The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • QR Code
  • Books
  • Categories
  • Coaching
  • Hire Lynnette
  • Money Coach University™
  • The Money Coach Recommends™
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • QR Code
No Result
View All Result
The Money Coach
No Result
View All Result

How to Turn Spending into Saving

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Saving Money
Reading Time: 4 mins read
spending habits
8
SHARES
134
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

From birth to 18, a girl needs good parents. From 18 to 35, she needs good looks, from 35 to 55, good personality. From 55 on, she needs good cash. I’m saving my money.   ~ Sophie Tucker

Well, I better start saving my money. I’m too old to get help from my parents and I am beyond the threshold for good looks and personality.

It happens in a flash – one day your entire future is in front of you and the next your toes are on the doorstep of retirement!  Sophie Tucker knew what she was talking about!

So, you “plan” to save money (someday) – but how do you begin?   Start with recognizing your Achilles’ heel when it comes to spending.

If you will indulge me, I want to tell you a little bit about my spending history. It truly did not serve me well.

I am single mother with three daughters – all grown up now with children of their own.

I was very lucky to earn a comfortable income as a teacher, but with three daughters I still found myself moonlighting as a caterer/ convenience store clerk/ yearbook editor/ summer employee at the jail/ produce stand cashier, etc.

And when my income didn’t cover my “needs” I would supplement with credit cards. You know what I mean?

It was often much easier for me to use my credit cards than it was to part with my cash.

The cash in my pocket gave me a sense of security.  My credit cards (eight open accounts!) gave me the feeling that the financial playing field was equal.

I was able to buy prom dresses and shoes just like all of those dual income married-moms.

Eight credit cards and thousands of dollars later I finally had all of my daughters in college.

It was time for me to look at my financial mess. There are so many reasons that people spend every cent they earn (and more).  For me it was guilt – that was my Achilles heel.

I could not provide a two-parent family for my daughters and didn’t want them to feel “different” from the other kids.

I truly believed that if I made sure they had everything the other kids had (and more!) maybe it wouldn’t matter that their father was not around.  I was wrong on so many levels.

My guilt was diluted by the steady stream of temptation in my mailbox every day – catalogs, advertisements, coupons, and invitations to grand opening events, and especially credit card offers.

I would climb over snow banks and wade through raging water to get to my mailbox.

My mailbox was the vehicle I used to push back my guilt. It helped to build my beaten-down self-esteem and gave me the option to become something that I wasn’t (rich!).

The credit card bills in my mailbox created a whole new level of guilt. I spent many hours working odd jobs at night and on weekends just to keep my financial head above water.

I was working to support my credit cards instead of spending precious time with my daughters. Trust me when I tell you that I have great regret. My daughters do not remember the “stuff” I bought them – they also don’t have wonderful memories of the times we spent together.

So, my guilt was not effective.  I didn’t give my daughters what they really wanted: my time.  I know because they told me.

I believe it is even more difficult for single moms now.  Internet shopping, Facebook, cable TV, and junk mail all create a sense that we must buy, buy, buy each new thing.

It looks like everyone else is doing it!  Someone has to stand up and tell the truth!  None of us can afford to keep up with the hype!  Take a lesson from me:  memories mean more than stuff.

Ask your kids to tell you what their favorite gift was Christmas before last.  You are probably still paying off the credit card you put it on – and the kids may not even remember what was under the tree two years ago.

You can stop the cycle and reduce the spending temptation in three easy steps:

First, OPT OUT of credit card offers.
You can call 1-888-5-opt-out (1-888-567-8688). This will stop the credit reporting agencies from selling your credit information. Selling your personal information is wrong on so many levels, but it is as common as rain.

Second, stop telephone marketing by going to the National Do Not Call Registry at www.donotcall.gov, or you can call 1-888-382-1222 to stop those irritating phone calls.

You can stop the marketing to both your home phone and cell phone.

Finally, stop the junk mail.
I don’t miss the barrage of holiday catalogs that used to entice me with beautiful glossy pictures of items I never knew existed – but couldn’t imagine living without!

Go to www.dmachoice.org/consumerassistance.php and select the type of advertising you want in your mailbox.

And now my final words:  Pay Yourself First.  Saving is critical to your secure future.

Your kids will grow up and you will grow older – this I know.  If you don’t begin saving TODAY your retirement future is at risk.  I started late, but I am on track and may be able to retire by the time I am 75.

Not what I expected for sure.  I had visions of travel and adventure!  Take a lesson from me!

You have the power to take control of your own financial future. Think about your spending triggers and eliminate them. Have a portion of your paycheck automatically deposited into a savings account (One without an ATM card!).

Even $5.00 is a start.  Teach your children the same lesson.  You can turn your financial future around – one dollar at a time!

Special thanks to Marlene Ware, a certified credit counselor at The National Foundation for Debt Management for contributing this article to AskTheMoneyCoach.com.

~ Marlene Ware
Financial Literacy Educator
National Foundation for Debt Management

Tags: Marlene Ware
Previous Post

If You’re Too Scared to Face Your Finances Here’s What to Do

Next Post

My Credit Was Ruined Over Medical Bills and Health Issues. What Should I Do?

Related Posts

shopping tips

10 Shopping Tips to Save Money on Groceries

by Lynnette Khalfani-Cox, The Money Coach

Here are 6 shopping tips for people feeling pinched at the grocery store.

inflation

15 Ways to Fight Inflation, Higher Interest Rates and a Recession 

by Lynnette Khalfani-Cox, The Money Coach

All across the country, Americans with financial concerns are worried about three big challenges: inflation, higher interest rates and the economic fallout from a recession.  Although it’s easy to get caught up in news headlines like “The Federal Reserve Plans To Raise Rates Again,” it’s not a good for anyone’s wallet...

emergency fund

How Much Do I Need in My Emergency Fund During COVID-19

by Lynnette Khalfani-Cox, The Money Coach

According to a Bankrate survey, 23 percent of respondents said their biggest financial regret is not having enough money in their emergency savings to withstand the COVID-19 outbreak. The coronavirus pandemic has impacted the financial standing of many Americans. While jobless claims have fallen since late March, nearly 18 million...

Rich Peoples Habits - Save Like a Millionaire

6 Powerful Ways to Save Like a Millionaire  

by Guest Blogger

Did you know that more than three-quarters of today’s millionaires are self-made and started as middle class or lower? Also, data shows that it takes most people an average of 32 years to reach their first million. Most millionaires are not an overnight success. As a result, up-and-coming millionaires learn...

Save money on travel

3 Websites to Save $1,000 or More Off Your Travel Costs

by Lynnette Khalfani-Cox, The Money Coach

If you’re like me, you love to travel, but you also love to save a buck. Saving money isn’t always easy when you’re on the road. Costly hotel bills, high airline fares, steep rental cars fees and other travel expenses can all add up quickly. Thankfully, however, you don’t have...

how to save on groceries

How to Save Money on Groceries

by Lynnette Khalfani-Cox, The Money Coach

Grocery bills really add up for the typical American family. The average U.S. household, with a family of four, spends nearly $800 a month on groceries. Here’s how to slash your food spending, cut your grocery bill in half and save money on groceries. Don’t fall for marketing tricks Retailers...

Hotels by Day

HotelsByDay.com Offers Affordable, Nice Rooms for the Day

by Lynnette Khalfani-Cox, The Money Coach

My 10-year-old daughter, Alexis, is always ready to pack up and go on vacation. I guess it stems from the enormous amount of travel our family did when Alexis was much younger. By the time she entered kindergarten, Alexis had been on 42 trips with my husband and me, including...

Load More

Popular Posts

  • Car repair

    What to Do If You Can’t Afford a Car Repair Bill

    1379 shares
    Share 552 Tweet 345
  • What to Do if Your Spouse Stole Money From You

    1170 shares
    Share 468 Tweet 293
  • What to Do If You Can’t Afford to Leave Your Spouse

    1107 shares
    Share 443 Tweet 277
  • Here’s Why I Pay My Kids For Good Grades (And Maybe You Should Too)

    1012 shares
    Share 404 Tweet 253
  • What Do All Those Strange Codes In My Credit Report Mean?

    816 shares
    Share 326 Tweet 204
  • Do This Now If Your Wages Were Not Reported

    747 shares
    Share 298 Tweet 187
  • How to Find Out if a Debt Collector is Licensed to Collect Your Debt

    727 shares
    Share 291 Tweet 182

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

RSS / Sitemap /Submit an Article / Privacy Policy / LynnetteKhalfaniCox.com

No Result
View All Result
  • Books
  • Categories
  • Contact Lynnette
  • Get Coaching
  • Hire Lynnette
  • Money Coach University™
  • The Money Coach Recommends™
  • Home
  • Subscribe to Newsletter
  • QR Code

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist