How did I blow through my savings in four days? It was easier than you’d think! Via Shutterstock.
Have you ever been scared to look at your bank account? I’ve been trying so hard to save for a trip to Europe that I stopped going to the mall (pretty much altogether) and cut back on going out. But, between New Year’s Eve and three of my best friends’ birthdays I knew that staying home wasn’t an option. Even though I thought it would be expensive, I didn’t expect to spend as much as I did! I ended up splurging and using New Year’s Eve and the parties as excuses for shopping for things I didn’t need – but really wanted! Unfortunately, after looking at my bank account I have many money regrets! Hopefully you can learn from my mistakes.
How I spent $1,400 in four days.
Day 1: Shopping Disaster
I hadn’t gone clothes shopping or to the mall in about two months and when I finally did I wanted everything…so I bought anything that caught my eye. This shopping day was just supposed to be about finding presents for my friends, but it turned into an over $500 shopping spree! I bought a bunch of small things so I didn’t realize how much I was actually spending, especially since I was using a credit card instead of cash. Here’s my mall spending:
- Frills of East Greenwich (local boutique) – $23.54 for a necklace I still haven’t worn…but it is really pretty!
- New York & Company – $38.52 for two necklaces, earrings, and a belt! They had a 50% off sale so at least it was a deal!
- Elle G (local boutique) – $99.70 for one dress. I wore the dress for my friends birthday. I love it but will probably never wear it again. Whoops.
- Buckle – $89.54 for a new pair of boots that I needed and are great quality. At last! One purchase I don’t regret.
- Beyond the Rack – $59.94 for three sweaters. This was a pretty good deal, except I just got a bunch of sweaters for Christmas and didn’t need them.
- Ulta – $178.69 for makeup and lotion for presents for my friends birthday and another $50 in makeup for me. Again, oops.
- Manicure & Pedicure – $45 I used the upcoming events to splurge on a mani-pedi. I think I forgot I’d already spent enough on myself at the mall!
- Dinner – $30 I went shopping with my friend and we just couldn’t resist a little gossip and dinner after a long shopping day..but we probably should have.
Total: $564.93
Day 2: New Years Extravaganza
My friend’s birthday is on New Year’s Day and this was the first year he was able to go out and celebrate. For this reason, we went to an event and stayed at a hotel. My friends and I were supposed to split the cost of the room and parking…but that never happened.
Hotel – $173.77 – We booked a Hilton Hotel for four people on my card. While we were supposed to split the cost four ways, my friends still haven’t paid me back.
Event Tickets – $50 – Tickets to the event cost $30 each (but I used a promo code for $5 off each ticket) and I paid for my boyfriend’s ticket because he couldn’t afford to go otherwise.
Drinks and Food – $101.92 – Between buying drinks at the event and pizza after I spent over $100! AH!
Parking $25 Hotel parking was a little crazy and we chose to valet which cost $5 more.
Total: $350.69
Day 3: Birthday Party 2
My old roommate from college lives right outside of Boston so we decided to go there for her birthday. What I didn’t know was that the bar we were going to was very expensive AND a $40 cab ride from where she lived.
Bar Cover – $50 Again, my boyfriend Derrick came with me and I paid for his cover. It was $30 for boys and $20 for girls.
Dinner – $40 We went to dinner and while it was not that expensive we ended up splitting the bill evenly so that increased the cost.
Bar Tab – $90.52 – I had a tab at the bar and racked up quite the bill. I didn’t think I’d spent this much but it added up quick!
Taxis – $80 – With tip I spent $40 on a taxi each way. Craziness!
Total: $260.52
Day 4: Birthday Party 3
My friend decided to have her birthday party in Boston and since she doesn’t live there we stayed at a hotel. We also went out to dinner (pricey) and breakfast the next day. I had a ton of fun..but it came at a high price.
Hotel- $45 We split a hotel room between 4 people per room. Luckily, we actually split it this time!
Parking – $40 We were supposed to split parking but again, that didn’t end up being the case. Hotel parking is expensive!
Dinner – $70 We decided to split dinner evenly and cover the birthday girls dinner. Even though I tried to order on the cheaper side splitting the bill made my dinner choice a little irrelevant.
Taxis – $20 Taxis weren’t as expensive since the bar was very close to our hotel. Only $20 each way.
Bar Cover – $20 Just to get into the bar to it cost $20 and when we got there no one was even there yet. Ugh!
Bar Tab – $52.73 I only had two drinks but they were expensive and I bought a drink for my sister and the friend whose birthday it was. It’s easy to add to a tab and not realize how much you’re spending. Lesson learned. Again.
Breakfast – $25.32 – For this breakfast we got separate bills but the hotel breakfast was a little overpriced and we got mimosas.
Total : $253.05
Total Spending in Four Days : $1,429.19
Having to tally up my spending made me realize how much money I spent on nothing! I don’t regret the experiences but seeing those numbers add up (and seeing how little I really got for my money) made me feel a little sick. I’m wondering if I’m the only one who has made these kind of mistakes. Have you?
Welcome to Bargain Babe! I’m Mara, and I’m so glad you’re here. I am an obsessive bargain hunter and penny pincher, and I am determined to live a full life without EVER paying full price.
Hmm…sounds like you’re young. You may want to learn how to set healthy boundaries for yourself and ask your friends to follow through with what they’ve said. True friends want to be a blessing to each other and help one another, otherwise they are just “party buddies” which you may still want to have some fun with, but with the realization that you cannot depend on them. Also, if you really regret your purchases, you can always take them back for a refund. Thanks for the article, and yes, I’ve learned these things the hard way!
@El I agree about asking your friends to pay you the money they agreed to pay you. It’s okay to ask your friends to pay up and there are polite and clear ways to ask for money owed. How about, So I wish you could front you the money for the hotel room, but I’m kinda broke. Can you give me cash when we hang out on Tuesday? (Or whenever you next see them.)
Another good idea – don’t be the one to pay in advance anymore!
Hmm…sounds like you’re young. You may want to learn how to set healthy boundaries for yourself and ask your friends to follow through with what they’ve said. True friends want to be a blessing to each other and help one another, otherwise they are just “party buddies” which you may still want to have some fun with, but with the realization that you cannot depend on them. Also, if you really regret your purchases, you can always take them back for a refund. Thanks for the article, and yes, I’ve learned these things the hard way!
1. Get some backbone and ask your friends for the money that they owe you. If they don’t pay up, get new friends because you can’t afford them. Next time get money up front.
2. Since you paid for parking you already had a car. Why were you paying for cabs? Alternate being a designated driver and save on taxis. Most hotels have in and out privileges for their guests.
3. Return what can and get some money back.
4. Get back on your saving plan and enjoy your European vacation.
Hi Myke! The reason why we didn’t drive while we were in Boston wasn’t because no one wanted to be a designated driver but because we would have also had to pay for parking once we were in the city. Parking for the night in the city costs around $20, so it would be the same for the cab. If I had realized how far the first bar we were going to was, I would have decided to drive instead.
I will take your advice and get money upfront the next time. I have asked my friends and I do think that they will pay me back within the next few days. If not, I definitely won’t plan on splitting costs with them in the future.
As for returning items, many of the things I purchased were sale items, so they can’t be returned. Bummer! I do plan on returning the sweaters and dress so that will help for sure!
I’m back to saving now and, if anything, this mistake has made me more determined! Hopefully the next update will say how much I’ve saved instead of spent. 🙂
@Dacia I thought only final sale items (and sometimes clearance items) can not be returned. I’ve always been able to return sale items. Have you thought about selling them (albeit at a loss) on a fashion site or eBay?
The answer to your question is no.
Hi Diane! Wow, that’s impressive that you’ve never had any shopping regrets. Any advice on how to keep from overspending?
Not so impressive. I’ve just never been frivolous. The advice is pretty basic: Don’t spend in precisely the ways you did, which probably can be summed up as impulse buying or not being mindful of your expenditures. As you, yourself, pointed out, you bought something you’ve not worn, something else you’ve worn once and likely will not wear again, something you didn’t really need, something because it was a deal, etc. Basically, your spending spree is a primer on what not to do.
You are young and, hopefully, this is a good lesson and one not to repeat.
@Diane I disagree. If you truly do not have a single shopping regret your entire life, which is pretty hard to believe (were you this disciplined at 11?) , that really is impressive. I’m savvy about money, and I have plenty of spending regrets. Perhaps not with such a large dollar figure as Dacia’s, but I know I’ve bought things (food, clothes, shoes) and later realized I had made a mistake.
Avoiding impulse buys and the social pressures to spend is not an easy thing. We all have weak moments, whether because we’re hungry and that sushi at Trader Joe’s looks SO GOOD, or because we’re caught up in a celebration and can’t help but treat ourselves. After hearing about how much money some of her friends spend and how unsavvy there are with money, I sympathize with Dacia. It’s is very difficult to go against what everyone else is doing.
Still, I hope Dacia will learn how to stick to her budget amongst spendy friends and limit her shopping sprees. But certainly those things are easier said than done, and they are goals that many of us have to continuously work on. Dacia is brave for revealing her regrets and by doing so, she is already on the path to better financial habits.
Dacia said she has money regrets and hopes we can learn from her mistakes. Obviously, it’s more important that SHE learn from her mistakes. Because she recognizes and regrets them, she’s probably learned some good lessons the hard way. She asked if we had made similar mistakes; I haven’t. You wrote you disagree, but with WHAT, BB? Please be specific because I don’t know to what you are referring.
She asked if we’ve ever been afraid to look at our bank account [balance]. Again, my answer is no. Of course I’ve had shopping “regrets” but not from overspending or not getting use from my purchases. I’ve just purchased something for my office, not sure it will save me the space I had hoped for. If it doesn’t , I will take it back. I recently bought a hand mirror with one side regular magnification; the other was supposed to be 5x. When I got it home and compared it to a similar mirror in another room, I saw the 5x on the new one wasn’t. Back it went. Those are my kind of shopping regrets. Did I blow away money at 11? It’s been a few years, but I’m pretty sure the answer is no. And guess what? Neither did my friends. It’s just how it was. I’m not necessarily directing this at Dacia since I don’t know her, but with many young people today (and adults as well), there’s a “must-have-it-now” mentality. Credit cards aide and abet.
I don’t deprive myself but buy whatever I want or need. But then I use/wear it. I’m simply not frivolous.
I’m with Diane, I don’t have any shopping regrets, I don’t spend a lot for things. I would have have a hosted a home bday party with trimmings for my friend. Anyway, she is young, there is time for her to get thru some of these $$$ experiences. Good Luck.
One thing I’d like to echo from your comment is that a great way to stick to your budget while others are spending big, is to decline an invitation to a $$$ party while making plans to hang out doing an activity within your budget. You may miss out on a party or two, but I’m guessing some of Dacia’s friends may be relieved at an opportunity to socialize and celebrate without forking over serious cash.
That’s a great idea. Maybe I’ll suggest something like this for the Superbowl. Instead of heading to a bar maybe a potluck party at home instead!