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February 2020
Runaway Spending
This is the month that most people say they start to get a bit of cabin fever. As the winter months continue, spending more time indoors is common as are dreams of warm vacations. The winter blues can creep in, influencing some to seek relief through one means of comfort...shopping! Whether it’s online or in person, practical items or things just for fun, shopping can fulfill an emotional need during times when one is feeling down. However, this can lead to stress once the monthly credit card statement comes. You might think, “whoa – where did I spend all that money this month?!” Financial well-being is an important aspect of our overall well-being, so for this month my tip is to practice knowing where your money is going. While it’s helpful to do this anytime, this month can be one where our financial awareness hibernates. So, take some time each evening to briefly review where your money went that day. Keep a log so that at the end of each week/month you can add up certain costs. Seeing the breakdown of how and where you’re spending your money can help you discover if you can cut costs to increase your savings, or where you can splurge a little more to treat yourself. Either way, awareness is the first step in making better decisions!
Lindsay’s “Words of Welldom” for Runaway Spending
Review - Make sure to review each day or week how you spent your money. This way you can discover what was necessary, where you can save more, or reflect on how you are treating yourself each month!
Simplify - Use technology where you can to simplify your life! Try an app (i.e. Mint) or use a computer program (like Excel) to make your financial review process easier and faster.
Commit - Make a pact with yourself to try this regularly for a month. By committing to the review of your finances, you can help it become more routine and likely to be a good habit that you get into
Keep an eye out for “Lindsay’s Corner” around the university, focused on mental health and wellness! Don’t forget to reach out with questions, suggestions, thoughts, or opinions on any of our topics or suggest our next topic at lindsayscorner@rowan.edu
Contact Information:
Submitted By:
Name: Lindsay JohnsonApproved By:
Name: John Hand |