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1 It’s Worth the Wait! 2 Help Kids Learn While They Earn What to Do With Unexpected Entrepreneurial Taxes 3 Win of the Month Grilled Sazon Chicken Thighs 4 I Spent How Much Money?! INSIDE THIS ISSUE
Break Your Habit of Overspending DO YOU KNOW HOW MUCH MONEY YOU’RE SPENDING?
When you go to the supermarket, you may find something you love. So, you put it in your cart without a second thought. When you shop online, you do the same thing. Later, when you check your bank account, you’re shocked you spent more money than anticipated. It’s time to ask: Do you often make impulsive purchases? If you feel your money is burning a hole in your pocket, you can change that and be more in control of your spending! How do people develop the habit of overspending? Money is personal — everyone has a different relationship with it. Therefore, it’s essential to understand the emotional needs and habits that play a role in your spending habits.
it. They can calculate how much money you spend at certain stores and how often you use businesses and services. When you see the actual amount you’re spending, it can put things in perspective! Furthermore, if you’re at the store and see something you want, stop and ask yourself, “Do I need this?” “Will this purchase help me reach my goals?” “Can I wait to buy this at a later date?” Taking a moment to distinguish between “want” and “need” will help you practice self control. It’s also beneficial to create a budget and outline your monthly expenses so you know how much disposable income you actually have after you meet your financial obligations (bills). Creating a budget and prioritizing needs over your wants will help you cut ties with your overspending habit and avoid unnecessary consumer debt and stress.
We are all bombarded by advertisements and social media pressure. Businesses use strategies that give a sense of urgency to their
consumers — some even provide a one-click checkout option. Additionally, influencers often film themselves shopping with full carts and link their products to an Amazon wish list or “store” so you can easily buy the same things. How do you break the overspending habit? Becoming aware of your spending is the first step, and several online banking apps allow you to track
Everyone’s financial situation and goals are different, and budgeting can be difficult. However, a financially savvy friend or financial advisor can help you outline steps to maximize your financial resources. Smart spending habits are at the core of financial success, so don’t wait to get started!
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