retail-therapy-girls-with-shopping-bagsI talk to so many friends who feel like they are constantly messing up, especially when it comes to their finances. It seems like that debt will never get smaller, or we are constantly blowing it when we are having a bad day and need some retail therapy.

But the truth is that there are a few rules and guidelines to get us back on track so that you can make AWESOME financial choices!

  1. Avoid Emotional SpendingNever shop online or in the store when you are depressed, sad or lonely because you are far more likely to engage in “shopping therapy” and overspend.
  2. Show Love Through Actions and Not Things – If you have a love language of gift giving or if you tend to show love to others by what you buy for them, then you need to shift your point of view and save your budget in the process.
  3. Volunteer Often – Those people who have the best balanced financial lives understand how fortunate they are by helping those who are less fortunate.
  4. Err On The Side of Generosity – By following the principle of tithing (10%) of your income, you invite God’s blessing upon your money matters and live an more abundant financial life. If you are going to err, don’t let it be on the side of stinginess, but let it be on the side of generosity.
  5. Ask Yourself Is This a Need or A Want? – Most of us do not have unlimited financial resources and for every purchase we make, we have to ask ourselves this question. You can say it’s a “want” and buy it anyway, but if you do that on a regular basis, you’ll live an unhealthy, materialistic financial life.
  6. Play the Waiting Game – In order to avoid impulse buying, when you see something on sale in the mall or online, wait 24 hours to purchase it. This helps you get beyond the impulse to see if it’s something you truly need.
  7. Have A Money Buddy – Accountability is a wonderful thing. Every woman should have a person who can ask you the hard questions about sticking to your budget, paying down consumer debt, or funding a retirement. In community, you are far more likely to keep your financial commitments towards good stewardship.
  8. Become a Master Saver – The Millionaire next door rarely pays full price on anything when they can save money. Read money savings blogs, download apps for coupon codes, and be prepared to negotiate on goods and services.
  9. Become Comfortable With Negotiation – Whether you are negotiating the price of a car or the bid on painting your house, you have to feel it’s the best deal for you. Tell the other person, “I don’t feel comfortable with that price” and then be quiet. I’ve found that 9 out of 10 times, I’ll get a counterbid that is something I feel more comfortable with and if I don’t, then I feel the freedom to walk away.
  10. Pray About Money Matters – Recent PEW Research indicates that 80% of Americans admit to praying weekly or even daily. Even a financial expert like myself needs to pray to be make wise financial decisions, that people won’t be able to take financial advantage of me and that I’ll be able to find the best provision for my budget. When in doubt, pray.

Is there a specific thing on this list that you can be doing better? Make a commitment to do  just that one thing this week. Each step is a step closer to being awesome when it comes to finances.

Ellie Kay

©2016-2020 Ellie Kay


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