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Saying No to YOLO Spending

I used to love the term ‘YOLO’ (you only live once) I justified most life decisions using YOLO until I quickly realised the chances of me dropping dead tomorrow were in fact quite slim……

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Applying YOLO to your life can be a good thing, it encourages us to take chances, to do things you wouldn’t usually and to take opportunities as they arise. However, applying YOLO to your spending can be disastrous some may go as far as a little FML! (if you don’t know what that means its probably best)

Stats from the Money Advice Service show more than five million YOLO purchases are made each day, £167 million is spent on impulsive YOLO items and even worse one if four (28%) of those purchases are bought with a credit card (debt card) ouch!!

Society nowadays is extremely impulsive, we are a nation of ‘I want it now’ and thanks to interest free credit arrangements, payday loans and debt cards we can make big purchases in an instant!
Christmas is especially bad for YOLO’ers, most of us are running out of time to prep for the big day, we’re rushing around trying to fulfill everyone’s gift list and often we make rash decisions without shopping around for better deals.
It’s all too easy to stick it on the credit card and worry about it next year….sadly ‘next year’ is only a matter of weeks away! Once the fairy lights fade and we’ve run out of mince pies its back to work, back to reality and back to the bills.

Women are particularly guilty of making YOLO purchases especially when in need of retail therapy and cheering up, whilst apparently Men are more likely to make impulse buys after drinking alcohol or following a good day at work.images (19)

We only tend to feel guilty making a YOLO purchase when we spend money we haven’t got or money we haven’t set aside for such shopping. The best way to conquer the guilt would be to budget for treats, allow yourself the odd treat just make sure you can afford it and most definitely don’t use a credit card.

Saving up for something special is a lot more satisfying than just whacking it on a credit card, it means you’ve worked for it and you get that sense of ‘I deserve this’ without dreading your next bank statement.

I always feel less guilty about spending when I use money I’ve earned outside of my regular wages such as cash from selling on eBay, I can justify purchases when it’s not touched my salary. I also don’t know the pin number for my credit card therefore I only really use it online where I have to painfully key in the payment info and if I shop in-store I withdraw cash as there’s something about handing over actual physical money I hate.

If all else fails you could try the following tactic:

Every time you spend ask yourself the following:

  • Do I need it?
  • Will I get use out of it?
  • Can I buy it cheaper elsewhere?

I still love the ‘YOLO’ mantra, you do only live once and you should see the world and experience as much as you can but in order to do that you can’t be ‘YOLO’ about your finances.
Being a Sensible Susan when it comes to cash means you can live ‘YOLO’ and wake-up the next day debt-free and alive!

I guarantee you the burden of debt is far worse than ‘going without’




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