessed or in love with interior design, home improvement, art, travel, beauty, etc., I've got some important spending tips for you.
Think intentionality! That's right...if you're employing a word of the year, try "intentional" on for size.
While I'm not a financial expert, and believe me I've made my fair share of significant financial mistakes along the way, I am reformed. Now that I've turned over a new leaf and have become an "intentional" spender, I've learned how to shop & even splurge guilt-free!
Let's face it, shopping is not only necessary, it's fun...it's exciting, exhilarating even, not to mention therapeutic. But as a super shopper it's important to spend responsibly which will allow you the means to save, invest, diversify your portfolio and live a debt-free life. (In an effort to be completely transparent I'll admit that I'm a work in progress, especially working on the debt-free part).
As a Fashion & Lifestyle Expert, shopping is not just a past-time for me...it's my passion & a prominent facet of my career! As proficient as I am in scoring incredible deals and mind-blowing sales, I absolutely recognize the importance of indulging oneself in luxury buys as well, if that's your preference.
Let me share a few of my favorite financial tips:
- Categorize Your Spending
An Individual budget should be created for additional areas of your life besides living expenses such as home organization/improvement, health/self-care, fashion/beauty, travel, etc.
- Prioritize Your Spending
Focus the majority of your budget on which ever task you'd like to complete first.
If you're determined to redesign a space in your home, carefully plan and create an itemized budget including a timeline. Minimize spending in other categories such as fashion or travel until your project is complete.
Minimizing spending in other categories sometimes does in fact mean that you're not purchasing any "extras" so to speak for the month or period of time that you're redesigning your room/project.
Sometimes it just means that you're slowing down spending in other categories but not completely eliminating shopping...it all depends on your budget.
Consider redistributing additional funds to pay off credit card debt or start a holiday gift fund/account, or invest instead of making multiple unexpected purchases on "extras."
Many of us are catching on to what I like to call the "Cash Concept!"
What is it you ask? Well its only spending cash! If you don't have it, you can't spend it...plain and simple. Eliminate debt by not charging "it."
While it's a simple concept, as a society we often lack the sheer self discipline and patience required to avoid charging our lives away.
For me personally, I've fallen into credit traps with ridiculous interest fees in the past racking up tons of debt. Now, I use a debit card instead....if the money isn't available, I simply have to accrue it before spending.
I admit it's not always easy, but trust me, it feels great when you're not experiencing buyer's remorse!
So, if I'm eyeing a luxury bag for instance that happens to be a bit pricey, I may purchase it and scale back spending in other areas.
It's all about choices. I'm a firm believer that you can have whatever you want, just not always all at once.
You may limit your leisure travel budget if you're renovating, buying a property or investing in a business. Maybe you let your kids decide between expensive concert tickets or the trip they want to take.....or how about the tickets and a shorter less expensive vacay option.
Just don't overextend yourself financially...it can contribute to stress which we know often leads to chronic pain, depression, and anxiety, according to leading health care officials. (I have more to say about stress and self-care in an upcoming article...stay tuned!)
Also, during this time in quarantine, many people have lost incomes leading to limited choices as it pertains to spending. So, if you're financially able, consider amping up your donating and offer financial support however you can without disregarding your own household budget.
Utilize influencers/personal shoppers like myself to find and link sales in order for you to increase your donations to local coat drives and organizations while sticking to your budget.
I've linked coats on sale for as low as $25 and clearance scarves for as low as $4!!!!! Take advantage of these sales not only for your personal needs but also as a means to lend a helping hand. Can you imagine providing a coat to someone in need for basically the price of pizza?!!!
Being an intentional spender & budgeting properly allows you to shop smart,save big, and give more!