Money Matters

#MoneyMasterClass Recap–Week 33

This week, Gail had us continuing with our spending analysis that we started last week. She also had us thinking about our spending habits and confronting those impulse buys.

If you’re new to learning who Gail Vaz-Oxlade is and the #MoneyMasterClass, here’s an introduction to “The Gail Way” of being debt free and some explanations of her worksheets: Tracking Your Money The Gail Way.

Spending Analysis

If you haven’t started on your spending analysis, you can find the worksheet here: Hoyes Michalos – Money Master Class and Gail’s instructions are in my Week 32 Recap.

Last week we started out inputting the details from our first stack of statements. This week, we are inputting the remaining 5 months of statements, if not done already.

Keeping Up With the Joneses

What is driving your purchases?
Why do you buy what you’re buying?

In these next two sections of tweets, Gail is having us confront our desires to fit in with those around us and our impulse purchases. Confronting those things within myself is actually what has helped me stick to a budget. It’s a great thing to track purchases and have the numbers line up, but it’s been even more empowering for me to understand what drives my behaviour.

Impulse Buying

Do you ever make emotionally driven purchases?

I definitely do. I am guilty of buying something in hopes that it will make me feel better. I’ve gotten a lot better with this over the years and, because I love sticking to my budget, can often avoid going through with an emotional impulse buy.

Using Goals for Financial Well-Being

This week I was grieving the loss of one of my oldest friends. As I was struggling with the overwhelm of emotions that came with this, I could feel myself craving certain purchases as a way to make the heartbreak go away.

Grief is a messy process and giving in to an emotionally driven impulse purchase is not the end of the world, but I had two thoughts when I was experiencing this impulse:

1. A purchase will only momentarily take the painful emotions away and, as uncomfortable as those emotions are, it’s okay and important to feel them.
2. A purchase will not solve my hurt, but may actually add more hurt to the financial goals I’ve set for myself.

Having financial goals helps me curb my impulse spending because I’m looking towards the bigger picture with each purchase.

Credit Card What?? If you missed the lesson that included credit card condoms, you can check it out in Week 4.

Get Busy Doing

Do you make impulse purchases? How do you manage those within your budget?

New to the Money Master Class? There’s still time to get started!
Check out this Twitter Archive to see all of Gail Vaz-Oxlade’s #MoneyMasterClass tweets from the start.
Find the resources, spreadsheets, and quizzes here: Money Master Class
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap

Check out Gail Vaz Oxlade’s books here:*

Money Rules
Debt Free Forever
CEO of Everything
Money Smart Kids


What are your thoughts? Let us know in the comments!