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Recovering Spender

Just trying to hold myself more accountable 🤷🏻‍♀️

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Alright, it’s been decided. I am going to do a No Spend November this month. It’s a really crazy idea with the holidays coming up but I’m saying no to things I don’t need and just being thankful for what I have. That’s what this month is all about right? The only thing I’m allowing myself to buy is Christmas presents. I feel like those need to be bought ahead of time so I’m not overspending last minute. Wish me luck!

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$5.70 back today. Not too shabby... 😁

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It’s finally payday! Woohoo!!! First thing I did? Put $250 towards my savings. It’s important to me to keep this money off to the side in case of an emergency. I like having that extra cushion. Second thing? Bills 😣 this check will probably cover my Barclay, Discover, car and insurance payments. Slowly chipping away though! I’ve been working on my own budget system that works for me but haven’t quite come up with it yet. I’m leaning towards the budget by paycheck method, but I might need to break it down weekly.

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Motivation Monday, ready to do this!

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The Fear of Missing Out...I’m just as guilty as anyone of this. I like pretty new things, especially when they come with a discount. This has definitely contributed to the credit card debt over the years. • How am I fixing that? I’ve started to delete any accounts on Facebook and Instagram that trigger a need to buy in me. Instead, I’m focusing on accounts that are encouraging, uplifting, and inspiring. I want to better myself and I don’t need material things to do that. It’s not just about getting out of debt, it’s about changing my mindset at the same time. • It’s finally fall here and I had the itch to buy a new jacket after seeing so many on Insta. I told a friend I needed a new coat since my others were older, worn out, and one even ripping at the seam. Valid reasons, right? So off I went looking for a new coat. Still haven’t bought one (luckily for me, I’m also indecisive and read reviews before buying when I have a specific item in mind). It was super cold before work one morning and I knew I needed a jacket. What happened when I looked in my closet? I found a brand-new jacket I bought last year. 🤦🏻‍♀️ So long story short, the hunt for that perfect knee-length, camel colored coat is on hold.

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Confession...I’m a horrible impulse buyer. I could go into Target with a list of exactly what I need and still pick up items I don’t. So for nonessentials I try to list 5 reasons why I need to have this item. I stay clear of the easy ones like “it’s super pretty” or “but it’s on sale!” and focus on logical reasons I need this product. It’s a silly rule to follow but it has kept me from making a lot of impulse purchases. If I really struggle to come up with 5, I obviously don’t need the item and I can move on.

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The percent I contribute to my 401k each paycheck. When I started working five years ago, I ran with the default for a while. Once I actually sat down and looked over everything, I realized I was hurting my future self just to benefit my current self. I’ve been fortunate enough to earn significant raises every year with annual reviews and position changes. With each increase I’ve upped my contribution so my take-home stay the same, but I’m contributing more. I’ve thought about lowering my contribution to pay off some of my debt, but I’m afraid I won’t want to go back. I would rather have that money work for me now.

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This is something I’m continuously working on. When I get paid the first thing I do is move money to my savings account. I hear all the time a person should worry about paying down debt first, but things happen. I would rather have that extra money set aside in case the worst happens. This puts my mind at ease knowing I have that cushion to fall back on. The money isn’t just sitting there though, every month I have $100 moved to my Roth IRA. My goal for 2019 is to up that to $200 per month.

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Now for the good...I have over $2,000 in my savings which I’m pretty proud of. This is the second time I’ve had $2k saved. When I hit this goal the first time, I decided to invest it in a Roth IRA. I didn’t like to have the money just sitting there and to be honest, the longer it sat, the more I wanted to spend it. Now that I’m back up to this again, I don’t have that itch to spend it, instead I used it as my emergency fund while I transfer $100 per month to my Roth IRA. If bills sometimes fall funny around my paychecks, I feel more secure with this money sitting there. I’ll transfer what I need to my main checking account and next pay period transfer the money back and then some. Hopefully which budgeting I’ll be able to keep that money there while adding to it.

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There it is, all out on the table. I’m not proud of it, but it is what it is. I got my first credit card in college with a credit limit of $500. I was able to pay it off so easily every month that it didn’t seem like a big deal. After college, when I got my first job, with my salary increase, came a credit line increase. Still, I was able to keep up with everything pretty easily. So I’m not sure where it went wrong, but I’ve made it a goal to actually deal with it going forward.

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