Winner's Circle

July 2009

How do you resist the urge to spend on items you don’t really need?

The Winning Entry

	"I am fully aware that carrying my credit cards in my wallet gives me the power to spend. I took out all of my credit cards and locked them away in my safe and left myself a nasty note, in case I was tempted to get them. My note reads, "You're broke. Stop spending. “ and a little perk me up says, "Spend time with your loved ones instead. It's free." I nipped my shopping in the bud and I feel better because I am not stressed anymore. It's better to do things with my loved-ones like go to the park or go for a walks. All of which are free and better than shopping. " Marie M., San Diego, CA

Other Favorites

Notable Mention

"I tape a note to my debit card and my cash reminding me of how much debt I owe. It always gets me to thinking whether or not I really need what I am about to purchase."

Shanaya F., New York, NY

"I never tell myself that I can't have something. Just that I have to save for it. I simply write on an envelope the name of the item that I want and the price. Any extra cash that I have after bills and expenses are handled goes in the envelope. When there is enough to purchase the item, I then go to the store and purchase it. I may have several envelopes going at one time. The interesting thing is that some envelopes get filled very fast (the items that I really want) and some envelopes never have any cash in them at all (the items that I really didn't want). That helps me determine which items are really something I want and which were just an impulse. The nice part is about this system is that I never feel deprived and I feel much more in control of my purchases rather than being controlled by impulse."

Sherri H., Rutherfordton, NC

"When I'm standing in the store looking at that great deal all I have to do is ask myself, "Am I still going to have this item in five years?" because that's how long it is taking me to pay down my debt with CareOne's help. Just to think that I am still paying for items that are long gone (and I just had to have it) is a huge motivator for me to just walk away."

Tracey H., Bethlehem, GA

"I bring a small calculator with me to the store and I start it out at the total amount of money I can afford to spend at the store. I subtract the cost of every item I put in the cart. When I get down to zero, I know I can't spend anymore. If I still don't have all the items that I need on my list, I go back through the cart and put back the items I don't need and add the amount back on the calculator. This has helped me stay within my budget for groceries and other household items. If I don't need it, I don't buy it. "

Sherri P., Baton Rouge, LA

"Keep busy! The weekends were awful for me! If I got bored I would go shopping or would run errands and buy things I didn't need or eat out when I had plenty at home! So I started to do volunteer work. Now every weekend I volunteer at a horse rescue farm. It is a physical activity, I love it, and by the time I get home I am exhausted and haven't spent a dime!"

Katie S., Cornelius, NC

"I look at my checkbook and I think about how many hours I would have to work to get that particular item. For example if a shirt costs $24, I think that I would have to work 2 hours in order to pay for the shirt. It helps to think of it this way so that you can put things in perspective instead of impulsively buying."

Valerie M., Macon, GA

"If you don't have specific financial goals it's more difficult to resist spending money on items that don't really have any meaning to you. Once you're already saving regularly towards your most important financial goals you may want to have a fund to use specifically for occasionally spending money on unplanned items. Then you can indulge in occasional impulse spending without jeopardizing your financial future. Impulse spending or recreational shopping can put a strain on both your finances and your relationships. To overcome the urge to spend money, learn to recognize your needs from your wants. We're constantly bombarded with messages from advertisers who appeal to our psychological needs to tempt us into spending money on things we want but may not need. Allow a cooling-off period before spending money on anything you haven't planned for in advance."

Suberina S., Waterbury, CT

"I ask myself if it is something I need or something I want and never use a credit card. If I don’t have $20 for something today, why would I have $25 dollars for it next month?"

Michael S., Streamwood, IL

"My wife and I have agreed never to make a purchase without the other one present. Then we ask each other two questions: 1) Do we really need the item? and 2) How badly do we want to retire debt-free? This usually makes it easy for us not to purchase those items we really don't need."

Larry H., West Sacramento, CA

"I resist the urge by thinking to myself about how much more anxiety and stress I will have next month when I do not have enough for my budget because of that item I could not resist. After knowing that stress of overstepping my means, it is easy to imagine that the item will no longer be so coveted or enjoyable. That makes it easier to walk away and survive another month."

Jessica R., Los Angeles, CA