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Browsing posts in: Debt

Free Books!

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My kids love reading. We can’t walk past a bookstore without them begging to go inside. I can easily say no when they beg for candy or fast food but books? I want to stoke the fire they have for reading. Unfortunately, books are expensive and my kids are fast readers. Books don’t last a week around here. Fortunately they enjoy the same types of books so at least they can share.

 

I know what you are thinking, ‘Why the heck don’t you just go to the library?’ I do! But not often. Our local library is still working on reduced hours due to COVID but even if it was open longer, it wouldn’t solve the problem. We’ve been on the road for more time than we’ve been in our house this year. We can’t borrow in one town and return in another. Plus, I struggle to remember what books we have, when they are due, and where they are.

 

We took the kids to dinner and a band was playing. My husband and I wanted to enjoy the live music (it’s been SO long since we’ve heard live music and we crave it!) but we knew the kids wanted to go home. We grabbed their books from the car and they read while we enjoyed the show. The hostess came over to compliment our kids who were quietly reading and I said, ‘I love that they love reading but UGH, such an expensive habit! I wish libraries worked with our schedule a little better!’

 

Her face lit up. ‘Haven’t you heard about the Little Free Library?!?!’ she exclaimed.

 

And that was the day my life changed for the better. The Little Free Library is a book sharing program! It’s a neighborhood book exchange where everyone is invited to take a book or leave one. You don’t have to return it. There are no pesky due dates. AND, there are 8, yes 8 near our home in San Diego! We were in Michigan and there was one a mile and a half from where we were staying. They are seemingly everywhere!

 

The downside, if you are looking for something specific, they are very unlikely to have it. The upside, it’s a treasure hunt. We’ve left some great books like Dog Man for other kids to find and we’ve discovered some amazing Lego books. Occasionally we’ll even find crafts or DVDs.

 

The Little Free Library has been a budget saver! And, it’s the first thing the kids want to find in a new city. You can find more information about this AMAZING program here: Homepage – Little Free Library

 Why Do I Feel Guilty about Spending Money for Things I Need?

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Why Do I Feel Guilty about Spending Money for Things I Need?

This past weekend, I had a strange realization after a shopping trip with my niece. We had spent the day browsing and bargain hunting at the local outlet mall. And as usual, I was debating whether I should return my purchases to save money. As we window-shopped and sipped our coffee, I felt very guilty about spending money. Although every item I bought was replacing a threadbare item in my closet, I was feeling guilty about each one. From the $5 drink in my hand to the $50 pair of shoes in my bag, I felt selfish for treating myself to an afternoon of splurging. I kept telling myself that I should have spent that money more responsibly.

When my niece realized the turmoil I was going through, she asked me a very good question: Why am I feeling guilty about spending money? Even if it is spent for things I need, why is it so difficult to spend money on myself?

Getting to the Root of the Guilt

The more I thought on this question, the deeper I realized the problem was. Ever since I was young, I would deny myself things in order to save money. I rarely looked at candy in the checkout line, and avoided shopping in general until forced to go. My family was not poor, but we always struggled to make ends meet. We only spent money on things we needed. Never mind thinking about things we wanted.

During the leanest years, I always made sure to do my part by not wasting food and saving every penny that I got. I was already a natural saver, so learning where to put it helped me save up for my first car. However, I didn’t touch the balance in my savings account until it was time to buy the vehicle.

In fact, I never spent any of the money I received from birthdays, holidays, or summer jobs. Every dollar went either to my savings account or monthly bills. I never spent any of my savings for things I wanted; only what I needed. This trend continued through college as I lived on a barebones budget. While this lifestyle fits a hungry graduate student, once I started my career I had more breathing room. Yet, I was still afraid that a time would come when I didn’t have enough to pay the bills and regret those foolish purchases. Even today, I continue to scrimp and save to stretch my budget.

The Negative Impacts of Feeling Guilty about Spending Money

As I began asking others if they ever felt guilty about spending money, I discovered that many people experienced the same anxiety I do each time I spend money on myself. While I don’t think I have an extreme fear of spending money, I recognize that this is not a normal reaction when buying things I need. In reality, this hesitancy to spend has had several negative impacts on my life.

Taking a backwards glance, I can recall several instances when handing over large lumps sums was very similar to a gut punch. Even if the money went to investments, tuition, or cars, I would adjust my spending habits and further tighten my belt. Even though I was living well below my means, I forfeited comfort and convenience to save a few bucks.

That is, until I decided I was tired of living this way and went on a spending spree. After years of restrictions and denying myself simple pleasures, I had had enough. So, I decided to travel, using my credits cards like there was no tomorrow. The impulse buying I did over 10 months took two years to pay off. Furthermore, the guilt I then felt over racking up debt made it even more difficult to buy small things, like quality clothing or household products.

Seeing how far I had dug myself into debt made me feel as if I didn’t deserve to have new things. In my mind, I had overspent so severely that it would take years to get me back on track. While I was able to pay off my debts, I still beat myself up for all those wasted dollars that could have been better used in retirement accounts or investments. However, as I keep telling myself, what’s done is done. The only thing to do know is learn from the past and move on.

Coping Mechanisms When I’m Feeling Guilty

Today I have a much more balanced approach to my finances. While I still balk at paying large amounts of money for things, I have learned to cope when I begin feeling guilty about spending money.

1. Make Room in Your Budget.

I maintain a strict monthly budget to ensure that I am living within my means. However, I also know that setting aside money for myself is important for my social and emotional well-being. Therefore, I put aside 5% of my monthly earning for fun money. As long as I know it is accounted for in my budget, I don’t feel guilty about spending money.

2. Investing in Quality Items Saves More Money in the Long Run.

Another way I rationalize expensive purchases is by investing in quality items. As they say, you get what you pay for. Therefore, I can ease my guilt by reminding myself that you save more money when you buy things that last. It may cost more initially, but well-made items pay for themselves in time.

3. Small Indulgences Prevent Expensive Impulse Shopping.

As many people have pointed out, it is important to reward yourself when you have worked hard to achieve something. With this rationale, I can justify small indulgences, which in turn makes me less likely to impulse shop. As long as I have met all my other financial obligations and am still under budget, there is no need to feel guilty when I treat myself.

After reviewing these three coping mechanisms, I realized that all my purchases met these requirements. So, I decided to keep it all. In fact, I have already used or worn most of the things I bought. But, you can bet I kept all my receipts, just in case.

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