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Military Finances 101: The Why of my Spending Habits Thumbnail

Military Finances 101: The Why of my Spending Habits

Managing Your Finances

Todays Blog Post Was Written by Tonia Peasley AFC®

I believe each of us comes from a different “financial classroom.”  Here are a few things to think about when it comes to your spending habits.  

  • Have an Awareness of your financial situation.  Even people that spend their lives in finances still have a human brain and experience dealing with how they spend.  No matter how much money you have, it doesn’t mean your money problems are solved.
  • Really think about your spending habits.  Could you do a spending freeze?  For how long?   
  • What is one area that you think you buy more than you actually need?  Not sure?  Look at the ads that show up on your phone.  How your phone markets to you is one way to determine where you are spending your money.  Do you justify your spending habits based on your needs or wants?  Do you know the difference?
  • Who holds you accountable?  Those closest to you are not always the best individuals to keep you accountable.   Mindless shopping is a coping skill.   If you are dealing with difficulties, often times shopping is something you think makes you feel better.  If you are someone who orders things and you don’t know what a package is when it shows up, you need to think about your spending habits.
  • Journal your spending habits.  If you are traveling, do you really need new clothes for the trip/vacation?  Write it down and then use the question to guide you to look in your closet.  Use your journal to keep lists of things that you really want.  Use that list to give people ideas for things to buy you for Birthday/Christmas/etc.  Do you want this item enough to wait for it as a gift?
  • How have the last two years affected your spending habits?  Did you shopping decrease during the last several months since you had limited availability to go out or did it increase with a click of a button?  Do you find you need to combat your natural tendency to spend money in areas you haven’t been able to?  Planning ahead has become a necessity but can also lead to overspending in areas that you may not recognize.  
  • Planning ahead gives you the ability to fully enjoy your experience.  If you budget for your happiness and experiences, you have full ability to enjoy the experience in full.
  • Set your goals high enough, past getting out of debt.  It is a good goal, but what do you want to do after that?  What is your AND THEN…
Holding yourself accountable to your goals and spending is sometimes really hard, especially for those in the military.  If you need help, we are here. Give us a call or use the button below to schedule a no-cost initial consultation.

If you found this article useful, you might like the following blog posts:

Military Finances 101: Virtual Spending. Which Payment App Is Right For You?

Military Finances 101: What Is a Robo-Advisor? 6 Questions Answered

Military Finances 101: Building a Spending Plan

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