Spending More Money Than You Are Earning? Know Ways To Quit It

By Author: Arond Devit
Total Articles: 14
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Our difficult debt situations have landed us into utter financial quicksand from where nothing less than debt management plans could have saved us but the majority of our economic troubles are the result of our attitude towards money and spending. As we come face to face with our financial blunders we are introduced to the various debt relief options and we realize that all these complications could have been well averted with our slight inclination towards savings and avoidance of spending more money than we earn. Spending more money than you earn is common practice in the U.S., and increasingly in other countries around the world. Credit card companies have simplified the process so much that it requires quite a bit of discipline to live only on the money you make. This surely will thus be a difficult task to break away from a long drawn habit which has built up since ages but we got to quit it to rebuild our financial fortress from among the ruins created by debts.

First of all, you must believe that you can quit this habit as it is this belief that is going to carry you when ...
... you feel like quitting. Find people who have gone from overspending to living within their means and get encouraged by their stories. Reading other people’s motivational anecdotes will imbibe self-trust and confidence in you. After they too are humans like you! If you do not yet believe that it is possible, keep reading and listening to success stories until you believe that you can do it. When you get discouraged and feel like quitting, go over the stories again and encourage yourself. The motivation gained from other people’s successes are going to be one of your main keys to succeeding, because if you do not believe that you can do it, you are not going to make it.

Next, you must eliminate the sources of temptations that drive you to spend and overspend; for example freeze your credit cards or cut them up, avoid companies that intrigue you to keep up with their financial status, get rid of those harmful hobbies that cost you more than you realize, avoid going to the malls and markets that entice you to buy stuffs on face value or eating out in expensive restaurants and so on. Obviously, the key here is to have a burning desire to want to curb your spending. Also don’t ignore the other areas of your livelihood that demands extra expenses without much use or purpose and do minimize your expenses like a hobby or habit; remember that often expenses rise to meet income and if we would not check it at the right time, it would exceed our income. Things like shopping around for car insurance, wasting money on groceries, neglecting the cheaper ‘phone call rates’ plan and electricity usage and mindless buying of stuffs are such things which prohibit us from saving money and thus should be avoided. Thus by following these steps would surely show you the initial path of quitting the habit of spending more money than you earn and will eventually lead you to have a better condition of personal finance.

Aronddevit is an author of finance and also written several financial journals related to a wide variety of topics from banking to debt relief. She has also published books on money management in general and recently on free debt consolidation help and the best debt settlement program.