Overspending is so common in America. We have this feeling that we should have instant gratification and that our jobs entitle us to spend as much as we want. Unfortunately, this leads to people working minimum wage jobs in their 70s and 80s because they were more focused on getting what they wanted immediately. Let’s look at some excuses people make to spend too much money and how to stop using them.
I Just Got a New Job
It’s great to get a new job or a raise. Having more money in our paycheck is always a good feeling. Unfortunately, some people use that as an excuse to start spending a lot more money. It’s not uncommon for a raise or new position to lead to buying a new car or a new house and you end up no better than before. Don’t make this excuse. Instead of spending that extra money, put it in savings.
There’s a Sale
Sales are always nice. A good grocery sale can allow you to stock your pantry on the cheap. However, a sale on items you don’t need won’t save you money. Remember, you can go broke saving money. Only shop a sale if it’s for something your family truly needs.
I Work Hard
We all work hard and that should give us the right to play hard, but that doesn’t mean you should spend hard. Instead of spending money to have fun, look for ways to have fun that are free. Go hiking, head to the beach or lake, etc. Working hard is not an entitlement to spend your entire paycheck.
I Can Make Payments
Most of the time when you purchase something you can make payments on, it’s not something you need – it’s something you want. You can wait for the things you want. A new TV isn’t a necessity. Save your money until you have enough to purchase that item. In many cases, you won’t even remember what that item was because you didn’t need it.
That’s What Credit Cards Are For
People often use this excuse when an emergency occurs. They feel they can just whip out their credit card pay whatever the price is to get something fixed immediately. No. That’s not what credit cards are for. That’s what an emergency savings account is for. You want to stop overspending so that you can build an emergency fund and then take the time to find a good price for fixing whatever needs to be fixed.
It’s easy to make an excuse to spend money. For some people, spending money is an addiction. Take a step back and think before you spend. Do you really need whatever is you’re buying? Chances are the answer is no.
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