Reasons Why We Waste Money

Good Luck!

We’ve heard over and over that we spend too much money. We don’t save enough money. But why?

1. We make excuses. Do any these sound familiar?

* I’ve do not ever been good with money.
* Financial information is too complicated to do to understand.
* I’m not good with numbers.
* I’ll never be rich.

2. We rationalize spending. “I work very challenging. I deserve expensive vacations, lots of pricey designer clothing, and dining at gourmet restaurants every week. ” It’s the “life is short” syndrome. Life won’t feel so short when you’re 85 and still working to pay your bills. Sometimes you convince yourself that you’re making the right decision to safeguard your ego. If, however, you’re responsible with your money quite often, you can splurge once in a while. This helps to create balance that you saw.

3. We don’t want to be considered as cheap. We perceive that others may judge us by what we have, or may think less people when we spend our money conservatively. Improving your self-esteem really an excuse for buying things. The momentary “high” you get from creating a purchase fades quickly when you receive the credit card bill in the mail and you don’t have enough money to pay it.

4. We think it takes to much time and effort to be smart with our money. Actually, once you improve good habits and reinforce them, they will take less time and energy, and will be easier not to lose.

5. We’re afraid that organic meat sound foolish if we inquire a question. If you don’t ask for clarification about a charge or a bill, you won’t know whether it’s a mistake that needs to be corrected so the money may be returned to your pocket. Additionally, if you don’t ask for a discount, you won’t know if you can get one. Don’t be humiliated to ask, “Is a discount readily available this item or service? ” If you don’t ask questions you won’t become smarter about your money.

6. We love instant satisfaction. Why wait when we can have it right now? We give ourselves permission to do wild and make purchases without thinking them through.

7. We fall for sob stories and let emotions control our behavior. Boyfriends, girlfriends, co-workers, friends, and our children beg us to help them by lending them or giving them money. Beware! Personal loans often turn into losses (uncollected debts). Sob stories can represent a red flag warning that you run, not walk, away from! It’s harder to say no when your children (including adult children) ask you for the money. You don’t want to enable more bad money behavior by giving or lending them money when they don’t have enough of their own personal saved. Tough love is hard, but necessary. You may wish to read this paragraph again.

8. We’re in denial precisely how much we spend. Ignorance is not bliss. Often, we’re in such a rush that we don’t figure out what we spend our money on, or how much we spend. We confuse needs with wishes. “I’ll buy this now and work out how to pay for it later (or not). ” Try writing down everything you spend money on for a week or two. This may help shock you into reality. “Make the pen your friend before you spend. ”

9. We feel that shopping is a hobby. Even though it makes us feel better, shopping shouldn’t be used for an excuse to get together using friends.

10. We trust most people too easily. Proceed with caution when solicitors, salespeople, and self-proclaimed experts try to persuade you to buy an issue, to donate money, or “to get rich quick. ” Remember the old adage, “If it’s too good to be true, it usually is. ” Some may intentionally wish to scam you. Others, who are just trying to earn an income, may persuade you to make decisions which were not in your best attraction.

11. We procrastinate. Putting off financial responsibilities often results in rushed decisions or missed deadlines. Really expensive choices we regret, late charges, penalties and missed opportunities all represent the price you can pay by not tackling money responsibilities on time.

12. We don’t plan ahead. At first glance, you may think that this reason is related to the previous one. Although they both want to do with time, procrastination relates to putting something off, or some sort of delay. Not planning ahead also affects your future, but usually more inside medium to long term. Often times, we forget to stop and take into account the impact a decision today will have when you need it. Not setting financial goals and making plans to achieve them can have severe consequences. More specifically, if you don’t plan for financial emergencies, although they might happen to everyone at a few point, guess what? You may be required to do things you’d rather not necessarily do.

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