So, I’ll sketch them out and explain my strategies for overcoming them:
That seems to be an honest assessment of my financial weaknesses. I will keep the topic on my mind for the next few days and if I locate any more of them I will post them in the spirit of full disclosure.
1. I don’t “watch my pennies” well. – As stated above, I tend to be fine avoiding large purchases, but drug stores and grocery stores are my enemy. I can drop $20 every time I enter a CVS.
2. I believe in rewards and celebrations, sometimes too much – When good thing happens in my life, I reward myself or celebrate. This is healthy, in my opinion, but too much of this can break the bank. One day a few weeks ago, I bought a fabulous dinner out for myself and my roommate/unofficial spouse/significant other. That totaled $120 with the tip. I don’t even remember what I was celebrating.
3. I don’t see credit cards as “real money” – I fear credit cards and respect them. They are necessary sometimes and fabulous tools, used wisely. However, even given as much as I know about them and their proper use, I still cannot be truthful and say that I feel the same way about spending on a credit card as a debit card. It still never feels like “real” money because it doesn’t lower my checking account balance.
Penny-Watching - I need to use my budget to help me watch the pennies. I need to ask myself what purpose a purchase serves and define which budget category a purchase falls into before I swipe the debit card.
Celebration Crazy - I need to truly only celebrate when it is warranted and the celebrations need to fall into my budget or be compensated for in the budget by cutting back in other areas.
Unreal Money - I need to cease use of the credit cards in total by focusing on paying them off. I have already put two of them in a drawer at home and I may put the third one away as well. I need to focus on what I have in the checking account as my money for purchases and not just for bills.