Year in Review – How did your budget fare in 2018?

Well we are now two months into 2019.  This is the time to reflect on the spending mistakes that you made in 2018 and ensure that you make different moves going forward into 2019.

Spending Mistakes last year

I personally think a lot of our mistakes in spending can be connected to impulse buying.  If you thought about the purchase then more than likely you would not have bought the item.

However what usually happens is you found yourself with a little extra cash and there is a sign that beckons you to come inside and get a great deal.  The problem is that not only wasn’t it a good deal but now you are stuck with an item that you probably didn’t need.

The other mistake persons make is to assume that they have to purchase brand names in order to be popular or they might have the misconception that ‘no-name’ products are inferior and therefore must be avoided.  As a result of this type of thinking, consumers spend big bucks on purchasing brand name items.

Of course popular brands are going to be attractive to consumers as they usually boast a high quality product and are heavily sought after despite their hefty price tag.  There is also the attached social stigma of buying items without the requisite brand.

However some items such as clothing can be both stylish and affordable.  Brand names may be popular but you don’t need to break your budget to get them. Try instead to purchase clothing that is complements your body type rather than on fads.

Another mistake is to go ‘window shopping’. There are some people who can go shopping with no intention to buy anything and end up going home with bags of items. This can derail your budget.  If you know that you have no will power and you have reached your spending limit already for the month perhaps it’s best to avoid the stores altogether.

Looking Ahead

The new year is not so ‘new’ anymore but there is still time to change bad spending habits.  The most important thing is not making new year resolutions but keeping them by doing what you plan so as to achieve your goals.

So if you want your 2019 to be bright why not ensure that you make a budget and stick to it? Sticking to a budget is the best way to see how to allocate your funds and save on a regular basis.

How do you ensure that you stick to your budget? Let me hear from you!

Teri Ann Paisley

Gleaner online writer

Tags: budget, save, shopping, spending habits