If you are struggling with a money-spending problem, you might not want to talk about it – or even think about it. Spending problems can get you into money troubles very fast, and it can be hard to dig your way out. Below are some tips about how to overcome your spending problem. If you want to learn whether bankruptcy might help you, talk to a Michigan bankruptcy attorney today.
No one wants to admit to others that they are spending too much money, but the first step to taking control of the problem is to admit it to others. Talk to your spouse, dating partner, best friend, sister, or someone else you can trust. Sometimes, just saying the problem out loud puts you on the path to solving the problem. The longer you keep your spending a secret, the longer it might continue, and the worse your money problems can be.
Most of us have an idea of how much we spend – or should spend. When you put it in writing, you can see exactly how bad the problem has gotten. Making a written budget shows you:
Once you write down how much money you should be spending on optional purchases, it can be a reality check. It can help you think twice before you hit “purchase” on your online shopping basket because you know that money is not in your budget. Make categories of spending (utilities, groceries, optional purchases) and begin by trying to stick to it. Go easy on yourself at first – it might take a couple of weeks or months before you adapt enough to stick to your budget. You can celebrate that you are on the right track to addressing the problem, though.
Many people say that you can’t take money with you after you pass away, and it is true that you should enjoy spending what you earn – within reason. Once you have your overspending habits under control, you can feel good about buying a sweater or bag that caught your eye.
Also, you should never feel guilty about spending money on necessities, like food or a roof over your head. If your home needs repairs, you should not regret spending that money to ensure your comfort and safety.
Many people who spend too much have significant credit card debt or personal loans, whether from a bank, a parent, or a friend. Do not spend your life dodging collectors and bills you cannot afford. Instead, look into solutions that can help you clean your financial slate and start fresh. For some people, bankruptcy can be the answer to debt issues from a spending problem.