A Financial Challenge

I've been reading a book titled Dollars and No Sense: A shocking guide to your spending habits by Simeon Lindstrom. I'm reading it because I would like to have a better understanding of why, even though I know all the theory on finance and saving, I sometimes have so much trouble doing it.

Now compared to many others who struggle financially I'm doing ok, but I  know that I could be doing way better than I am and many don't understand the struggle I personally face with it. I also know there are psychological barriers I need to break to ensure I'm a good steward of our finances.

This book starts out by addressing many of the money myths we tend to believe and then it tackles the psychology behind the myth and the ways we can start to gain control over our habits. We do this when we understand the why behind our spending.

For example, much of our spending in our materialistic world revolves around buying solutions to our problems, rather than dealing with the underlying issues.

"If you’re bored or sad or frustrated, pause before you jump in to buy a solution. Is there another way to give yourself that feeling? A way that doesn’t involve spending money?

"Challenge: Sometime within the next week, challenge yourself to not buy something you were thinking of buying. Now, instead of consuming, see if you can turn things around and produce instead. Instead of going out for a fancy dinner, why not stay home, challenge yourself to make your own gourmet meal and invite your favorite person to enjoy it with you in a pillow fort in your living room? Instead of blowing money on a premium handcrafted children’s bunk bed you saw on Pinterest, enjoy your children by taking them on an impromptu road trip or picnic where you paint watercolors for the afternoon, or take the opportunity to teach your children about woodwork and painting and build a bed yourself. Don’t binge on chocolate when you’re feeling down, call your mom. You get the idea!"

I will take up the challenge of not buying something and will let you know how I get on.

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