Money Musings: 💠A spending heyday reset
It can happen at any time… the spending heyday.
By spending heyday I mean that expenses flow out a little too easily and in higher than usual proportions. And it can be hard to reel in.
First and foremost, heyday is of course relative. I’m sure my spending heyday looks different than Jennifer Anniston’s (no idea why she was the first person to come to mind) and a large part of the population doesn’t even have the financial privilege to have a spending heyday. It’s not an option.
When do my heydays happen?
For me, they tend to pop up during the holidays, the summer (I’m a sucker for warm weather activities), and anytime we have larger expenses come through.
When my other expenses go up, I get this "well I already spent that much… why not more" kind of vibe. It’s not good.
But it’s not all bad news. Spending heydays can usually be stopped or reset. Here’s what’s worked for me and my clients.
Look at it. Keeping a money journal or actually seeing what you spend can help reel it in quickly. You’ll notice that typically during a spending heyday is when you don’t want to look at all.
Stop the punishment. If we’re punishing ourselves for our spending heyday it tends to prolong it. It might sound strange, but we rebel against ourselves. Sometimes the overspending itself is even a way to punishing ourselves.
Do a quick Money Cleanse. Let go of (or stop spending on) all frivolous spending for a day or so. Remember, frivolous isn’t bad. It just means non-essential. This can help us hit the reset and get back to what spending is most important.
Put away the plastic. Spending in cash works for many but is also completely impossible for others. We live in a world where cash isn't frequently needed BUT the goal here is to have your bank account reflect the amount of money you actually have and to increase the pain of your spending (as Dan Ariely would say). You can also use a debit card or pay off your credit card each week to achieve a similar goal.
Have you had a spending heyday in the last year? What worked to get you back on track? Hit reply and let me know.
MONEY MOVE OF THE WEEK
SWITCH A RECURRING EXPENSE TO A WOMAN OR BIPOC-OWNED BUSINESS.
Every time we make a purchase, we’re casting a vote with our dollars. Consider the people and types of businesses you’d like to support.
Think of something you buy regularly (ie. shampoo, takeout, house plants, etc) and make the switch to a woman- or BIPOC-owned business. It’s a great way to vote for the world you want to see! I love learning about the founders and stories behind the businesses, too!
You can also check out our highlights on Instagram to see some of the Fiscal Femme communities’ favorites. If you have a business you’d like us to add to the list, let us know!
YOU GOTTA SEE THIS
EQUAL PAY WIN FOR WOMEN’S SOCCER.
This happened last month but given it’s Women’s History Month and the women’s soccer team is making equal pay history, I thought we should to cover it.
The headline: US Soccer and Women’s Soccer Players Agree to Settle Equal Pay Lawsuit.
The details: The athletes will receive $24 million to make up for past pay inequities and U.S. Soccer pledges to pay players fairly going forward.
If you want more background on what it took for these players to win this verdict (for women athletes and women everywhere), I highly recommend watching LFG.
My friend Joan pulled these wonderful quotes from the players themselves.
"A monumental win for us, and for women…What we set out to do was to have acknowledgment of discrimination from U.S. Soccer, and we received that through back pay in the settlement. We set out to have fair and equal treatment in working conditions, and we got that through the working conditions settlement. And we set out to have equal pay moving forward for us and the men’s team through U.S. Soccer, and we achieved that." @alexmorgan13
"We very much believe it is our responsibility," @mrapinoe said in 2019, "not only for our team and for future U.S. players, but for players around the world — and frankly women all around the world — to feel like they have an ally in standing up for themselves, and fighting for what they believe in, and fighting for what they deserve and for what they feel like they have earned."
"It wasn’t an easy process to get to this point for sure," U.S. Soccer president, Cindy Parlow Cone, said in a telephone interview. "The most important thing here is that we are moving forward, and we are moving forward together."