Comments on: 3 Little White Lies We Tell Ourselves When Spending Money

By: jennyblake

jennyblake — Thu, 07 Jan 2010 05:58:44 +0000

Thanks so much Christi! I really appreciate your kind words – glad you
stumbled upon Life After College. I look forward to keeping in touch!

By: christi

christi — Wed, 06 Jan 2010 07:41:49 +0000

i just found your blog and it's wonderful. one of our 2010 goals is to revamp our spending habits. i'll be coming back for sure.

By: Steve in W MA

Steve in W MA — Thu, 27 Aug 2009 01:27:59 +0000

Most people with “Latte Factor” don’t just have a coffee habit, they have a “go to the cafe habit”, where the cafe stop is just a habitual way to relax by changing venues or even to potentially socialize a bit and see some different people and maybe even have a short conversation (who knows?).

You can start by bringing a thermos of coffee from home. Then whenever you get the “urge” for that Starbux or McDee’s coffee, pull out the thermos, pour a cup, and either stay where you are or go for a little walk with it.

Within a month you’ll have that cafe habit licked, plus you slowly will adjust and find ways to compensate for the social component you are missing by going out and spending money.

By and large, coffee is really just coffee and it doesn’t have to cost more than about 30 cents a cup. Eventually going for the thermos and snacking on a home-packed cookie or other snack will be just as second nature as dropping $5 at the coffee shop is now

By: Steve in W MA

Steve in W MA — Wed, 26 Aug 2009 23:27:42 +0000

One mental trick that I have used to break myself of impulse spending and the Latte factor and eating work out at lunch factor was to set myself the goal (on a workday) of getting to work and taking *all* of my earnings home with me. That’s my financial goal when I go to work: To get every cent that I am earning and take it home, not to “drop” any at the stores and cafes downtown.

Over time, and in combination with using cash envelopes for my food, entertainment, and gas spending, this has made a big difference and has made the act of spending money seem like an unusual occasion.

The problem this brings up is that, by and large, a big portion of my existence had to do with purchasing stuff and shopping and all the thoughts that go with it. If you get to the point where you only spend money at the grocery store once a week (or less) and it’s *cash out of an envelope*, you find yourself confronted with what to do with a lot of extra free time and mental space that was previously devoted to a) thinking about shopping and (b)thinking about money in general.

By: New grads need a new budget | LAUNCH

New grads need a new budget | LAUNCH — Wed, 12 Aug 2009 19:31:21 +0000

[...] Although you may think you have a mind like a steel trap, you are likely to forget and it also helps you find out exactly how much you are spending – sometimes you won’t realize how often you really buy convenience food unless you are tracking it. [...]

By: Jenny

Jenny — Mon, 15 Jun 2009 02:22:21 +0000

Jill – you cracked me up with the line about Dunkin’ Donuts knowing you by your CAR – how hilarious! That’s when you really know you are a regular, I guess. Especially when the counter-guy tells you to attend DDA – LMAO! That said, $10/week on coffee doesn’t sound too bad.

As for the restraint on the purse purchase (despite coupon in hand) – KUDOS!! That’s huge. I admire the sheer will-power and self-control that must have taken! Sounds like you and your husband have a great system set-up for your personal finances and “allowance” – I always envisioned setting it up that way too…one day

By: Jenny

Jenny — Mon, 15 Jun 2009 02:19:34 +0000

Thanks Sam! So true that there are worse habits than coffee – purses and shoes top the list! For me, I’m super aware of how much I spend on clothes and big things, but I brush all the small purchases under the rug as no big deal. Problem with that is that they can sneak up on you! I think it’s exactly what you said – setting limits and being aware (without overly restricting ourselves).

By: Jill

Jill — Sat, 13 Jun 2009 23:23:47 +0000

Coffee habit?! I’m guilty, though my vice is Dunkin’ Donuts (a bit cheaper than SBUX). I pass 3 DD during my 6 mile commute to work, but I always go to the same one. There is no drive thru, but they know me by my CAR. My coffee is ready by the time I make it in the door. The counter guy told me this week, “Forget AA dude, you need Dunkin Donuts Anonymous!” I spend $10 a week on coffee, which is better (I guess) than one overpriced but delicious margarita, but over the course of the year I could really buy a lot with that money! And I have no excuse–I’ve gotten myself “off the coffee” twice and went back

In better news, today I spotted a gorgeous patent leather lipstick red handbag. $200, and I had a 10% off coupon. I put it down and walked out the door! Jill Barnett FTW! haha! Great post though–I’m guilty and spend way too much money. I’ve never been a good saver so thank goodness for my my husband!

As for managing money when you get married…we have a joint account to which our earnings are direct deposited. We also each have personal accounts and have set up weekly auto-transfers–our “personal allowance” money. It works really well for us and we’ve been doing it this way for most of our marriage (4.5 yrs), so you’ll figure it out

By: Sam

Sam — Tue, 09 Jun 2009 15:27:14 +0000

Jenny: As other commentors have also told you, you’re not alone! I too have a Starbucks “problem,” and it’s even more dangerous now that I’m working in NYC. Anyway, I think your analysis is right on. There are so many ways we try to justify spending $ on the things we don’t need. I guess there are worse habits than overpriced coffee (like designer handbags?) but we still have to be careful, set limits and stick to them. Great post!

By: Stuart Fleming

Stuart Fleming — Fri, 05 Jun 2009 20:29:05 +0000

Wealth / Money Expert for Teens – sharing the ‘best of the web’ this week…

What teens need to know about money – a wealth of resources and information at your fingertips:
3 little white lies we tell ourselves when spending money
10 reasons why being in debt sucks
The Money Diaries: The 20-something emotional spender
The Mone…