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Harris-Courage & Grady, PLLC June 16, 2016

We see many people who feel like their finances are out of control. Bankruptcy can erase past debts and give you a fresh financial start. However, if the spending habits that led to the excessive debt aren’t changed, people will end up right back where they started with too much debt, constant harassment from creditors, and feeling completely out of control. We want to help you avoid that. Whether you’re considering bankruptcy, recently filed, or just want to make some changes to your spending habits, these tips can help you to improve your spending habits.

Follow these suggestions to take charge of your spending:

  1. Talk to a professional. There are many types of financial advisors that can help you to get control of your spending. You may want to visit a psychologist if you’re possibly suffering from an addiction. If you don’t think an addiction is to blame, a consultation with our office can help you to establish a budget and a plan to get your spending under control and to eliminate your excessive debt.

  2. Examine your purchases. Take a look at the things you buy regularly and consider the benefit they bring to your life. Be honest and rate the necessity of each. You’ll likely find that a lot of unnecessary spending takes place! Next, look back at all of the things you’ve bought over the years. How many of your purchases provided prolonged fulfillment? As spending gets out of control, the importance of what you’re buying diminishes. It becomes a bad habit that’s difficult to break. Doing this assessment will help you to see areas where you can easily reduce or eliminate spending.

  3. Visit a banker. One of the simplest ways to take control is to put your money away in the bank where you can’t spend it as easily. Talk to a banker and figure out ways to add to your savings each month. Consider options that prevent you from touching the money in the short term. Automatic deposits are usually best because they promote serious savings without any additional work from you. Set up a system where you immediately send a specified amount of money to your savings account each time you get paid. Start small if you have to, but designate something for savings.

  1. Get Support. Keep a family member or friend in the loop and ask them to help you commit to your savings plan. Having support is important when you’re trying to change your habits. You may be able to help someone else who is struggling to improve their financial health too!

  2. Get in touch with your spirituality. If you’re overspending to make up for something that’s missing in your life, find out what it is. Sometimes overspending ties in with a lack of self-awareness. What kind of person do you want to be? What’s important in your life? Take some time to build your spirituality. It may open your eyes! When you live for those things that are most important to you, overspending will lose its appeal.

Negative spending habits tend to get worse unless you take conscious action to turn them around. Take the necessary steps to eliminate overspending and replace it with positive action. You’ll be glad you did.