Staying on top of your finances is never going to be easy. It is going to take hard work, dedication, and keeping a close eye on how you are doing.
Generally, I’m pretty good at keeping my savings on a lockdown. I plan visits to the store, only go shopping when I really need to, and limit my weekends out downtown.
Yet, sometimes I still go overboard. Of course, it is okay to spend a little every now and then, but it generally isn’t okay to go overboard. Especially, I think, when you know you are spending too much money while doing it.
Basically, these overspending habits come down to one thing at the end of the day: excuses. We all make money excuses to justify our overspending to ourselves.
Here are three of the most common money excuses that might just be killing you financially (I know they took work for me to overcome them).
1. I Work Hard, So I Deserve to Spend
This is such an easy trap to fall into. When you are working damn hard to make a living, it feels right to spend a little of that hard earned dough on yourself.
But there is a huge difference between deserving to spend cash on yourself and actually having the money to do so. Don’t spend on something you can’t afford. Don’t feel entitled to spend – or worse still, use your credit card – unless you know you have enough money locked away that it won’t make a dent in your monthly budget, especially in the form of debt.
2. I Will Earn More Later, So I Can Spend Now
Another money excuse that is all too easy to use is that you will earn more later. Sure, you likely will earn more in the future, but that doesn’t mean now is not a good time to start saving.
Learn to enjoy the present while saving for the future. Set a reasonable budget plan that encourages saving but also gives you a little wiggle room for entertainment and outings. The future most assuredly is now and there is never a better time to start saving for it, even if that is just $100 per month.
3. I Don’t Care About Money
You don’t care about money, huh? Then why are you spending so much of it!
I sometimes find myself falling into this financial trap. I’ll convince myself that I don’t really mind carrying debt – I still have student loan debt to pay off anyways – and then I’ll use my credit card for a purchase.
This is one of the worse forms of financial laziness. Once again, it is putting the problem of finances of for the future. I’ve found that staying within a solid budget plan and limiting my credit card use (I only have one credit card and never use it for anything unplanned, except emergencies) I can get out of this line of thinking.
What Money Excuses Are Killing You?
Enough excuses. At the end of the day, they really are just excuses. They might feel nice in the moment, but they are not going to help you out down the road, even in the very short term.
What are some money excuses that are killing you financially? How are you working to overcome them?