Did You Overspend?

That uncomfortable feeling in your stomach. The pounding in your head. The sinking feeling that you went overboard.

I’m not talking about getting drunk and waking up hungover. I’m talking about waking up after the week long extravaganza we call Black Friday and Cyber Monday and realizing that you spent too much and blew your budget.

Resisting temptation has become harder than ever. Online ads and marketing are better than ever due to data mining and targeted promotions. The stores know what YOU want and they market directly towards that. We have all spent weeks and weeks with advertisers pinpointing our weak points and showing us ads and sending emails to get us to weaken our resolve.

How to recover froma budget hangover

There is absolutely nothing wrong with buying something you need or want on Black Friday. I, personally, bought some stuff. As long as you budgeted for it and can afford it then there is not problem. The problem is when you overdo it by spending more than you budgeted or if you can’t actually afford it.

Of course there is a spectrum. If you are about to be thrown out on the street or your lights have been shut off or you have no food to eat than you don’t get to buy things on Black Friday, even if you need them and even if it’s an amazing sale. And if you have millions of dollars and are super financially secure than you shouldn’t be stressing out about the $5 door buster. This post is for the people in the middle.

So did you overspend?

Return What You Can

The first thing to do is to go through all your purchases and return those that are clearly impulse buys or something you regret. Most stores offer pretty generous return policies and if they don’t- try to sell it on eBay or some other resale site. If it’s still in its original packaging- you should make most of your money back.

What about everything else?

All the stuff you either didn’t know you needed until you did or all the stuff you rationalized that you needed. It’s not so easy to return something once you bought it.

Take each item and ask yourself the following questions to help you figure out what you really need and what you can return or try to resell:

  1. Ask yourself: Do I Need this or Do I Want this? I don’t like asking “Does this spark joy?” or “Does this bless my home?” when talking about things you are buying. It’s great for getting rid of things but when we are buying things than the answer to both those questions is usually a resounding Yes! The problem is when we have things that we need (or want) that we can’t afford. We can’t stay in our budget and spark joy. If you could do that, you wouldn’t be reading this post. Its important to differentiate between a need and a want. We can buy things that we want- we just have to make sure that we recognize that it is in fact a want and not a need.
  1. Ask yourself: Why do I Need this or Want this? There are many things that we buy that fill a need or a want- but sometimes we lie to ourselves about what that reason is. Is it because you have no clothes to wear that you bought that new top or is it because you are dreading a holiday party so you want something to wear that will make you feel pretty? Is it because your kid needs to read more so they don’t fall behind in school or is it because you like watching your kids face light up when you give them something special? Is it because you need to give youth sister a holiday gift or is it because you know she is going through a hard time so you want to give her something extra special this year? Do I need that vase or do I want to be the kind of person who has a statement vase in their living room? Remember: there are no right or wrong answers to these questions. All of these are valid reasons to purchase something- but when you get to the “why” of it you can solidify for yourself what you really need or want.
  1. Ask yourself: Would I buy this if it’s not on sale? If there was no deal- would you have gone out and bought it anyways? For example, diapers you would have bought even if it wasn’t on sale. Maybe even a sweater you would have purchased full price. But would you have bought this particular item if it wasn’t on sale? Or did you buy it because it was “just $5”?
  1. Ask yourself: Am I getting caught up in the moment? Sometimes there is the pressure of buying something TODAY because the deal won’t last. Or because the ad is just so appealing. Or because the atmosphere in the store was festive so you figure why not? You really have to stop and think about whether you bought it because you needed or wanted it or because you just got carried away.

These questions can help you clarify which items you need and which items should be returned. Keep on doing this with every item until you are once again under your budget.

Really you should get into the habit of asking yourself these questions BEFORE you actually buy the item.

How My Friday Went Down

This is how it looked for me on Friday. I got an email from Old Navy about their $1 fuzzy socks. That is super cheap and I love fuzzy socks. So I put them into my cart. Then I got to thinking.

This I not a need, this is a want. Although I am not in a position to spend a lot of money on “wants” right now I can technically afford the $4 total to buy everyone in my family socks. But then it got real. Why did I want this? Once I was honest with myself I realized that I wanted the socks because it would be so cute for all of us to have matching socks and take a cute picture together. It would be fun. But my kids and husband don’t like socks. My kids will take any opportunity to take OFF their socks and they wouldn’t really appreciate them besides for the first 30 seconds. I definitely would NOT have purchased them if they weren’t on sale. It was only because they were on sale that I even considered buying them. I was getting caught up in the moment because Old Navy was offering free shipping which they don’t usually do. So if I changed my mind later it would be too late. Once I went through all those questions I realized it wasn’t worth the money to buy the socks. The point isn’t that it was only $4. The same thought process would work whether it was $4, $40 or $400. It’s not worth the money no matter how cheap it is. I didn’t buy the socks.

4 Questions to ask yourself before you buy something

Still not working?

It’s time to take yourself out of the equation. No more emotions.

In a room without any of the stuff you bought: Make a list of all the things you bought, how much they cost and who you bought them for.

Then, try reading the list with as little emotion as possible. Look at the hard numbers and try to approach this from an impartial point of view. So much of what we buy is based on emotions. We buy things to make us feel good, to make us feel in control, to make others feel good etc. When you take the emotions out of the purchase and look at it with a cold eye, it’s easier to see where you are overspending. This is why it is so much easier to tell SOMEONE ELSE what to cut out of their budget or to call them out on their spending (why do you think there are so many personal finance bloggers?!).

If you are really struggling with this- call a friend (one who will actually help you- not egg you on) and have them go over the list with you. Keep on returning items until you are once more under budget.

What if I did that and I am still over-budget?!

It was all things that I need and I am not returning any of it! If that is the case, then don’t allow this budget lapse to spur you on to keep on spending money until after New year’s. As I talked about before when I discussed budgeting for one thing after another– its important to not let one “failure” spur you on to another failure. Approach the rest of the month with a clean slate. Just because you overspent now doesn’t mean it’s a free-for-all and it doesn’t mean you are doomed to bust the rest of the budget as well. Clean slate. New budget. This time you will be able to stick to it!

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