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Overcoming Over Spending

Author : Jacob Lumbroso

When most people review their financial problems, they concentrate on the need for greater income so as to pay off their debts and breathe more easily each month. Depending on your current circumstances, you may indeed need to find ways to increase your disposable income over time in order to make things easier for you and improve your general standard of living.

However, you should not blame all your current financial problems on low income at the expense of examining your own habits and motivations. More often than not however, a lack of self-control is a major cause in financial distress. Most people tend to spend all of their checks each month, and, even sadly, they spend even more than they earn by charging their credit cards and obtaining consumer loans.

The net result is that people in the United States simply do not have enough savings, and far too many people are living from paycheck to paycheck under incredible stress. They often have no idea how they will pay off all of their loans or bills, they don't understand how they got to this point, and they may simply try their best to make the minimum payments and not think too much about the big picture.

Nonetheless, if self-discipline is a major contributor to financial success (and we do believe it is), then we need to examine some of the psychology of spending. Why do people spend so much and how do they end up in debt? One simple reason is that people have learned to associate spending money with experiencing pleasure. Its comparable to a drug that gives a person a high temporarily until the buzz wears off and another item has to be purchased.

People often go shopping in order to escape from their financial problems, family relationships, or any other issues they may be dealing with. They may learn to associate shopping with alleviating depression or sadness. The problem is that they are simply digging their hole deeper which will lead to more financial problems, more stress and depression, and so on.

Recognizing this recurring pattern is a crucial first step, but you have to learn to break these habits and instill some self-discipline in your life. Consider the consequences of your actions. Learn to think long-term and avoid short-term gratification that will lead to long-term pain.

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Jacob Lumbroso is an enthusiast for foreign languages, history, and foreign cultures. He recommends for anyone looking to buy leather sectional couches.

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Tags:   Financial Difficulties, Financial Problems, Goals, Setting Goals, Motivational

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Submitted : 2011-01-19    Word Count : 1    Times Viewed: 695