Business Technology

Do you make money and spend it quickly? Take this very short quiz here to see if you are an impulse spender. Please answer these questions truthfully:

1.) Does your spouse or partner complain that you spend too much money?

2.) Do you carry a month-to-month balance on your credit cards?

3.) Do you have shoes in your closet, over 6 months old, that you have only worn once or twice?

4.) Is you home or apartment cluttered, with items you rarely use?

5.) Do you buy things just because they are on sale?

If the answer to ANY of these questions was “yes”, I suggest you wait a full minute, at the minimum, and think about what you might buy, before making any purchases. If the answer to ALL of these questions was “yes”, the stores love you and turn on the sale lights when they see you coming. Wait 5 minutes, at the minimum, and think about what you might buy, before making any purchases.

Always put away a portion of your check into savings. Budgeting and setting money goals will help tremendously. Set a limit and budget on how much you will spend monthly on necessities, such as food, transportation and shelter and luxuries, such as another pair of black dress shoes.

Spending your money unnecessarily could hurt your family also. The money will not be there when a family crisis arises, that you could help financially with. Remember, necessities always first, then savings, then luxuries (very sparingly).

We are not to blame for this habit we have acquired. Some messages are subliminal, and we are constantly being bombarded from every direction with ads telling and showing us how, where and what we should spend our money on to “keep up with society.” I cannot write this enough, always give yourself a minute or more to think about purchasing an unplanned item.

Becoming an all cash buyer could help you tremendously. We tend to spend less when we are spending cash. Become methodical with your spending. Account for every dollar. Once you have cultivated better habits for your spending, you can go back to using credit cards, if you want to. It takes at lease 30 days to change a habit.

If you see something you think you really need, give yourself two weeks to decide if it is really something you need or something you can easily do without. By following this simple solution, you will mend your financial fences and your relationships.

Tags: online business
Filed under: online business