Here I am at the end of the month mortified, frustrated, and panicked. I’ve overspent this month in my misc. category by $285. While this money can be taken out of February’s budget, it will have to come from $$ I planned to put towards an upcoming trip and savings.
What’s worse is that the $285 is only for my miscellaneous spending. There is another $323.74 in “extra” charges for January that have already been moved over to February’s budget (a new car battery and a “moment of weakness” shopping trip are the bulk of this figure). That’s a whopping $608.74 that should have been put towards savings goals and my trip. WOW.
But before this post ends up being a self-pity parade, I know this predicament is due to my choices and my choices alone. I have realized that I’m an emotional spender–when things in life get rough, I let my finances go out the door. After carefully examining the past few months, my spending reports, and my incessant demands for better from myself in terms of spending, I know enough is enough.
Serious changes are needed, and I feel they should be seen on more levels than merely my finances. I’ve read much about the relationship between psychology & finance, and I know it’s time to put my breadth of knowledge in these realms into practice (one of my Masters degrees is in Psych). It’s not going to be easy; it’s not going to be fun–but it’s necessary.
Hello! Most of my previous debt mountain was caused by emotional spending and I know only too well how unhappiness in my personal life caused me to go on spending spree after spending spree. I could never understand how someone who successfully managed multi million pound budgets at work, couldn't manage her own money…and it took me a long time to figure it out!! It's so good that you're aware of what causes you to spend now, not years later like me lol, and I'm sure that you'll be able to work through what you need to. Thank you so much for your lovely comment on my blog…it made my day!
I'm an emotional spender too. The only thing that helped me is switching to cash. It's hard though, in fact this past month I "fell off the wagon" so to speak and used my debit card to make unnecessary purchases. Most of my savings will be depleted if I don't act now. Glad that you are figuring things out. February should be a much better month!
Hey there…I think it's good to really look at the issues around your spending, but also…take care of business and don't beat yourself up too much. Just take a breath and then move forward from wherever you're at. No one is perfect.