Overspender or someone trying to have a good life? Read on!
Enjoyment means different things to different people. People enjoy different aspects of life, from simple pleasures like long walks and get-togethers with friends and family to more significant events such as vacations or significant life celebrations.
However, for some, a common form of enjoyment is spending. While being able to afford what you want is good, overspending can affect your finances.
So, how do you know if you’re spending too much? Here are some:
You Lie About Purchases
If you’re constantly hiding your purchases from your family members or sneaking them into the house pretending they are already owned items, you may be an overspender.
Like shopaholics, overspenders often lie about when they are shopping because they are embarrassed to admit the depth of their problem and don’t want loved ones to interfere.
You Frequently Treat Yourself Because “You’re Working Hard”
Hard work is certainly deserving of some sort of reward. However, it is important to strike a balance between immediate enjoyment and longer-term payoffs, such as securing your financial future.
This isn’t to say you shouldn’t enjoy treats from time to time, however, you should not over-splurge to the detriment of other parts of your finances.
You Convince Yourself You Can Earn It Back
Another common justification an overspender comes up with is telling himself that he can easily earn enough money to cover what you’ve spent.
While it is true that you can earn it back, you’ve missed an opportunity to save some money. If you find yourself giving this excuse, take a minute and ask yourself how frequently you earn it, and how frequently you save it.
You Spend More On Vacations Than You Save
There’s no doubt that vacations are important for your physical and mental wellbeing.
However, if the amount you spend on vacations exceeds the amount you save for retirement, you might only be addressing your short-term well-being. Save money on amazing vacations, and divert those extra funds to support your longer-term wealth and happiness.
The Thought Of Retirement Scares You
If you get the chills at the thought of planning for retirement, it’s time to stop procrastinating!
Take control of your life and your spending, and talk to your financial advisor about how to set and achieve meaningful and attainable financial goals that will support both your current lifestyle and your future life objectives.
At Rosabon Financial Services, we have numerous financial planning and wealth management services that can help you to achieve your long-term wealth objectives.