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Archive for the ‘Spending Less’ Category

Spending a lot of money on shopping is not some thing new as manufacturers try coming up with new products every now and then. Getting attracted towards such products is quite normal, but when a product is nothing to you and you tend to waste the precious dollars earned by you on shopping for things that are of no use to you, there seems to be a problem. Many a time people come across the new gadgets that have come up in the market. In order to buy such high-tech products people tend to spend more than even what they have, at the end what they have is nothing more than the stupid gadget that is of no use for you and of course a credit card bill that you are supposed to pay for.

Compulsive spending is commonly seen in today’s youth, where they tend to spend money on shopping, the frequent visits to a shopping complex does not mean that a person is crazy about shopping, at times many tend to buy products that are of least use. Spending heaps of money will surely ruin a person’s future making it a nightmare for him. He/she would remember those days when compulsive spending drained the best out of him/her. Such a situation might create an alarming scenario with your loved ones as you might be ruining your as well as your loved ones future. In order to avoid such scenarios try overcoming this compulsive spending disorder by getting proper treatment for this.

May be you are aware of the compulsive spending habit of yours and try avoid spending money, but this so called temporary motivation doesn’t work for more than days or a weeks time, and the next time you pass by a store you think of just checking out the latest collections, and lo you find yourself spending your money again. Treating it requires help from something that has achieved success in past. One such highly satisfying treatment is hypnosis. A hypnosis treatment directly interacts with your upset mind that is always thinking of spending those precious dollars. However you yourself can do the hypnosis treatment by downloading mp3 contents from the Internet that can help you deal with compulsive spending.

Hypnosis is a kind of treatment that is related to every mental issue and suffices as an efficient means of treating your mental blocks regarding the habit of compulsive money expenditure. Mp3 downloads can help you with the cure for your compulsive spending disorder. Start using it before you have nothing left in your bank account. Maybe if you have already come across this treatment you would be thinking why you wasted all the time and money in the past, where you could have saved even more money. Mp3 downloads come to you, as a beneficial treatment that is a great investment where you can use it repeatedly. The hypnosis for compulsive spending puts your life in perspective where you begin to understand the worthlessness of your buying habits. It helps you see the pointlessness related to your compulsive behavior and enables you to control your spending binge.

Taking the step to get right with your money can be challenging because it will ask of you to make difficult choices and break some familiar habits.

Facing yourself

You may not think much about your over spending if it was happening one time but if you notice you are doing it all the time then you if you want to change you need to take a look at your spending habits and why you do it.

Your reasons for buying

a) You buy things and forget what you bought.

 

b) You see something you want and you cannot wait to have it

 

c)You believe you will pay for it later.

 

d) You feel you have worked hard so you deserve it no matter what.

 

e) If you worry about money when you going out for fun it will dampen your fun time so you rather not think about it.

 

f) You do not have a budget because you will feel restricted.

 

g) Planning on how much to spend takes away the surprise.

h) You buy because your partner gets you upset and you feel it will help you to spend.

What is behind the spending?

Do you think you over spend to avoid something or to give you some relief?

Do over spend when you have a fight with your partner.

 

What about when you are stress with work and you go out and buy something to cheer yourself up only to realize you need cheering up a lot.

Do you over spend to keep up appearances, in case someone realize that you do not have much money?

Do you over spend because you feel alone and it helps to make the time pass fast by creating a sense of happiness if it lasts only for a short time.

Identifying your need

Take the time to identify what it is you are getting from over spending and looking for alternative ways to fulfill that need within.

 

Fulfilling your need alternately

 

Credit card debt can be difficult on you and your family now and in the future.

 

Each time you splurge you spend tomorrow’s income today and you hope that you will cover it only to create more debt.

 

If spending helps you deal with stress then look for other ways to do so such would be talking to a friend, going for a walk, taking an exercise class.

 

The best way to curb your over spending is to not have a credit card that way you do not have temptation.

Your grand parents were able to curb their spending and created a better future by using only cash.

Conclusion: Over spending is a temporarily fix for what you are looking for within.

 

Have you ever thought about the process of spending money?  If you do the research before you spend on big ticket items by comparison shopping, looking for sales, searching for on-line coupons, and checking with consumer report websites for knowledgeable recommendations; then you are a savvy spender, and your money is working for you.

 

 

How Most People Spend

 

What most people don’t factor into the process of spending money is the emotional aspect of this action.  Often people make purchases because they have been influenced and persuaded by advertising and other subtle but effective types of manipulation.  Marketing experts, for example are masters of psychological manipulation, which is why advertisements always show happy, beautiful people using specific consumer goods to attain their state of well-being.

 

Our Parents Influence

 

Most of us have feelings that are both positive and negative about spending our hard-earned dollars.  Many of our perceptions about spending, saving, and even earning money, come from learned experiences we received during our formative years. Our parents’ behaviors with money were often our first exposure to the process.  If they budgeted, coupon clipped, saved and lived within their means, we probably will too.  If earning a six figure income was a focal point, or living pay check to pay check played a big role in daily life; those memories had an influence on us, as well.  Studies suggest that a large part of our emotional ties to money are directly correlated with our acceptance or rejection of our parents’ financial decisions.

 

Money Personalities

 

Money personalities vary greatly.  Compulsive shopping, gambling and over-spending consumers usually end up with large credit card debt.  The other end of the personality spectrum includes people who live frugally because they fear poverty.  This fear keeps them from spending to the degree that they deny themselves things that they need for a better quality of life.  Others try to avoid money issues by refusing to focus on how they spend or why.  Often, busy people who make a good income don’t manage their money well because they lack the time to do so.  All of these people miss the opportunities to put their money to work for them, even if it just means moving it to a different account to get a higher interest rate.

 

Thinking about Why We Spend

 

It is very important, now more than ever in this sluggish economy, to start thinking about how and why we spend money and how to get the most for every dollar we spend.  The all important bottom line is preserving financial solvency.  Knowing why we spend will help us manage our money more wisely.

 

Five Steps to Managing Money

 

1)             Track where money is being spent and the amount

2)             Set specific long term goals for your money

3)             Pay cash, or use your debit card

4)             Think before you buy to curb Impulse Shopping

5)             Prepare for periods of unemployment by putting aside savings and purchasing Disability Insurance, and Death Benefit Insurance for yourself and your family.

 

If we decide to focus on where the money is going, and why, and put a plan in place in case our earning potential is lost, either temporarily or long term, we will be smart money managers and not victims of our own emotional spending.

This week we examine Richard’s experience in the spending cycle. He has a problem many of us wouldn’t mind dealing with – too much money to spend!

Richard’s Story:

Your article on crazy consumption really hit the mark for me. I’m twenty-seven years old and I’m tired of wasting my money. I live at home with my parents, which helps to keep my expenses down. I do save a portion of my salary, but I realize that most months I will spend J-J,000 on idle activities and things I don’t even need. Sometimes I splurge on big ticket items, other times I buy a lot of small things that add up. Once I have money in my hand – I have to spend it!

I will be on leave from work during the Christmas period, so I’ll have a lot of free time on my hands. I’m afraid that I’m going to waste my bonus on parties and unnecessary stuff, like I normally do. My major frustration is that I seem to have absolutely no self-discipline to stop spending this way. Please help me to regain control over my money!

The Bigger Picture

Richard and I talked about his experiences with money from childhood days and in his adult life. He revealed that he had a humble upbringing – he never wanted for the necessities, but he also knew that his family didn’t have a lot to spend on frivolous things. He admitted that sometimes he would feel frustrated because there was never a surplus to buy the things he really wanted.

Richard recalled a childhood friend who he envied because he always seemed to have excess money. He later found out that the reason his friend could buy nice things was because he saved some of his lunch money and had summer jobs and other forms of income. Richard decided that when he started earning money, he would have the freedom to buy anything he chose. He remembered getting his first summer job at 17, and how great he felt when his mother realized that he was able to buy his own things without asking her for money.

One of the things that bothered Richard was that he felt aimless and idle when he spent money. He believed that he bought things without reason or purpose, and that he was just spending money for the sake of spending it. On the positive side, he had started some savvy investments and occasionally found opportunities to earn extra money. However, sometimes he dipped into his savings and used up his profits in unnecessary spending. Richard admitted that he didn’t currently have any concrete goals for his money, except that he hoped that by the time he was 30, he would not have to worry about money and not feel that he had to be tied to a job.
The Cure

Richard’s case is one that afflicts many young people who receive a new found sense of independence upon earning their own income. No more do they have to listen to their parents telling them how money should be spent – they have control over money for the first time in their lives. Ironically, this sense of control often leads to out-of-control spending.

People tend to spend aimlessly when they have no specific money goals. Money is just a medium to get things and enjoy life, and there is no connection between putting it away towards achieving financial goals such as a house, further education, or retirement. It’s only later in life that they regret wasting so much money and wish they had spent more wisely.

Richard clarified his financial wish to state that he wanted to have investments that were earning enough consistently to replace his 9-5 salary. He didn’t want to stop working, just to have the financial freedom of choice. I showed him that with his excess income and lack of liabilities or dependents, he had a great chance to succeed at this goal if he was focused on it.

He committed to:

1. Stick to a budget that limited the amount he could spend on entertainment and shopping
2. Put all excess funds into an ‘opportunity account’ at a financial institution where he had little access
3. Re-invest the profit made from his investments instead of spending it
4. Plan towards acquiring income generating investments such as a rental property

Richard revealed that he loves a challenge, and he’s looking forward realizing his dream of being financially free at age 30.

If you have suffered from Crazy Consumption in the past, and are worried about its financial impact on your life, please email your story to info@financiallyfreenetwork.com. You could receive a personalized treatment plan which may help to solve your problem.

* Name changed upon request

Copyright © 2007 Cherryl Hanson Simpson.

I would assume most people know how much they make every year, but I would also assume too many people don’t know how much they spend every year. If you don’t know how much you spend, it’s easy to spend more than you make and dig yourself deeper into debt every month.

So if you want to have money left over or better yet get rich, and you currently scratch your head at the end of each month wondering where all your money went, here is a plan of attack that could work for you. Start tracking your spending. Whether you pay by cash, check, credit card, or debit card, keep track of everything you spend. Just think, you can’t manage what you don’t measure, so track your spending.

You can track your spending on paper, but you can also use a money management program on your computer such as Quicken or an ordinary spreadsheet to help you along your journey to wealth and prosperity.

Tracking your spending can seem like a hassle if you’re not use to doing it but ask yourself this question: If the way I am currently running my finances is not making me wealthy and I don’t do anything different, what are the chances that next year I will somehow get rich? The answer is: If you continue to do the same things you are currently doing, you will end up continuing to get the same results.

When you start making and keeping more money, hire someone to keep track of your spending. So the quicker you start keeping and making more money, the quicker you can hire someone to help. If tracking your income and expenses sounds troublesome, remember that you have to track your income and expenses for tax purposes anyway, so you might as well use this information to plan for your financial future at the same time. So I encourage you to make tracking your spending part of your routine.

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Have you ever wondered why you spend too much? You may be earning quite a bit with your job, or your parents are giving you weekly allowance. This may be enough for you, but at times, you may be cut short because of spending too much! There are plenty things around you that can really drain you of your money. These may include fast food restaurants or interesting mementos you saw at the souvenir shop. This doesn’t even make up most of your worries. Are you a fan of enjoying the night life or even just a simple day at the mall? Spending time at the arcade or at a bar can really be costly. Here are some ways to resist these temptations.

Know Your Priorities

Is your allowance or income enough for food, transport, and other important payments? You should always consider this before even thinking of spending money. If you know your priorities, you can easily budget your needs. This will prevent you from spending unnecessarily because you know what you really need to spend on.

Enforce Your Priorities

Just because you already have your priorities highly considered, it doesn’t mean you aren’t open for any weaknesses in your spending spree. Discipline yourself by not spending when you don’t have to. This change in your attitude can really make you more resistant to the different things you may be tempted to spend on.

Secure Your Money

You can’t spend anything if you don’t have anything, right? Keep your money safe where it is out of your immediate reach. Some people put their money at the bank for safekeeping while others secure their allowance at home. Limit how much you bring with you every time you go out. This will prevent you from the desire to spend on something you see inviting.

Budget Your Finances

It is always imperative that once you have your priorities figured out and your money secure to budget how much you spend. This organized way will definitely let you spend wisely. Make a list of your expenses and what you’ve spent so you can adjust your earnings for the next period of time. Weekly budgets are very helpful because they are flexible to adjust.

Spending too much money is a problem many people face. They need to be able to know the priorities and enforce them. This will help them control their spending attitude. Once you successfully do that task, secure your money and budget it.

Have you ever heard of Backdoor spending and do you know what it will do to your computer? Backdoor spending will secretly install itself on your computer without letting you know, which will bring in ruinous and unexpected results to your computer. So it is necessary for you to learn how to remove Backdoor spending and protect your computer against Backdoor spending.

To answer this question, first you have to learn how Backdoor spending get onto your computer.

The first way you are infected by Backdoor spending is through website browsing. Some websites which provides contents like online games, music download, and sexual contents are very easy to be used by some illegal publishers or hackers to plant some malicious code. Once the PC users visit the web or click on the download links here, the Backdoor spending will make use of the bugs in their browsers and infect their computers.

The second ways for Backdoor spending to get on your computer is through program downloads. It is very normal for PC users to download programs from websites when using the computer. Most of the time, the Backdoor spending will piggyback on other software applications and then come onto your computer without your permission.

Another way that Backdoor spending infects your computer is through unsolicited email attachments.When you open the attachment that was sent from strangers, the Backdoor spending will install itself on your computer and might allows someone else to access to your computer remotely while you are connected.This will leave your computer and personal information unprotected.

So to protect your computer and your personal information, it is necessary for you to master some techniques to detect, remove and prevent your computer against Backdoor spending. Normally, the below tips will help you.

1. Do remember to download programs from security websites.

2. Do not open strangers’ email attachment randomly.

3. Never rely to spam or click on links in strangers’ emails.

4. Install a professional anti- spyware program to detect and prevent Backdoor spending all the time.

Above are some tips that you can do to prevent and remove Backdoor spending in daily life. But the most effective way is to install an Instant Spyware Removal to detect and get rid of Backdoor spending at any time for it is an anti-spyware program is designed with realtime safeguard feature to protect your computer at any time.

Budgeting and spending by government is different than that by the individual citizen. They seem to be working in opposing directions. What works for one may not work for the other. To thoroughly consider economic ideas, federal and state budgets must be examined.

Budgeting can consist of three different states. There is the balanced budget, the deficit budget, and the surplus budget. The economy is impacted in different ways by each state. This includes personal budgets as well.

The balanced budget for the government is just like we expect for an individual budget. Income (tax revenue) and spending are exactly the same. Again, as in our personal budgets, the deficit means spending exceeds income. The surplus budget means that spending is less than income. In the case of the government, income is from tax revenues. Each budget state impacts the overall economy in a different way.

The balanced budget maintains a static state of economy. The deficit means that the government is spending on programs more than it is taxing citizens. This reflects in more goods and services being available to individuals, above the tax burden. When the government is showing a budget surplus, that means the citizens are being excessively taxed, a condition that is detrimental to them.

Contrary to popular belief, a deficit in the government budget may not be all bad. It means that spending is being done on programs that will improve the economy. Money is being poured into the economy by the government, thus relieving some of the burden to citizens.

Though it might seem that a budget surplus would be a desirable state, in the case of the government, it means the worker is paying a higher rate of taxes, which is not good for the individual. As the money available for spending goes down, the economy takes a downturn.

There are three things that impact government spending. Taxes, welfare spending, and the balance of the budget are all factors. They each affect the economy in a different way, on both the national and personal levels.

The above three factors impacting the budget are themselves impacted by fiscal changes, both automatic and discretionary. Automatic changes are natural changes that occur over the course of economic cycles. Discretionary changes occur when efforts are made to change the economy in some way, interrupting the natural cycle.

Discretionary changes occur when government agencies decide to change something about the spending pattern, such as decreasing the amount spent on roads or education. Usually these changes are made due to some aspect of the economy seen as in crisis.

Automatic changes occur when the economy is left alone to cycle as it normally does. Allowed to cycle automatically, the supply and demands will balance out. When the economy is on the upswing, there will be more tax revenue and less need for welfare spending. Still, there will be less money available for spending.

Interfering with the normal economic cycle can cause changes in the economy that may or may not be positive. When the economy is failing, extra spending may be offered to relieve some of the stress. However, this requires added taxation to offset the expenses. All this can change the balance of supply/demand. If left alone, the economy will cycle through the supply/demand balances and there won’t be the need to budget for deficits or surpluses.

Does all this affect you, the individual? Yes, it does. When additional welfare spending is evident, there are more goods and services. However, this will eventually result in additional taxation. This will stress the individual in trying to balance their personal budget. Though the extra spending by the government will benefit the citizen in the short term, the increase taxation may negate those benefits.

Some economists believe that the government can affect individual budgeting needs by being available for extra welfare programs that help in the time of trouble. Again, they are there to tax to pay for these programs, thus causing the individual budget to suffer. Not all economists see it the same way. This is, of course, a very simplified view, with much more being involved that just what is covered here.

If you are spendthrift, it’s possible that you have low self-esteem, that your marriage could be in danger and your relationships hampered. Worse, you will lose your ability to live the way you really want to live. Implement these steps to assume control over your finances, and build a secure fiscal future for yourself and your family.

LOOK FOR THE SYMPTOMS

You feel guilty about spending even on legitimate essentials. You lie to your spouse about how much you have spent. Your credit card debts are piling up. You have no idea where your money goes and cannot keep track of how much has been spent on what. If you have any of these symptoms, you need to mend that hole in your wallet, very urgently.

TALK ABOUT IT

Talk to your spouse. If unmarried, speak to a friend or someone you trust. If you’ve been lying to your spouse about your purchases, confessing will make the burden lighter. Apologise and sincerely express your desire to mend your ways. Your confidant/e will help you in your endeavour.

WRITE IT DOWN

The fact that you have been overspending shows that you never make the connection between your income and your outgoings. Make a note of every purchase will hold you accountable for it. Magically, you will spend less money as you see the figures of your expenditure rising.

CUTUP YOUR CREDIT CARD

When you pay with plastic, you don’t see any money leaving your hands and you forget momentarily that you are just deferring payment. The fact is that you have to make that payment tomorrow. You may be having too many credit cards. One is more than enough. Cut up the others. If you can’t trust yourself to use even one credit card wisely, destroy that one too. It will ensure that you buy only when you have cash.

STUDY YOUR SPENDING

When do you tend to spend the most? Is it when you are depressed or when you are hungry or when you want to lift your mood? You could be spending to alleviate your depression or satiate your hunger, without knowing it. Check every receipt, record every purchase and detect what made you buy what you did.

ASK YOURSELF SOME TOUGH QUESTIONS

List your priorities. For example, you may need to join the health club or enlist in a weight reduction programme and may have to forego it because you’ve sent all that money at a mall. Ask yourself how you are going to feel when your credit card bills arrive and whether the items you bought were necessary in the first place. Ask yourself whether you are closer to any of the goals that you set up for yourself. That way you’ll think before you spend.

STOP IMPULSE BUYING

Decide that you will not buy anything on impulse. Don’t go window shopping or walk into a mall to just ‘look’. Doing so will surely lead to some reckless, uncalled-for spending.

WAIT IT OUT

Promise yourself that you will wait for a whole day or two days before you buy something you think you need. Ask yourself time and again whether you truly need it or whether you are indulging yourself. The waiting itself dilutes the urge and helps it pass.

PLAN YOUR SPENDING

You should never carry a burden of guilt for your spending. That can happen only when you plan your spending and buy only what is necessary. Ask yourself, “Do I need this, or do I want this?” Have a personal budgeting system and keep an emergency fund for unforeseen expenses.

CREATE A REALISTIC BUDGET

Put aside some money at the very beginning of the month, when you receive your pay packet, as savings. Then, keep aside money for your fixed outgoings like groceries, electricity, milk, rent, loans, utilities, etc. Then, establish how much you have to spend each week on everything apart from these fixed expenses. Withdraw the money you will need every Monday and make it last all through the week. This will keep you aware of where your money is being spent and you will be more thoughtful and careful about spending it. Fix a spending limit for every week and stick to it.

AVOID SALES

Just because there is a sale in the local mall does not mean that you should attend it. It’s foolish to buy things you don’t need just because you see a good bargain somewhere, because, in the long run, it’s going to be a bad deal for you and only lead to financial disaster.

MAKE A LIST

Even when you go to buy essentials, take a list of things you have to buy. Ensure that you go only to those counters which stock these and don’t meander through aisles looking at stuff that’s not on your list. That helps you from picking up those extra pickle bottles or the new flavour of drink that you know is inessential. Be clear, focused and undistracted from your intended purchases.

If, after making the effort, you find that you are unable to deal with your spending addiction, seek help. A counsellor will get to the root cause of your problem. Once you identify the problem, you will stop spending as a balm to your mental state. Seek the advice of a financial expert to put your books in order. He/She may have helpful insights that you may not have thought of. Once you rein in your spending, you will sail smoothly towards financial security and wise investments for a well provided for future.