Have you ever thought you are lacking money to do xyz in your business or pay off your debt. I am betting that you never really thought about how the affordable luxuries are draining a hole in your finances verses helping you. Trust, I get the purpose of them they bring joy in the moment but those moments don’t last.
That’s why they are called affordable luxurious in the first place. You can afford them without causing a strain on your budget so you think. Here are a couple examples of affordable luxurious:
- Anything you buy at Target that wasnt on your list
- Cute accessories
- Concert tickets
The list can go on and on what can be deemed an affordable luxuries for you as a business owner. Think about all the things that are accessible to you right now without breaking your wallet.
Determine Your Luxuries
Understanding that affordable luxuries are draining a hole into your finances. One of the best things I could’ve did for myself in the last couple years is spend the two hours a week going over my finances with a fine tooth comb. If I were to list my affordable luxuries they would be
- Dollar Tree
- Planner stuff
These are things or places that I frequent and just spend money without even noticing. Especially when it comes to planners that keep me organized in life. I will go into Hobby Lobby buy a bunch of stickers, tapes, pens and more without thinking about it.
Taking Hold Of The Reigns
One thing I noticed only way something has control over you is if you allow it to. Let me explain we all have free will in life to make all the decisions we need to make. It is conscious decision to spend $6 on a coffee drink, go buy a dozen roses and then get a mani and pedicure all in one day. You need to understand you are making these little decisions all day on how you spend money on affordable luxuries. Make the decision that you’re not going to let these things rule all aspects of your life or business life.
Know Your Triggers
One thing I know is when I am extremely stressed my first call for action to help me so call calm down is to go shop. I know my triggers when it comes to spending. There takes honesty and understanding that you are doing this. What makes you emotionally spend money on your affordable luxuries?
Set A Budget
Quitting cold turkey when it comes to things that make you happy can be extremely hard at times. Highly suggest setting a smaller budget for your affordable luxuries in your life. Such as flowers in my home do brighten my smile but they are a staple in my Youtube videos. Buying two dozen or so every week. What would best is if I recorded more videos in that week vs buying flowers every month. If I am spending $25 a week on flowers that is $1,300 a month. Which is a nice sum of money that could go somewhere else in my budget. If I opted to only buy flowers every other week that is only $650 a year. There is so many options.
I understand of what affordable luxuries do for our mental health when other areas of our lives are spiraling out of control. However, if your affordable luxuries are draining your finances you need to find the root of the issue plus gain control of your finances.