4 common excuses to justify spending money extravagantly.
Being able to provide a rationale for something we know we shouldn’t be doing is one of the things humans are really good at, especially if we make excuses for our overspending.
But no matter how good you are at finding a justification for maxing out your credit card, spending all your savings, or living a life of extravagance with money you don’t even have, your justifications won’t help you in the end when all this illusion collapses and you face your inevitable end (bankruptcy).
So it’s time to stop making excuses for spending more than you can afford. Learn about the 4 most common excuses to justify extravagant spending:
1. I deserve this
After a long day at work, you decide to stop by your favorite store and tell yourself that you deserve a gift that rewards yourself for all your hard work even though you can’t afford it. Or, after finishing a big project, you decide to go on a fancy trip on your credit card because you deserve some time to unwind. Or when your old car completely stopped working, you decided to rent an expensive car that impresses everyone who sees you because you deserve to ride in a car that emulates your awesomeness.
Buying something you can’t afford may give you a temporary sense of happiness, a reward in the moment, but the debt associated with your extravagance will become a heavy burden for you afterwards. Where is the reward in this?
Get rid of this excuse
If you think you deserve things you can’t afford, your logic is completely wrong. What you deserve is more happiness and less stress, and there are plenty of ways to reward yourself for your hard work that don’t involve spending money. Take a break from your daily routine and go for a walk with a friend, watch your favorite TV show, or simply think of all the good things in your life.
Whenever you feel like you’re struggling with feeling worthy of something you don’t have, make a list of the things you’re grateful for in your life. This may help you put the “I deserve it” excuse into context.
2. He has a discount
The fact that something is cheaper than it usually costs is usually an excellent excuse to buy it, or so our irrational thinking says at least. Stores are aware of this flaw in our thinking and unfortunately they do many price tricks to make products look like an opportunity to take. This includes artificially raising prices so they can offer them at a “discount” later, offering discounts only on low demand items or products and a lot of tactics that ultimately work in their favour.
Get rid of this excuse
Simply avoid discount situations that tempt you to spend because of lower prices. For those who cannot resist the temptation of discounts, you should answer the following three questions about what is offered at a discount that is tempting to buy:
Do I need this thing? Would I buy it if it didn’t have a discount? Can I afford it?
Unless the answer to all of these questions is an outright “yes,” put that thing in its place and walk away.
3. I would have bought it anyway
What if your answer is that you really want the discounted item, even though you don’t have the money right now? You will usually justify your purchase of this thing because you were going to buy it anyway, so why not just buy it now.
Unfortunately, we’re pretty good at lying to ourselves about whether or not we’re actually planning to buy something in the future.
Get rid of this excuse.
This excuse is just a way of pretending that the thing you want is the thing you need. To help you understand the difference between wants and needs, wait a while before buying anything without planning. Wait at least 24 hours before purchasing it. This will help you differentiate between “Wow, I want this now” from “Okay, I’ll need to come back to this later.”
4. I cut back on spending last month, so I can afford a little extravagance now
You’ve deprived yourself of excess by taking the bus instead of a taxi, sipping lousy office coffee instead of your morning latte, and even refusing to go out with your friends to the coffee shop every evening, so it’s time to enjoy the fruits of your hard work. You feel entitled to go a little wild because you’ve acted so perfectly for so long.
This way of thinking is similar to the excuses made by dieters or exercisers to stop sticking to their diet or exercise after a while. It is clear from this excuse that you view the month you cut back on your spending (or the month you dieted or exercised) as a kind of deprivation. If you think it’s good manners to cut expenses so you can fall back into a wasteful pattern later, you’ll never get ahead financially.
Get rid of this excuse
It is very important for everyone to create a budget or a spending plan that they can stick to in the long run, a budget or a plan that does not seem like a deprivation, but that allows you to live according to your means and in order to achieve the goals of the future. You’ll be able to eliminate this excuse for extravagance if you create a budget that allows you to spend some money on things you care about, while cutting back on things you don’t care about as much.
When you have a life plan that you feel you can stick to for the long haul, you’ll be able to stop thinking wastefully after living to your means for some time.