As Americans are vaccinated and stepping onto the scene, revenge spending is hopping into the front row! What exactly is revenge spending? It’s the desire or urge to overspend to make up for the loss of 2020. Personal savings rates hit an all time high last year but I’ve suddenly been dining out more and packages keep arriving at my doorstep. I want to share 5 ways to tackle revenge spending because you are not alone!
1. Set a savings goal from now until December 31st.
Commit to a dollar amount or percentage of your income but commit! If you are intentionally saving it’ll be easier to curb your appetite for spending.
2. Separate savings from spending.
Have separate accounts for your savings goals and even your fun spending money. I have an account for all vacations. I put money in there throughout the year so I have a bucket of fun money to pull from. As I pay for plane tickets or hotels, it comes out of this account. When the balance gets low or to zero then...
I am a huge advocate for making finances part of your overall lifestyle. It’s common for money and investing conversations to be uncomfortable and often accompanied by anxiety. In fact, in a recent survey from Capital One CreditWise, 73% of Americans rank their finances as their number 1 stressor in life! Let’s buck this trend and start this year off from a place of financial empowerment!
So where do you start? Drumroll please…yup it’s examining your spending. I know I know. Budgeting, boo right? When most people hear the word budgeting, they think boring, restrictive and no thank you. When you know what you spend and where you are spending, you can go after what you truly want from life! What’s sexier than that?!
Going through each month blindly, you can feel out of control or at the mercy of money. Having transparency on where your money is going, you can be intentional about how you spend money and take back control. A popular and easy...