I know how tough it can be sometimes to escape a bad spending habit.  There are just too many excuses, a.k.a. reasons, to spend money.  Doesn’t it seem like if you think about it long enough, you can justify buying just about anything?

I know when I’m having a bad day, I’ll come home from work and immediately want to go out to dinner.  I don’t know what it is sometimes, but it’s like I’m programmed to not want to cook if I’ve had a rough day or things haven’t gone my way.  Thank goodness I don’t have that many bad days, right?  Otherwise I would blow out my food budget each month by a mile!

What are some of the other excuses we use to justify spending? What about the “I work hard, so I deserve it,” excuse.  I know this one worked wonders for me in college, especially once I started putting money into the worst “investment” of my life.  But how many times do you use this reason when you’re buying cd’s, dvd’s, book’s or anything else that you don’t really need?

One of the most surprising excuses I’ve heard recently is:  “I’ve prayed to The Lord, and he will take care of us. “ Now I understand that faith and religion play a part in everyone’s life—but so does logic and practicality.  If you choose to rely on The Lord to take care of your personal finances, you could be sorely disappointed when he doesn’t deliver.   Instead of relying on Him for financial success, rely on the blessings and gifts He has given you to make yourself a success.   And just think, if you can create a strong budget you might just be able to give back more to your faith than you thought.

Another excuse I’ve heard lately is: “I’m so far behind that it doesn’t matter what I do.” Although it can be overwhelming and depressing sometimes to consider exactly where we are in our financial lives, we can’t let it cause us to despair.  Making the right financial decisions should be your goal, regardless of whatever the balance of your credit card.  With a little honesty(with yourself!) and a little help from a friend or advisor, you can find your way out of any financial bind.  It might take a considerable amount of time, and it might require a drastic measure such as filing for bankruptcy, but it’s important to remember to stay focused and remain positive.  Remember, if you want shade the best day to plant a tree was 20 years ago and the second best day, is today.

Perhaps “you don’t make enough money to afford all of your bills” and that is your reason for overspending.  If this is the case it’s time to go back to Finance 101.  Think about it!  Before you can buy insurance, create an emergency fund, or even think about investing you must have extra income each month.  This means  you simply MUST spend less than you earn, or else you will simply move backwards.   If you don’t know how much disposable income you have each month, it’s time to build a budget.

There are so many other reasons why people spend recklessly.  “To keep up with the Jones,” or “Because you only live once,” or “I never had money growing up—so I’m going to spend it while I have it!”  Just remember that these excuses are the fence that lies between you and your financial freedom. 

Fast forward 20 or 30 years—do you still want to be on this side of the fence with your big screen TV, video games, books, cd’s, designer clothing, and new car—or do you want to be on the other side of the fence enjoying the security of the solid financial foundation that you have built? 

There’s no bad “habit” that you can’t replace with one that helps you reach your financial goals. Take responsibility, be honest with yourself, get help if you need it, and get started.  You can do it!

Do you know anyone who has bad spending habits?  How does it impact their lives?  I’d like to know what you think. 

As always, keep budgeting!

Chris
BuildMyBudget.com