I used to tease my mother for always giving little gifts to friends and family members. As I’ve gotten older, though, I’ve realized that I’m the exact same way. I pride myself on giving thoughtful presents to the people I love, recognizing their peaks and valleys with some sort of tangible item or simply demonstrating my affection for them. Whether you got a promotion at work or you’re having a tough day after your divorce, I’m always going to want to reach out in the form of a gift. The downside? It adds up! While I’ve gotten much better at this over the years, I still accidentally find myself buying $50 in “just because” cards at the store or overspending on behalf of other people. And even though this behavior is certainly nice, all these little costs also directly impact my ability to budget suitably and reach my own financial goals.
This is what is called a budget weakness, and most people have at least one. It’s a behavior that prompts you to spend more money than necessary. It could be brand-name-only items at the grocery store. Skin care products when you already have a drawer full at home. Shoes on sale. Craft beer. Birthdays. (Note: you might have more than one weakness!)
If you hope to get your finances in any sort of line, then you need to pinpoint your budget weakness. It’s that item or service or treat that you may try to avoid or lessen, but when push comes to shove, you throw your hands in the air and say, “Whatever, I’m buying this.” It may take some soul-searching, or even reviewing credit card or bank statements, to pinpoint what your weakness is, but once you know what it is, you can better prepare for it. You need to know your (budget) enemy to fight it, after all.
Pinpoint your own personal budget weaknesses so you can look out for red flags and warning signs regarding when you’re about to shell out some cash versus show some restraint.