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Ep. 114 – Cash Clarity: Guilt Free Impulse Spending With 5 Simple Habits
If you’re hiding Amazon boxes from your significant other before you try to start skipping the daily latte, here are five things you need to know.
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Guilt Free Impulse Spending With 5 Simple Habits
This is the Your Money Your Life podcast, Cash Clarity edition, where you get a micro money tip so you can get the money when in five minutes or less. I’m your host Aimee Cerka.
After over 10 years in the personal finance industry, and multiple personal financial and medical crisis, I was fed up with the lies that are being shouted from the rooftops, by the Gurus and the media. So now I make money simple, so that you have the confidence that you need to, to handle the money thing without sacrificing your lifestyle. If you’re a female entrepreneur who wants to make more money and are ready to eliminate fear, stress, struggle, frustration and guilt, from your finances, in all the areas that they affect, you’re in the right place. Welcome, I’m so glad you’re here.
If you’re hiding Amazon boxes from your significant other before you try to start skipping the daily latte, here are five things you need to know. Before we get to that though, if we haven’t met, I’m Aimee Cerka, your go to money confidence coach for making money simple, with straight to the point strategies in every single video, you’re gonna get one action step to implement so that you can make more money in less time.
Now, if you’re like me, and you just like let’s get to the point, drop me a line below. And I will send you the guide that I give my clients to help them step-by-step to have guilt free impulse spending. Now, you’re ready for those five steps.
The Pitfalls of Going Cold Turkey
The first thing that we didn’t know if you’re thinking about skipping that daily latte, right, because you know, that like we’re impulse spending, and you feel like you have to do better with that, like get that curved in to be able to get ahead of financially, especially with inflation showing up right now. The going cold turkey cutting your daily latte doesn’t work.
And here’s why. We are creatures of habit. And we like to have fun. So if we go cold turkey, we often you, okay, you’ve probably heard of yo-yo dieting, right? Where we end up that we go on a diet, you’re doing great, you’re eating good, you’re losing all the way you’re feeling fantastic, right?
But the whole time you’re on the diet, you’re thinking about that. Whatever chocolate cake, chocolate chip cookie, chocolates, you know, something, whatever it is, maybe it’s not chocolate, whatever that thing is the whole time you’re on a diet. And then after the diet, what happens like you end up you the trainer, because you know, you’ve earned it, right?
But it ends up that you’ve gained all that weight back that you lost, and then a little bit more. And they call that yo-yo dieting. When you go hardcore, cut everything off, no more daily latte, you do the same thing with your finances, I call it yo-yo financing.
Because these hard core intense strategies, let’s do no spend months, I’m going to cut everything out all those things. They don’t work long term, because you might make a little bit of progress now. But you end up that you snap back and then end up in a worse position because you weren’t creating sustainable habits.
Unmasking Spending Triggers
And that’s what you can do. So in order to be able to create this sustainable habit, you need to know the second thing. Why do we impulse but what are our triggers?
Now the clients I work with inside Money Mastery Academy, this is one of the things that we work through is identifying, okay, why did we decide to go to Amazon and go buy all those things, right? Or maybe it was the daily latte? Maybe it’s like your target run whatever it might be? There’s no shame there’s no guilt, right?
But understanding why are we doing the things that we’re doing, what our emotions, what decisions, what is tied to that need to spend, is it out of a need of like we deserve it, maybe it’s out of like stress, emotional stress. Then we go by something, maybe there could be hundreds of different things, right? But they really boil down to a couple key emotions.
That’s all listed inside the guide, if you want to grab that step-by-step guide, but uncover why you are making those purchases. Because when you uncover why you can make educated decisions, and number four is going to help you like there’s a key tool. I’ll share with you on that.
Embrace Smart Spending
But before we get to that, let’s do number three. And number three is understanding that we have to spend, like you need to have fun with your money, you do need to have fun things, right? This is not about creating lack and scarcity, especially as female entrepreneurs.
We can’t live in that scarcity mode. I guess you can, but I wouldn’t recommend it. It’s not a great way to build your business and I’d argue argue it’s not a great way to live your life like we don’t want to live in that scarcity mindset, right?
So we need to spend when you spend and I’ll get to in four and five like healthy ways to actually do this. But when you do spend you create a positive relationship with money that you need to be able to do the things that you want to to show up in your business like you want to and you need to and then we also have more fun and our personal life.
It creates a positive correlation between doing the work to earn the money and being able to have fun with it. Because if you’re doing all the work, and not having any fun with your money, you’re not going to want to keep doing the work. So it helps keep that spark alive, it helps encourage your kids, your loved ones, whatever it might be, when we do it in smart ways, okay.
The 24-Hour Rule
Now, the fourth one is one of the practical steps that I give you inside the step-by-step guide. But I gotta tell you that because it’s one of my favorite tools, it’s called the 24-hour rule.
Now, if you’re going to make a purchase, and we go through all of this in the guide, but you set a limit, we’ll say $100. For the sake of this example, if you’re gonna buy something that’s more than $100, that’s when the 24-hour rule kicks in. And this isn’t like groceries or shoot, even like gasoline has gotten to the point where it’s like, almost $100 Sometimes, which is just tough, right?
But if you’re gonna make a transaction, that’s not like that plan, grocery one of those intentional things, right? Like, maybe it’s something fun. If it’s more than $100, I don’t care if it’s on sale, or what you have to wait 24 hours before you buy it.
Now, the reason that the 24-hour rule is so powerful, because if it’s something that you really want 24 hours later, you’re still gonna want it, right. If it’s something that you didn’t really want, and it was just like that emotional need those, like, Okay, I need this, that dopamine hit, that was one of my clients calls it that will fade by 24 hours. And then you’ll know like, Okay, I really didn’t want that thing. And then it’s not a big deal, right?
The only exception to this, and I get into this in the guide as well, if you’ve set the intention for like four or five years ago, I don’t know, it might have been less than that. I wanted to instant pot for Christmas, but we knew this was something that I was going to get. So when it went on sale for Black Friday, I went ahead and purchased it when it was on sale, because I had already decided before that we were getting it, it wasn’t like an impulse purchase, we had already made the decision.
Integrate Play Account into Budget
That’s the only caveat there. Okay. There’s your fourth thing, the 24-hour rule. But the fifth thing that really makes this seamless, and like we marriage savers built in here, all the things okay. So we call this a Play account. But really, your Play account comes is a part of your budget, your money management system is what I call it when you have this setup systematize that it runs for you that it doesn’t have to take a ton of your time that your finances are managed, they scale as your income does.
So as an entrepreneur, I know you’ve got inconsistent income, right? It’s kind of all over the place. Entrepreneurship rollercoaster, right. But when you use percentage-based budgeting, which is what the system that I use, Budgeting Simplified is my personal system and prosperity simplified is the complementary business budgeting system.
That’s a little more tactical than you need, right. But when you have those two sets of systems set in place, you automatically prioritize the play because it’s built into the budget. And it’s done on autopilot is done systematically, so that you don’t have to continue to remember to do it, you have enough things on your plate.
Coaching for Financial Empowerment
And then of course, you can always have support as well, my support to help implement the system and then work through some of those triggers. That’s like that fifth powerful spot. Because when you have those coaching checks in place, we can talk about my unstoppable finances framework another day.
But when that’s like kind of like the bow that puts it all together, right? You’ve got the systems in place to help keep you in check. But also to encourage the spending in the right way, you have the things in place that you’re not having to do it.
Like mentally taking up brain space, it’s out like you’re not having to waste the brain space. Remember it’s in the system, whether that’s on pen and paper or electronic, they both work, but it’s not taking up the space and you don’t need it. Alright, so if you want my step-by-step guide to guilt free spending, because I know we went through a lot, just drop me a line below and I will make sure to get you that guide. Absolutely free.
I’ll drop it to you in your messenger, no email required. And we’ll see you next time. Bye for now.
This episode originally aired on YouTube, but don’t worry, all of the resources and support options mentioned are hanging out in the show notes for you. And of course if you have any questions, please reach out to me @aimeecerka on Instagram and that link is below as well.
