I’ve made a promise to not spend money in 2017
I’m a shopaholic.
I live for perusing the aisles of Kmart, Target, Myer and the likes, dreaming of how their homewares would look in our constantly evolving home, or how their fashions would suit the vast gaping needs of my wardrobe, so I tell myself.
I even keep my husband up at night endlessly scrolling the pinboards of Pinterest and dream boards of Instagram sighing, oohing and ahhing at the many pretty things I don’t have but tell myself I need.
As 2016 rudely closed its doors on us with a young child, mortgage, redundancy, a significant reduction in our annual net income and a sudden realisation my superannuation working part-time as an office assistant wasn’t going to see itself past $150k for retirement (the average single person needs at least $545k to retire comfortably*), we began to seriously look at what 2017 and our future will look like.
We’re so fortunate and thankful hubby’s redundancy led straight into a dream job, a story that will be extremely rare in the wake of Holden’s Elizabeth plant closure seeing over 3,000 people without work and very few job prospects. We are equally fortunate to no longer have credit cards or personal loans hanging over our heads, but bad spending habits die hard.
I downloaded a budgeting app revealing in the 90 days leading up to the end of 2016 I spent $1,668 on clothes and shoes. A hard truth to swallow because I never believed I spent that much on ‘things’, such insignificant shit that to be honest, adds no value to my life. For the entire year the figure was $5,397. almost $450 per month.
When discussing our goals for 2017 and the next 5 years I made a promise to both myself and my husband, I wasn’t going to spend a single cent on unnecessary things. Stuff has no significance in my life. New clothes, new shoes, the latest pretty budget home decor from Kmart is not necessary! so it’s time to ditch the spending.
Why do I want to stop spending in 2017?
- Being able to stay home on extended maternity leave when we have our second baby.
- Sending our kids to a good school.
- Paying off our mortgage before our kids finish high school.
- Going on more family holidays together.
- Making good investment choices for a secure, comfortable retirement.
What are the spending exemptions?
- Mortgage payments.
- Winter clothes & shoes for J man.
- Swimming lessons for J man.
- Birthday / Anniversary / Christmas gifts.
So we’re at the end of January, the first month into 2016 and have I spent anything? Truthfully, yes. I bought an $8 dress from Kmart. I’ve put on weight and can’t live 35+ degree dry South Australian days in pants, I just can’t deal.
11 months no spending to go… wish me luck.