Have you seemingly had a lifelong problem with debt? Do you find it impossible to save money? If so, you just might have a spending problem. If you can identify these bad habits then you can work to change them and keep control of your spending problem.
So how do you know if you have a real issue with spending? Take a look at these 7 signs.
Addicted To Sales
You are enticed to purchase things when they are on sale, even if you don’t need it. Purchasing items when they are on sale is good – but only if it’s something you regularly buy and need. If you think you’re saving money by shopping during sales, then you just might have a spending problem.
Lured By No Money Down Deals
You are fooled by so-called deals that lure you in by saying “no money down”. So you get what you want instantly without paying a dime for it. You think you’re saving money, but in reality you’re spending a lot more than you thought. These no money down deals make you sign a contract to make monthly payments with interest to boot.
You Overuse Credit Cards
You never have cash on you. You live on credit. You even put your monthly utilities on your credit card. Sure, you make your credit card payments on time, but you don’t pay off the entire balance. Each month your balance seems to get bigger and bigger. Soon, you’ll be forced into making only the minimum monthly payments. At that rate, you’ll never get rid of your credit card debt.
You’re An Emotional Spender
Just like some people eat when they’re feeling down, you choose to go shopping and spend money to make you feel better. Then afterward, you regret your choices yet you don’t return anything.
Channel your emotions into something more positive. Choose to work out or clean when you’re emotional, rather than go shopping.
You’re An Impulsive Person
If something catches your eye, you buy it. You need that instant gratification that impulse purchases provide. Shopping is like a drug you’re addicted to.
Impulse purchases are almost always bad purchases. Take the time to research the product you’re interested in first to determine if you truly are getting the best deal.
If you want to buy something, sleep on it. If you still want it a day (or better yet, a week) later, then go ahead and buy it after doing some comparison shopping.
You Take Risks
You take dangerous financial risks. Instead of a fixed-rate loan, you go for a variable rate loan because the payments are temporarily lower. You look at today only, not tomorrow.
You are constantly without money yet your home is full of junk you’ve bought that you simply do not need. Houses look better when they’re empty, rather than full of clutter. Less is more, as they say.