15 May How To Prevent Money Problems By Learning To Say “No”
If many of your impulsive purchases have led to problems with money, you can benefit from learning to say “no”. We make “yes” and “no” decisions daily for professional reasons, but why is it so hard to say “no” when it comes to the personal ones?
Perhaps it is our way of pleasing our family and friends, or maybe it is a fear of anger and conflict. Whatever the reason, learning to say no to luxury purchases and events can decrease debt, increase savings and improve our outlook on our money matters in general.
Here are 3 tips to help you say it like you mean it:
Sleep on it
It is difficult to say no when your partner or child is giving you that “pretty-please” look. Refuse to give an immediate answer to anyone. The same applies to the things you want. Saying “I’ll get back to you” or “Let me think about it” protects you from whatever you are afraid of might happen after an immediate “no”. It also gives you time to think and reflect on the financial implications of your answer.
Give authority to your “no”
Of course you don’t always need a reason. But if it is difficult for you to put your foot down, it helps to have a few good reasons to back your case and lessen your guilt.
- Your budget: It is impossible to make any financial decisions without a budget. A budget should be your first point of reference before making any purchase or agreeing to any event that has cost implications. It can also be a good thing to be open about the family budget with your household members. It is good for kids to see how much is coming into the house and how much is going out so they can manage their expectations better.
- The family priority list: No budget should have zero money left over at the end of the month. So even if it looks like you can afford said purchase or event, advise your priority list. What is a priority list? It is a list of things the family needs if and when there is budget for it. For e.g. home maintenance, new kitchenware or linen etc. Find the next item on the family priority list and measure it against the purchase/event in question.
Whatever you do, don’t turn a “no” into a “yes” afterwards
Saying no is hard. You’ve slept on it, made an informed decision and you’ve given your verdict. Whatever you do, don’t change your mind afterwards. If nothing has changed in your financial status since you’ve made the decision, your answer shouldn’t change either. By changing your mind you make it harder on yourself to go through with difficult financial decisions in the future.If all your past impulsive “Yes” purchases have caused you to acquire an unmanageable amount of debt, get help. At Bts Finance we assist over-indebted individuals with debt counselling so that you can start over again.