Ever go into the store to get just one or two things, and end up dropping like fifty bucks, and walking out with two or three bags of stuff? Yep, been there. I actually bring lists with me when I go shopping now, as a way to stick to what I need and not buy impulse purchases. That’s just one tip of many to curb overspending, which I’m sure we’ve all been guilty of at one point or another. I’m sure some people need more tips than others, and I found this great article by Fox Business which gives advice on how to take a good hard look at spending habits and nip overspending in the bud. Journalist Claes Bell writes a great article that is worth a read, even if you only go over budget every now and then:
“Even in an age of belt-tightening and economic hardship, overspending is still as American as apple pie and infomercials.
Americans owe $870 billion in revolving debt, according to the Federal Reserve. Even worse, much of that debt is on credit cards, which charge an average of 14.5% in annual interest, according to Bankrate data from early August.
Still, it’s not as if chronic overspenders don’t know they have a problem. Every year, millions of Americans buy personal finance books, tune in to personal finance gurus and make grand plans to put overspending in check. Some even take real steps such as establishing a budget.
But oftentimes, the battle against overspending is actually fought in the retail aisles, says Michael Goldman, a financial adviser and founder of Wealth Gathering LLC, an online community for personal finance.”
Click here to read the five questions you should ask yourself which will help tame overspending habits.
Now as an American consumer, give yourself a pat on the back for putting some money into the U.S. economy during a dry time for our nation. But as the king of your castle, and the keeper of your personal finances, make sure you reel in your spending if it’s getting a bit superfluous. Bell writes a good article, and those questions might be difficult to ask yourself and to answer honestly, but it’s worth it to get spending under control.