Signs You Need Help With Spending Habits

Everyone should have a good grasp of their finances, whether they’re just starting out in their career or have been working for decades. One of the steps in gaining control over your spending is to identify warning signs of poor spending habits. If you spend money compulsively or find yourself racking up large balances on your credit card, you might need some help.

Your finances are a story of ups and downs. There are times when you’re flush with cash, and there are other times when you’re barely scraping by. The trick is to make sure that the latter scenario isn’t happening more often than it should.

If you find yourself struggling to pay your bills or hit your savings goals on a regular basis, it’s time to take a good, hard look at what’s going on. Identifying where your money is going is a first step in identifying spending habits and being able to address making changes to those habits.

If you are experiencing one or more of the following issues, it may be time to seek help with your spending habits:

  1. You are not able to pay all your bills on time, or you have missed payments.

  2. You have high credit card debt and can’t seem to reduce the balance.

  3. You are consistently using your overdraft each month to get by or drawing on your line of credit facility

  4. You have been turned down for additional credit because of your credit score.

  5. You tend to spend more when you’re not paying attention or at the moment

  6. You regularly spend more than you can afford.

  7. You hide purchases from your spouse or family members because they would disapprove of them.

  8. You have trouble sticking to your budget.

While there’s no simple way to fix your finances overnight, it’s important to start making small changes for better discipline, cash flow, and savings. Addressing your habits now will help keep you from getting into further debt or allow you the opportunity to dig out of debt. And remember, if the thought of facing your personal finances makes you uncomfortable, it might be a good idea to talk with a Licensed Insolvency Trustee.