Rosebud Financial Wellbeing

Q : How does a financial coach have a spending spree?

A: With great difficulty, especially when they have set themselves a sustainability challenge! 

Back in 2019 when I was living on an island in the north of Scotland, having easy access to lots of shops and whilst working full time (for the first time in many years post children) I quickly developed a habit of indulging in shopping regularly just because it was easy to ‘nip in’ (pop).  I enjoyed it and with a higher disposable income since becoming a mum it felt great to treat myself. 

One day whilst browsing through one of the lovely independent shops for the umpteenth time I felt a bit bored

Then it hit me. 

I didn’t actually need anything.

There and then I decided to try a no-shopping for anything new challenge. I decided second-hand buys were ok since this is at least sustainable. I set myself a goal of 3 months, this was easy, stretched it to 6, then a year.

Then hello Covid so that really helped me overnight! Whilst the whole world was forced online, sticking to my challenge immediately got easier as there was very little temptation and of course, I wasn’t going anywhere.

Like any habit after a while it became second nature.

I didn’t miss buying anything new.

The satisfaction I felt from sticking to my goal, the less I wanted to buy, then the longer I wanted to continue my challenge. 

A big birthday aside, I managed just under 3 years without buying anything new and in fact very little at all. 

3 years! 

I stopped after that as it got to the point where I was genuinely starting to need some new things.

In celebration of my achievement, I booked a personal shopping experience at Rosypenguin (a lovely independent boutique in Edinburgh). I set a budget and with their fantastic advice I ended up with 6 new items for a capsule spring/summer wardrobe and still receive compliments on those pieces now. Whilst it was more than I would usually have spent at once, it felt like a good approach to spending in my new era. The appointment itself was a lot of fun and felt like a real treat of an experience rather than just a transaction because it was something out of the ordinary for me.

Since then I would say I enjoy spending in moderation, however don’t think I would feel the need to revert back to that regime I’m pleased to say.

These are some of my goals nowadays; 

• Buy what I need and not to excess
• Shop as sustainably as possible 
• Support small businesses over large chains
• Try to avoid clothes that are very cheaply produced on mass

We all have a different outlook on spending? when and why we choose to shop.

With clients what I see is that if we spend in a way that aligns with our values, it stands to reason that we’ll tend to feel more satisfied and content with our spending and less conflicted.

One key aspect of financial coaching is knowing your personal values as well as what you value (subtly different) and using this to understand your behaviour.

I love supporting clients to set intentions to spend and supporting them to come up with a spending plan. 

And finally my tips to help to be more intentional with spending:

• Don’t shop when in a ‘hot’ (temporary) state (hungry/angry/tired/emotional/post alcohol)
• If you have a tendency to use your credit card on non essential purchases when you vow not to, consider the best method for you to eliminate the risk of temptation such as removing the card from your digital wallet or ensuring you don’t take it out with you.
• Choose your shopping partner carefully – someone who doesn’t encourage you to spend for spending sake (yes we all have one of these friends don’t we?!).
• Apply the 48hr rule to your online basket then review whether you still want/need the item. A bonus if you receive a discount code to entice you back.
• If you are keen to shop and buy new, there are many apps and websites offering cashback or price comparisons to allow maximum value (Top Cashback and Quidco or Sprive where you get cashback towards your mortgage once you link it). Idealo is a site I sometimes use for price comparisons.
• Bank accounts that offer pots (Monzo and Starling are two key banks that spring to mind). These accounts allow you to have allocated pots so that you can save for a particular treat then have guilt-free spending. This allows you to practice delayed gratification rather than buying on impulse without intention.

How about you? Do you tend to spend with intention? Have you ever given up anything? How long did you manage? How did it feel? I’d love to know drop me a line.