Many of us have blind spots when it comes to spending. Spending blind spots can be thought of as our imprudent attitude towards spending money.
This might not sound like a problem, especially in moderate levels; however, these blind spots when neglected can cause you serious debt complications. So you have to know how to identify your spending blind spots.
Since nobody knows if he/she actually has a spending blind spot, the first thing you need to do is categorize your spending into three different groups. The labels are described below. Ask yourself if you have the symptoms that are described and you will identify your spending blind spots.
Level I
1. You might be spending money on undesired bits and pieces to make yourself more acceptable in the society you live in. You might think of the things you own and the things you put on to be the main elements that define who you really are.
2. When things don't work well and you feel unhappy, shopping is the one thing that lifts your mood up. You shop to make yourself feel better and recoup from problems that you are facing.
3. You find it difficult to stop once you start spending money.
4. Every time you spend, you convince yourself that you can pay your debts later and pretend as if you actually have no debts
5. You tend to hide the bills from others and have constant arguments about your shopping habits.
If you have all or few of the symptoms described above, you are in the moderate zone and you run a high risk of falling into the serious zone anytime. However, since you are only in the moderate zone you can rectify your spending problems easily and be clear of spending blind spots
Level II
1. Other people comment on the way you spend money often and you always find yourself being advised on spending money the right way.
2. While your credit card balance increases, your income remains the same and you pay even your basic expenses with a credit card.
3. You feel guilty after each time you spend money and still find it impossible to control your shopping impulses.
4. You hesitate to open bills, calculate your debts, etc. The very thought of seeing those numbers frightens you.
If you seem to have these signs, you are in the serious level. You will find yourself in serious financial trouble if you do not immediately work on sorting things out.
Level III
1. You don't feel comfortable telling others the amount of debt you are in.
2. You have received legal notices regarding your debts.
3. You have requested new loans to pay your existing debts.
4. You feel really stressed out and depressed because of your bills that you are always preoccupied with your debts, seek drinking or drugs to ease the tension, consider running away and sometimes even have suicidal thoughts.
If you have these symptoms, then you are beyond the serious level. You need to get immediate help and get things fixed or you will be in a very difficult situation soon.
Once you have discovered that you have spending blind spots, it is easy to curb your spending problems. Here is how you do it:
1. Discuss your spending habits with someone you trust or a counselor. Once you talk about it you will feel better and realize how bad your spending habits had become. The person you are sharing the problem with will also give you suggestions and help you overcome the problem.
2. Make it a habit to regularly write down your income and expenses. When you write it down, you can compare and analyze your expenses with what you actually earn. This will help you become aware of your expenses and will act as a guide when you want to plan your future expenses.
3. Stop using your credit card for everything and use cash for your basic needs like food and fuel. When you use a credit card, you do not see the money leaving your hands and hardly realize that you will have to pay for it later on.
4. Analyze the way you spend money. Study the way you shop and find out when you spend unnecessarily. Once you know this, you can stop yourself from spending the next time such situations occur.
5. When you have an impulse to buy something, wait awhile before you buy it. When you wait before you buy something that you do not actually need, the tendency to buy usually wears off with time. Ask yourself if you really need the thing as many times as possible.
6. Plan the way you spend money. Planning your expenses comes in handy when trying to overcome your spending problems. Before you go shopping make a list of things you need to buy, look at the list and consider your needs in depth, make a budget and see to it that your expenses fall into your budgeted limit.
Once you know how to identify your spending blind spots and you find ways to resolve the problem, you can easily get all your debt problems fixed. Once you implement the strategies to handle your spending problems and stick to them earnestly, you can look forward to a debt free future.
Many of us have blind spots when it comes to spending. Spending blind spots can be thought of as our imprudent attitude towards spending money.
This might not sound like a problem, especially in moderate levels; however, these blind spots when neglected can cause you serious debt complications. So you have to know how to identify your spending blind spots.
Since nobody knows if he/she actually has a spending blind spot, the first thing you need to do is categorize your spending into three different groups. The labels are described below. Ask yourself if you have the symptoms that are described and you will identify your spending blind spots.
Level I
1. You might be spending money on undesired bits and pieces to make yourself more acceptable in the society you live in. You might think of the things you own and the things you put on to be the main elements that define who you really are.
2. When things don't work well and you feel unhappy, shopping is the one thing that lifts your mood up. You shop to make yourself feel better and recoup from problems that you are facing.
3. You find it difficult to stop once you start spending money.
4. Every time you spend, you convince yourself that you can pay your debts later and pretend as if you actually have no debts
5. You tend to hide the bills from others and have constant arguments about your shopping habits.
If you have all or few of the symptoms described above, you are in the moderate zone and you run a high risk of falling into the serious zone anytime. However, since you are only in the moderate zone you can rectify your spending problems easily and be clear of spending blind spots
Level II
1. Other people comment on the way you spend money often and you always find yourself being advised on spending money the right way.
2. While your credit card balance increases, your income remains the same and you pay even your basic expenses with a credit card.
3. You feel guilty after each time you spend money and still find it impossible to control your shopping impulses.
4. You hesitate to open bills, calculate your debts, etc. The very thought of seeing those numbers frightens you.
If you seem to have these signs, you are in the serious level. You will find yourself in serious financial trouble if you do not immediately work on sorting things out.
Level III
1. You don't feel comfortable telling others the amount of debt you are in.
2. You have received legal notices regarding your debts.
3. You have requested new loans to pay your existing debts.
4. You feel really stressed out and depressed because of your bills that you are always preoccupied with your debts, seek drinking or drugs to ease the tension, consider running away and sometimes even have suicidal thoughts.
If you have these symptoms, then you are beyond the serious level. You need to get immediate help and get things fixed or you will be in a very difficult situation soon.
Once you have discovered that you have spending blind spots, it is easy to curb your spending problems. Here is how you do it:
1. Discuss your spending habits with someone you trust or a counselor. Once you talk about it you will feel better and realize how bad your spending habits had become. The person you are sharing the problem with will also give you suggestions and help you overcome the problem.
2. Make it a habit to regularly write down your income and expenses. When you write it down, you can compare and analyze your expenses with what you actually earn. This will help you become aware of your expenses and will act as a guide when you want to plan your future expenses.
3. Stop using your credit card for everything and use cash for your basic needs like food and fuel. When you use a credit card, you do not see the money leaving your hands and hardly realize that you will have to pay for it later on.
4. Analyze the way you spend money. Study the way you shop and find out when you spend unnecessarily. Once you know this, you can stop yourself from spending the next time such situations occur.
5. When you have an impulse to buy something, wait awhile before you buy it. When you wait before you buy something that you do not actually need, the tendency to buy usually wears off with time. Ask yourself if you really need the thing as many times as possible.
6. Plan the way you spend money. Planning your expenses comes in handy when trying to overcome your spending problems. Before you go shopping make a list of things you need to buy, look at the list and consider your needs in depth, make a budget and see to it that your expenses fall into your budgeted limit.
Once you know how to identify your spending blind spots and you find ways to resolve the problem, you can easily get all your debt problems fixed. Once you implement the strategies to handle your spending problems and stick to them earnestly, you can look forward to a debt free future.