By Hannah Swerling
"The way we spend during the week is very ritualistic," says psychologist Judi James. "It's a routine linked to our emotions, which makes it a hard one to break." But identifying your spending habits and understanding the reasons behind them can be the first step to financial freedom.
Look at the diary below and identify the days you spend the majority of your money.
Monday: The early-bird shopper
Monday shoppers look for instant gratification. "Shopping at the start of the week is often a form of compensation for going back to work," says psychologist Michael Guttridge.
"If you fall into this category, sit down on Sunday and budget for the week," suggests financial advisor Daniel Clayden. "Allocate 20 percent of your weekly spend to Monday so there's some left for the weekend."
Tuesday and Wednesday: The mid-week maxer
Mid-week spenders are more strategic. "The word 'need', not 'want', comes into the mid-week spender's shopping plan," says Judi. "They give themselves time at the beginning of the week to consider what they're buying, then shop with their objective in mind."
"To make sure you're getting the best deal possible and not overspending, use my rule of three," says Daniel. "Only make your purchase when you're sure you're getting the best deal. Go into at least two shops, then use a price comparison website like www.pricecheck.co.za."
Thursday and Friday: reward retail therapy
Those who shop at the end of the week are generally emotional spenders. "End-of-week shoppers spend as a release from the stress of work and reward themselves for their achievement," says Judi.
"Most of this group shop alone, after work," adds Michael. "This means it?s easier to overindulge. Because they are influenced by their emotions, their decisions are often swayed by what sort of week they've had at the office."
"Avoid overspending to compensate for a bad week by going for a 30-minute walk before you even hit the shops," says Judi. "This acts as an emotional cooling-off period and means spending is less likely to be governed by your feelings."
Saturday and Sunday: the social splurger
Weekend spenders shop for the social experience "In this case, shopping is more about spending time with your friends than spending money," says Judi. "Beware, though, as weekend shoppers can feel pressured to buy more than they can afford."
"To combat this," she continues, "work out what you can afford to spend and put a Post-It note on your credit card with the amount of debt you're in as an incentive to stop you buying what you can't afford."