Who hasn’t had that moment, financially, when you realized just how much you’ve spent.
Or, as you can put it, overspent.
Overspending is nothing new, particularly when you look in the most obvious of places: shopping for clothes, buying groceries that you don’t need or end up throwing away because you bought too much, or purchasing a car or home and going well above what you can afford and instead going by what you’ve been approved for at the moment.
But even the most avid spender can avoid going above and beyond and well past any budget by implementing a few techniques and tactics, all of which is going to lead to making sure you stay within the confines of what you should be spending.
For starters, some spend because they’re upset or worried about something totally unrelated to money. If you’ve never had anyone tell you that you should “buy yourself something” when you’re not happy, then you’re in very rare air. But buying something or overspending when you’re stressed truthfully is only going to lead to more stress over time, only now you’re fretting about how you’re going repay a credit card bill that you really shouldn’t have run up in the first place.
Almost on the same level as buying or spending too much when you’re upset is doing so because of the need to feel as though you’re keeping up with the latest trends, even though what you have is perfectly fine.
You’ve met these types of spenders, haven’t you?
Someone who tells you they just bought a brand new smart phone just because the latest version of it is out and available to purchase. How about that individual who is always seemingly trading in their car for something newer, even though the first of many loans they’re technically “upside down,” meaning the car is worth less then what you owe on it, making each trade in more and more of a letdown financially since you’ll just keep owing more money on your vehicle. There’s always that person who feels as though they need to keep up with the masses and spend accordingly, which only is going to signal that much more debt and a lack of ability to save money.
Also, if you’re spending money freely with credit cards because it’s easy to spend and not think about the consequences, that is truly the worst way to spend. Credit cards were always meant for emergencies, not to charge a vacation or spa day. Credit cards give you that illusion that you’re using them and no money is coming out of your actual bank account; the long run proves differently when you actually have to pay back that money, plus interest.
Overspending happens to the best of us, but if you’re habitually spending too much, you must figure out the root cause and make a change quickly before you have nothing left to show for the spending except empty pockets and a bleak financial outlook.
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