Taking Absolute Control of Your Uncontrolled Spending
Uncontrolled spending must be stopped if you want to live a life unburdened by accumulating bills, financial pressure and perhaps rising relational tensions. People with bad money management skills seem to think of money as a seed that can be planted in the ground and grow into an ever-yielding money tree.
You know you have a spending problem when you have a hundred pair of shoes still in the boxes, an overflowing wardrobe of new cloth which you never wear and a tendency to eat out at expensive restaurants 3 or 4 times a week.
You know you are in trouble financially when it is difficult to meet the rent even though you had a month to come up with the money. You know that you have mismanaged your finances when you must borrow high interest payday loans to prevent your back account from being overdrawn, resulting in multiple overdrafts.
Now is the time to stop insulting your own intelligence.
Tips for Harnessing Your Finances
Acknowledge that you are in a dangerous financial situation and need to get things in control for the sake of your future happiness. Burdensome money problems nearly always lead to a very low of quality of life, a life filled with worry and struggle.
Conquer your appetite for spending on unnecessary things which may be good to have but which you can absolutely do without. This is a big sacrifice for big time spenders, to embrace, but for the sake of making an intelligent change that will positively affect your future, you must make this sacrifice.
Create a personal budget. A unique thing about a personal budget is that it is a tool for controlling your spending, saving money, getting out of debt and using your money to make significant gains in your life and affairs. When creating a budget, you should consider the following items:
- Monthly debit card transactions
- Most recent pay stubs
- Online banking activity
- Checks cashed
- Entertainment bills
- Utility bills
- Rent/ mortgage
- Credit card payments and transactions
Take Charge of Your Finances
Do You Have Control of Your Spending?
Calculate all your spending. The above items tell you where and how you are overspending your money and where you need to reduce spending. Once you have determined the amount of money you have left over after paying necessary bills, set a daily, weekly and monthly budget and commit to keeping it one hundred percent.
Avoid friends and relatives who act as triggers to your over spending. The more you isolate yourself from situations which demand spending money, the more you can take control and move positively forward toward financial health.
If you are a college student with no credit history, avoid accepting multiple credit card offers which come in wave after wave.
Once you get control of your finances, never resort back to an overspending lifestyle. The time it takes to recover from the burden of debt is a time which could have been spent enjoying life. To avoid wasted time, take charge of your spending today. Your livelihood depends on it.
The joy of financial Health
Financial health is necessary to enjoy the American Dream. Those who know how to use their finances to improve their livelihood will enjoy a greater quality of life, freedom from financial pressure and money for significant investments.
Therefore, you must make the best out of the opportunities which life presents to you. Go to college, get an illustrious career, buy a home and get married and have children. To obtain such a dream, your finances and credit must be in decent shape.
Take control of your personal finances, commit to this and make your life a series of joyful and peaceful event.