Whether it’s always having something new to wear or constantly eating out, it’s time to
defend your bank account against your SPENDING BULLIES.
SPENDING BULLY #1 buying lunches and coffees demolishes your budget, but you feel like a pauper when
you make your own.
Susan Jackson, financial planner and managing director of msmoney.com.au, recommends
keeping a spending diary for six weeks to understand how all those small purchases add up.
Next, start cutting corners. “It might be unrealistic to bring lunch every day but if you can
manage it for three days a week that’s an extra $20-30 in your pocket,” she says. Try
treating yourself on the days you bring a homemade lunch by sitting outside.
SPENDING BULLY #2 you can’t live without spray tans, blow-dries, manis and pedis
but your beauty habit is sending you broke.
The solution: Don’t panic! Just because things are a little tight, doesn’t mean you need to call
time on your beauty regimen, says Jackson. “Set a limit for what you can afford to spend,
then stretch that amount as much as possible.”
Jackson recommends checking out group-buying sites, such as cudo.com.au for sweet
deals, and purchasing make-up through online stores like strawberrynet.com. “Don’t forget to
negotiate with your local suppliers,” she adds. Not sure how to do that? Jackson explains:
“Ask for bulk deals, free skincare samples, and have your blow-dry done by an apprentice
rather than a senior stylist.”
An alternate way to cut back on grooming expenses is to consider why you think it’s
important to look immaculate all the time. “Be careful you’re not trying to overcompensate for
insecurity about your attractiveness or doubts about your intrinsic worth,” advises
psychologist Dr Lissa Johnson (lissajohnson.com.au).
Dr Johnson suggests focussing on who you are, not what you look like. “Look around and
ask yourself, is it only perfectly-maintained people who have satisfying relationships,
interesting lives or rewarding careers?” We all know the answer to that one!
How to stand up to your SPENDING BULLIES
SPENDING BULLY #3 you’ve never met a sale you didn’t like and you need a new
dress for every occasion.
Yes, we all love to shop. But if you’ve developed RSI from constantly swiping your credit
card, you need to take a look at why you’re shopping in the first place. “Constantly seeking
new things can be an extension of a chronic dissatisfaction with what you have,” says Dr
Johnson. “Ask yourself what feelings you’re managing with your shopping and explore other
ways of gaining respite from stresses, whether it’s by talking to friends or exercising.”
If you absolutely must have a new outfit, think outside of the box, suggests Shauna Miller, stylist
and blogger at Penny Chic (pennychic. com). “Lots of discount stores, like Kmart, have
cheap costume jewellery you can use to dress up existing outfits. Take a look at what you
already own and mix it up with affordable pieces to create a fresh new look on a budget.”
SPENDING BULLY #4 you can’t afford to go out every night but you’re afraid that if
you don’t, you’ll miss out on something.”People often miss the here-and-now by focusing on ‘what if’ or by being in perpetual pursuit of something better,” says Dr Johnson. Accepting you’ll be in the right place at the right time
for some opportunities, and not others, is essential in changing your mindset.
For times you just can’t say no, break down your expenses, says Anneli Knight, author of
Flirting with Finance: The Modern Woman’s Guide to Financial Freedom (Fairfax Books,
$30, flirtingwithfinance. com.au). “Is it going on alcohol, taxis, tickets? Perhaps you can drink
less and drive to the event, or have a few drinks before you go.” Knight also recommends
searching online for free events. “There’s really no reason to be sitting at home just because
you’re reining in your budget.”
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