When we hear the word 'shopaholic', we remember Sophie Kinsella's hilarious heroine, Rebecca Bloomwood, from the Confessions of a Shopaholic. One look at her wardrobe is enough to make us jealous. Having access to a seemingly endless sea of shoes, clothes and beauty products is almost every girl's dream come true. And there's absolutely no problem with investing in your dream wardrobe — if you can afford it.
As Coco Chanel once said, "The best things in life are free and the second best things are very, very expensive." If you simply don't have the money, then you need to have the discipline to manage your finances. Here are few tips you can try.
Set A Monthly Budget
When this month's payroll comes, withdraw the amount that you need to cover the basic monthly bills and a reasonable amount of personal allowances for your wants. This way, you'll limit yourself to a certain amount to spend rather than taking frequent trips to the ATM or swiping your credit card aimlessly.
Always Have A Margin Of Safety
Use Credit Cards Wisely
Don't Live A Life That You Can't Afford
Being a shopaholic doesn't necessarily mean that your impulses are limited to shopping, sometimes it extends to other areas of your life. Being a shopaholic can easily become a lifestyle, too. Here's a simple truth that you have to embrace: sometimes, you have to say no to social activities that leave you spending money way beyond what you earn. Those regular morning brunches are great, but can you really afford it or are you just basically wasting money that can be diverted to your savings?
We all dream of the Instagram-perfect life where you sleep in silk pillowcases, have a premium gym membership, get the latest trends and get spotted at the hottest clubs, but behind the glamour is a pile of money. Again, if you don't have it yet it's not the end of the world. You can still build a good financial future and from there build it up till you can confidently have mimosas everyday sans the spending guilt and the money anxiety.
Aside from your savings, it's good to have investments that can give financial benefits in the long run. You can consult with a financial advisor on what the best investments for you are depending on your assets and your long-term goals. Diverting your money into investments will give you a better financial standing and better control of your money. Time-deposits and mutual funds are just a couple of the more popular investment choices. But be sure to seek advice from a tried and tested financial advisor before you make any move.
Having to skip on a few social gatherings to save money can make you feel some serious FOMO. Click here to learn how to deal with it.