Do you spend more money than you intend to? Or does it seem like there’s always more month left than there is money?
If so, you may be falling into some spending traps without even realizing it.
In fact, that’s the first (and probably most common) spending trap: not realizing what you are doing with your spending.
When you don’t pay attention to your spending, you end up selling yourself short. Change that one thing, and chances are your finances will improve almost like magic.
Paying attention to your spending can be as simple as thinking about each dollar as you spend it.
You can ask yourself if what you are buying is worth it, if you are giving up something you want even more by spending this dollar now, and of course whether or not you actually have the dollar available to spend.
Of course you can go further than this too by tracking your spending and listing out the things you want to buy or do with your money, but thinking about what you’re doing is the critical step.
Be intentional with your money, and you’ll get to where you want to be.
Posted in Financial health on 12.08.09 with 2 comments.
Dear Jackie:
Mindless spending is the ultimate nine headed beast in personal finance. No matter how much we try to take of our finances, if we do not take care of this one, it is all futile.
Awareness of your spending habits can help you be a more savvy consumer by helping you get only what you need and only when you need it. Awareness will enable you save money and still live a fulfilling life.
However, I believe that awareness is something that has to permeate every single area of our life and it should start at the moment when we wake up every day. It’s a life long practice and a virtue at the same time.
Best,
Tomas
Tomas, I like your way of putting it as the ultimate nine headed beast. I completely agree with you about awareness being something to work on in all areas of life.