During the month of October, C. Beach Brown clients have been invited to participate in an Online Spending Challenge. We’re encouraging everyone to leave their items in their online shopping cart and only check out on Fridays, rather than engage in the impulse buying that get so many of us in trouble!
I was anxious to participate as well and wanted to share my insights for my first week!
One Week Down, Three to Go
- Am*** purchases two, maybe three depending on how you classify it.
- Money spent $122.86.
- Unnecessary purchases from Am*** - zero.
- Times checked out three, none of which were on Friday, my Am*** day.
- Other company online purchases - 3. All of which were viewed for the first time and purchased on Friday.
I always think about the Six P’s – Proper Prior Planning Prevents Poor Performance.
This one got me this week, but in true excuse-making fashion, I blame my husband and children.
One daughter needed a brace for her shoulder which we couldn’t pick up at a local sports store.
Another was asked to a homecoming dance two weeks from now and has no dress and of course all the dresses have longer shipping time frames, so we needed to order ASAP.
Finally, my husband needed an attachment for our power washer so he can scrub the driveway before the HOA deadline next week when they come back around to check on the citation they issued him for mildew on the driveway. Keep in mind that he has talked about purchasing this attachment for over a month and now was finally the time he really needed to pull the trigger. I also had him use his Am*** account and not mine, even though the money comes from the same place, just so I wouldn’t have another purchase on me this week.
I mentally gave myself permission to online shop on Friday going into this. So, when Good Morning America did an early holiday shopping segment with 50% off of various products, I bought into the blatantly obvious product placement segment and ordered three items, one of which was for me. The item I ordered, a new pair of moccasins for wearing around the house, really could have been skipped. As for the Christmas presents, I will dutifully log them and stow them when they come in, so I’ll be ahead of the game. And here is where I will say excuses make champions of us all, so I’m technically a winner.
It is said that perfect is the enemy of good. I didn’t have a perfect week (I didn’t need the moccasins). What I did have is an awareness of what was being spent and how quick I am to put an item in the cart. I also had several items that didn’t make the cut on Friday when I went through my cart. These are good takeaways.
Online spending is very easy to do. Psychologists are making a ton of money figuring out how to make it even easier for us to spend money mindlessly or, even worse, how to provide us with a dopamine hit for our online purchases. What I had this week was an awareness every time that I had items in my shopping cart. I had an awareness of what I was spending and why I was spending it.
So, one week down, three to go.
Cecilia Beach Brown Is a registered representative offering investment and advisory services through Lincoln Financial Securities Corporation, Member SIPC. Advisory Services are offered to residents of Maryland. LFS and its representatives do not offer tax or legal advice. Please see your tax or legal professional regarding individual circumstances. C Beach Brown, LLC, Pilot Financial Advisors and Lincoln Financial Securities are separate entities. LFS-3799029-092921