Spending addiction like all addictions is tough to overcome. A spending addiction does not start overnight. Therefore, it will not end quickly.
Spending Addiction Causes Imbalance With Income and Expenses
Have you been on a spending spree using cheap money to upgrade your lifestyle. Wherever you go, people tell you that interest rates are at historic lows, and you must look for opportunities to spend, before rates start rising.
Your key buys include a car, furniture, appliances, home renovation. You are flattered that invitations to apply for credit cards keep rolling in. People tell you that you needed good credit to get more credit, but with your rising debt, finance companies continue to offer more credit to you. Folks compliment you on your lovely home and car! Your invisible debt masks the reality, even to you! That’s why, at this stage, still, life seems good to you, with credit so easy.
You ignore advice to work with a budget, and you keep spending because you must take these amazing “deals.” How can businesses afford to give so many, no-money-down “deals” on such a wide variety of items? Imagine, zero payments for two full years; wow! Really, you are happy as long as these great bargains keep coming your way.
Two years later, you are stunned when you start getting letters telling you that you must begin repaying these loans. How could you owe $40,000? You did not think your spending was excessive! The monthly payment of each item was reasonable. How could your total spending, two years earlier, be so much?
Still in disbelief, you decide to check all those loan documents you signed, and you meet your first major challenge. Where did you place those contracts that you signed? You are in shock; how could you mislay them?
Does this situation sound familiar? It is quite common, and suggests three areas needing urgent attention:
- Uncontrolled spending
- Lack of accountability
- Absence of a retrieval system
If you accept the first, and decide to start focussing on fixing each, you will notice an immediate change in your attitude to spending, and you will be on your way to improving your overall well being.
For help with healthy lifestyle choice, visit Managing God’s Money Essential Tools.
Copyright © 2011, Michel A. Bell