How we Shop, Spend and Save – “I think people need to feel inspired to save rather than spend” Louise (2 minute read)

“People don’t really like talking about money. People don’t necessarily want other people to know how much they earn, spend and save because people judge one another. These days it seems to be all about status, showing-off and what type of car you drive. I often overhear people making a point about the things they’ve bought.

If I had to describe my spending and saving habits I’d say I don’t really think about money, I have enough to pay my share of the mortgage and bills. I pay off my credit card in full every month and I save a little. I don’t have a year’s salary in the bank, but I do pay for insurance cover so that if I’m out of work it covers the mortgage – so I feel I have some security.

When I left university I had a fair bit of debt. I didn’t have thousands of dollars of debt but I had two casual jobs and a full-time volunteer placement in environmental conservation so I wasn’t earning very much. It was really frustrating because what I was earning was less than my outgoings – rent, food, bills etc. My partner Joe was annoyed and frustrated because I was always in my overdraft. He hates debt and so he paid my share of the bills for one month so that I could get out of my overdraft. I’ve never allowed myself to get into debt again because it would be really insulting to Joe. Now I put any money that’s leftover after paying bills and expenses into my savings account.

My buying habits aren’t influenced by other people or social media. I don’t really care about celebrities or what they have. I don’t follow them on social media. But, it can be easy to get jealous of what ‘friends’ have because social media has created an environment where people need to feel validated and seek approval. I think we’ve got a world where we need to have what we want instantly or where we have to go out and buy the same to ‘keep’ up with other people, especially if they appear to be boasting about it. It can make you feel a bit inferior – I think people act on that. I often wonder why people have to boast to feel good about themselves rather than just being happy that they’ve got something new.

I would describe myself as feeling financially comfortable enough to be able to spend some money. I love the garden. I wouldn’t go out and blow hundreds of dollars on clothes but I could easily spend a small fortune on plants. I love the process of buying plants, planning the garden and the hard work of making it look great. I don’t get the same feeling from buying clothes.

When I was growing up we had everyday clothes and best clothes. In my mind expensive clothes are for best. But I think I’ve started to change my thinking because now I buy more good quality clothes that I am going to wear all the time and get enjoyment from. I have a lot less clothes now. I’m not buying things I’m not going to wear or keep for ‘best’. I have greater appreciation for what I have rather than spending lots of money on cheap clothes and being frivolous.

I think people need to feel inspired to save rather than spend. Just talking about saving money and savings isn’t very inspiring”.

Thank you to Louise for sharing openly and honestly.

What next?
– Please share with your family, friends, co-workers and people whom this story will inspire and help.
– Want to share how you shop, spend and save? Email rachel@cyclingrachelsmith.com to arrange an interview date and time.

Until next week…