Like SAVINGS like SHOPPING.
We set aside savings because we want somehow to lessenour worries for the future. Our kid's education, our parent's health, and our retirement are just some things we are preparing for. These are what we consider important and necessities.
Likewise, we can have the same mindset in our shopping fund. I think most of us will agree that we deserve some rewards from time to time. A little rest. A little indulgent. A little gift for ourselves is like a tap on our back - for all the best effort we give for our families and work. Thus, like savings, setting aside a certain amount of money for shopping is also important - especially if we do not want to be in debt.
On this post, I want to share one main principle in savings that I also apply with my shopping fund - DISCIPLINE
As I discipline myself to set aside X amount for my savings, I also set aside Y amount for my shopping fund. (This is also same with the envelope system of financial gurus - though I only emphasized on the shopping fund.)
But DO NOT allow your Y amount exceed 50% of your X amount. For an example, if you are saving P5000 (X) per month, your shopping fund allocation should not be greater than P2500 (Y).
With this, you are both giving yourself a BUDGET and a LIMIT for shopping. BUDGET for you not to deprive yourself. A LIMIT for you not to be in debt.
If you are not good in self-control like me, I suggest you open a SEPARATE bank account for your shopping fund. So whenever you shop, you would only look at your shopping fund as your available money.
Zero balance means no shopping for us. But if you have save enough, you can ENJOY shopping without worrying about your savings.:)
P.S. Don't feel guilty when you have spent half or nearly full of your shopping fund (just like me), because in the first place, you have set up this fund to spend and to reward yourself. I will share to you more on how you can maximize this fund - buying more at a lesser cost.
Till my next post.... ;)
We set aside savings because we want somehow to lessen
Likewise, we can have the same mindset in our shopping fund. I think most of us will agree that we deserve some rewards from time to time. A little rest. A little indulgent. A little gift for ourselves is like a tap on our back - for all the best effort we give for our families and work. Thus, like savings, setting aside a certain amount of money for shopping is also important - especially if we do not want to be in debt.
On this post, I want to share one main principle in savings that I also apply with my shopping fund - DISCIPLINE
As I discipline myself to set aside X amount for my savings, I also set aside Y amount for my shopping fund. (This is also same with the envelope system of financial gurus - though I only emphasized on the shopping fund.)
But DO NOT allow your Y amount exceed 50% of your X amount. For an example, if you are saving P5000 (X) per month, your shopping fund allocation should not be greater than P2500 (Y).
With this, you are both giving yourself a BUDGET and a LIMIT for shopping. BUDGET for you
If you are not good in self-control like me, I suggest you open a SEPARATE bank account for your shopping fund. So whenever you shop, you would only look at your shopping fund as your available money.
Zero balance means no shopping for us. But if you have save enough, you can ENJOY shopping without worrying about your savings.:)
P.S. D
Till my next post.... ;)
nice...
ReplyDeleteHelpful tip.
makes sense. :)
ReplyDeleteShe walks the talk
ReplyDelete