I do not know if you have checked out the "I Was Broke. Now I'm Not." podcast recently, but perhaps you should.
Top Five Reasons to check out the podcast
- It averages seven minutes in length. Never longer than ten minutes.
- I always answer a question asked by one of the JosephSangl.com readers.
- I always share a success story sent in by one of the JosephSangl.com readers.
- It is free.
- You might hear me yell, holler, and scream because I am so FIRED UP about what is happening through this crusade!
My daughter has been really wanting a bunny rabbit. Yes. A real one. For the past few weeks, it has been
"I'm saving for a bunny. No, three bunnies. Their names will be ……."
"I really want rabbits, Dad. Real ones. No, Dad, you can't feed them to the hawks!"
This has been going on for nearly three weeks.
Monday, on the way home from Indiana, Melea announces that she no longer wants rabbits. She wants an iPod instead.
I am so glad we had TIME on our side. It is amazing how TIME can really diminish the "I Want That!" moment into a "Nah. I Don't Want That!" moment. Nice!
There were some great responses to the "How Do I Stop Being Impulsive" post!
I really feel like it would be helpful to follow up on this because this is such a common part of all of our lives! We are ALL impulsive. It seems to be different things for each of us, but we all have a case of impulsiveness every now and then.
I wanted to share some of the feedback that was sent in via the comments or from the "E-mail Joe" link.
- Let there be … TIME between the "I WANT THAT!" moment and the actual "Purchasing Decision" moment. The more time between the two moments, the clearer the decision will be.
- Let there be … ADVICE from someone you trust and wants to see you prosper. If you are married, this is your spouse!
- Let there be … A WRITTEN PLAN that spends all of your money on paper every month BEFORE the month and money arrive. When you have personally helped prepare the spending of your money on paper, you are much more aware about whether or not you can afford the "I WANT THAT!" item.
Great conversation! I wonder if any of you out there would share some "near misses" where you almost made a horrible, snap-judgment financial decision but you did not. What helped you make the decision to back out? How does it feel now as you look back on the situation?
Here are the standings for the Mutual Fund "You Pick 'Em" Game with just one week remaining.
Michael M. has retained the lead, but took a hit over the past week and a couple of the competitors have closed the gap.
Judy's mutual fund selection, China Bear 2X Fund, has demonstrated what investing in a true international growth fund is like. In week one, it was #2 on the list. In week two, it dropped all of the way to #20. Now, it is back to #2! This is why I define an investment as money that I will leave alone for at least five years! I would have a heart attack if I was day-trading a fund like Judy's choice!
John X has closed the gap to hold #3 position after holding the #6 position the previous two weeks.
It is going to be a lot of fun to watch the performance over this last week to see who wins!
"How Do I Stop Being Impulsive?"
My answer? I don't know to stop the impulsive nature, but I DO know how to control my impulse to spend recklessly.
I am a SPENDER. I am the type of person who would go out and accidentally buy a truck. I am a spender to my very core. I like buying things.
Here are some steps I have taken that helped me reign in my impulsive spending nature, and it has allowed us to win financially!
- Written Spending Plan Putting together a written spending plan EVERY month before the month begins using the budget forms that are available on the TOOLS page. Jenn and I do this EVERY month before the month begins. Did you catch that? EVERY month. It reinforces the fact that we cannot flippantly spend our money and expect to succeed.
- Cash Envelopes I am an impulsive spender, but even I will not impulsively spend money on the electric bill. I won't impulsively purchase gasoline. I don't impulsively send extra money to the cable company. There are some things that I am not going to impulsively spend money on. However, there are some things that I am VERY impulsive about. Items like groceries, dining out, clothes, spending money, and entertainment. I can go through some money really fast with these items! Since I KNOW that I am impulsive for these spending categories, I use cash envelopes. At the start of the month we add up the amount we have put in the budget for these categories. We then pull that amount out in CASH. The rule is that we can not pull more money out from the bank AND we can not use the ATM or debit card. I can not overspend cash.
- Chopped Up Credit Cards You may pay yours off every month, but the vast majority of Americans do not. I was part of the vast majority, and I had to admit that I was a completely LOSER with credit cards. I ran those stupid things up three different times. STUPID with them. They really catered to my impulsive nature. So I did what had to be done and applied the scissor blades to them and shut the accounts down.
If you are a fellow spender, what have you done to control your impulsive spending habits?