Life’s too short! Buy now pay later! Buy it on the never never! Spend, spend, spend! All of these are well known sayings (and excuses) which we use for spending money in what could be considered an unhealthy way. Whether it be buying things we can’t afford, splurging in months when we really should be saving, or leaving ourselves unable to pay our bills without financial help from family, friends or a loan of some sort, our spending habits can sometimes make our lives difficult.
Whilst no-one is suggesting you should never spend money on frivolous things – We all need to treat ourselves now and again, we do need to have some idea of how much we are spending, and should be able to identify what is our disposable income, and what we need for bills and living. In short we are responsible for our own spending habits, and need to work within these constraints as much as possible.
While there is no right or wrong in how you manage your finances, there should still be a vague understanding of how healthy your spending habits are to avoid not having enough money to spend. Payplan, the financial services provider, have recently put together an online, interactive quiz which looks at your spending habits and gives you a score based on your answers. The quiz asks you honestly about your income, your spending and your borrowing, including your types of borrowing, and then gives advice and an indication of how you are doing.
Money issues, and particularly dishonesty when it comes to money worries, the proverbial sticking your head in the sand, are a major cause of depression, stress and even suicide. If you are struggling, you should look at seeking financial advice, that could include the possibility of setting up some sort of payment plan for mortgage and bills. This could help you to organise and manage each month. You should also speak to those closest to you, you should not hide financial difficulties from your family, particularly if it also effects them.
With Christmas on its way, there is no better time to take a look at your spending habits, and how they can be improved.