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Money confessions and action plans

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Money confessions and action plans

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Confessions from a normal person

I was reading an article on Bloomberg opinion the other day (link here), and I have some confessions to make. I love spending money. I don’t save enough (you never can save enough). I love consuming things.  But I want to be financially free – and work on the things I love.   This led me to this post: I want to confess my money sins and thoughts around what I am spending money on. I feel the need to come clean about justifying my behaviour: 

Here are my top wasteful money confessions.

Confession #1:

My wife looks at beautiful earrings that are on special… It’s only R 100 for 5 pairs! We don’t need it, but it’s Christmas in a few months and we can splurge a bit on ourselves.

Thoughts:

I think this is the sad reality of today: we don’t think about what we buy. It just seems so convenient that the pretty things are there right in front of our noses – and we fall into the so-called temptation.

Action Plan:

Note to self: I need to put my bank card in a different location in my wallet, so that I can pause before I swipe.

Confession #2:

You come home from work and can’t be bothered to cook – as you almost got fired because you took the live system offline – so let’s go out for dinner. At least we are saving some money as it’s Monday night burger special at Spur.

Thoughts:

We’re trying to eat healthy, but cooking or preparing a meal after a hard day at work is just that – hard. Sometimes it does add value though – an example is I am sitting in a coffee shop right now typing blog posts – yet this is still costing me money.

Action Plan:

How about an envelope with money for eating out – if the money is finished, it’s finished. It’s a cool way of making sure we spend only a little bit on money on this, and not my whole retirement fund.

Confession #3:

My family lives about 65 kilometres away. Every Saturday morning (04:00 am – yes I am insane) I drive through to meet them close by at the farmer’s market which is close by them. And then I buy veggies and farmer’s market things while I’m there.

Thoughts:

Well, this is for family. And blood is thicker than water. So I am not sure if skipping the farmer’s market is the issue here. I think that some things add value to a person. And if something truly adds value to you, then it’s okay to spend some money on it.

Action Plan:

How about making family more important than money, and not feeling guilty for spending a bit extra on something irreplaceable?

Confession #4:

I checked out my bank fees and this idea of a cheque account for ‘only’ R 107 from Nedbank – well, let’s just say it seems they find ways to milk us for more than this ‘all-inclusive deal’.

Thoughts:

Well, I didn’t know how bad this was until I checked out my budgeting app that pulls through info from my credit cards and cheque account. I thought it was so much less!

Action Plan:

Contact FNB – hopefully, I can get a flexi bond with one account – that I would be able to put my salary into my bond, and use that account like my current account – as I always have money left over at the end of the month. This will make a big difference in the long run.

Confession #5:

I want it because my current laptop – which costs about the same is just not a Mac. Because then I can be stylish and look important.

Thoughts:

Well, I could probably sell my personal laptop. But I am more interested in why I want this Mac so badly. I could justify it by saying I need it for creating iOS apps, but not that I have any apps outside of work that’s currently on the app store. I think the main thing is I want something a bit smaller. My current laptop is HUGE and hugely powerful. I am just not yet convinced that a mac would add more value to my life than my current laptop.

Action Plan:

0800 DREAM ON

Conclusion

Here you go, my confessions for wasteful money week. 

I think the take home from this post is this: we all have a few things that we waste money on. The important thing is if it adds value to your life. 

If it does, keep it. If it doesn’t, get something that does.

Remember, some things in life you can never get back – if your family is gone, they’re gone forever.

Article reposted with permission from Frugal Local. Original post here.

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Carl Barnard

Hey, I am frugal... I love talking about property and money. Some interesting facts about me: I drink too much coffee. I have walked the Camino de Santiago twice. I have the most awesome wife. I am a software developer by day.

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