Nothing in Finance
Merritt
- Recognize and Raise Awareness– do you know how much you spend on a day-to-day basis? How about weekly? Monthly? Yearly? Let us first begin by tracking our spending for thirty days and placing our purchases into categories– food, entertainment, travel, shopping, etc. Yes, many purchases are necessary to keep us happy and healthy, but “nothing” purchases can (and do) sneak up on us– and they add up. After tracking, place purchases made on a whim or for no particular reason into the “nothing” category.
- Delay– do I want it or do I need it? Recognize “wants” and withhold from purchasing things we don’t need for 24 hours. If after 24 hours, this item is still on our mind, then go ahead and decide to purchase it or not. This small action can help us drawback from many purchases and recognize that sometimes, buying something gives us that small dopamine hit and the feeling subsides.
- Redo– the two processes above must be repeated until we first identify our spending habits and see how self-control can truly change our spending habits. From this, write down exactly how many purchases we make “just because”.
- Reflect– how does cutting back make us feel? How can we use the items we already have? Sitting on the idea of “nothing” instead of giving into our impulses can give us far more gratification than making impulse purchases, and the above process can help to lock in this very idea.
The above pointers help illustrate a process for individuals dipping their toes into our campaign, and can further help to shape better financial habits that can affect our bank accounts and help rewire our brains.