A recent survey reported by USA Today shows that more shoppers are treating themselves to gifts this holiday season. From perfume to electronics, roughly 36% of shoppers plan to buy a gift for themselves along with those on their shopping list this year.
It’s not really surprising that people are in the mood to buy this Christmas. After all, we’ve been through several years of a down economy and the mantra has been Frugal all the way. Gerri Detweiler, author of Reduce Debt, Reduce Stress observed
after years of saving money and not spending it the way they had previously that shoppers may be suffering the effects of “frugal fatigue”. Detweiler says “people are tired of having to cut back and that can lead to spending more on credit cards.” Of course, retailers aren’t refusing to sell anything to anyone – whether they’re paying with cash, credit or debit – a sale is a sale after all. A feature on USA Today noted the many reasons that shoppers have returned to the stores
Is “Frugal Fatigue” a problem? It is if consumers suddenly start spending money that they don’t have and charging unnecessary purchases on their credit cards. Unchecked spending habits can spiral out of control quickly and develop into a much larger debt problem that can take years to dig out of.
So what can you do to avoid getting tired of living frugally yet still spend in ways that are smart? Here are a few tips:
- Make sure that you have clear financial goals. Most people are willing to make sacrifices for something that they want. A goal will encourage you to stick with it when you are tempted to blow $100 on a fun evening out or a new pair of boots.
- Stay accountable. Spending in secret can lead to big problems in your finances and your relationships. Agree with your spouse on a spending cap that you both stick to. If you are tempted to overspend call a friend who can talk you down. It makes a difference!
- Build in rewards. So you stuck to your budget all month long? You should treat yourself! Give yourself a reasonable amount of mad money as an incentive to keep up the good work.
- Track your spending. It’s easy to underestimate what we spend. You think that you’ve only spent 25 dollars on lunches this month and then discover that it was actually close to $75 when you track it. Writing down your purchases is another form of being accountable and helps you remember where you spent the money that just seemed to disappear. Once you figure out where those “Spending Leaks” are it’s easier to come up with a game-plan for fixing them.
What are your thoughts? Have you gotten tired of being frugal and financially responsible? Does the term “Frugal Fatigue” apply to you? How do you stay motivated to keep your spending under control? We would love to hear your thoughts in the comments!
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