What do you do when you first get your paycheck at the end of the week? Do you:
a) Put it in the bank, look t your budget and divide it between your debts, bills and spending money?
b) Cash it and go out on the town – I’ll worry about the bills later, maybe next week!
If you answered a, good for you; you can stop reading and move onto another topic, because you’ve already mastered this one! If you answered b on the other hand, you are going to want to read on and learn! (Don’t worry; it won’t hurt…too much!)
This play now, worry later attitude will not get you very far in life. In fact, all it will do is put you on a downward spiral that promises to end in bankruptcy. You may think I’m being overdramatic about it, but think about it. What if you were to buy a car someday and you suddenly lost your job or got hurt and couldn’t work for a while? What would you fall back on to make your payments? Your memories of all the fun times you had? What about all of the little things you wasted your money on? Chances are, when you spend a hundred dollars of your paycheck you don’t have much to show for it at the end of the day right? In case you’re wondering how I know you so well, I was you! Living paycheck to paycheck, forgetting about bills and due dates, and I was all about spending my money! (Okay, that paragraph is the only one that will hurt a bit…from here on in, we will work on fixing the situation!)
Spending too much money doesn’t usually come from serious need of the things you are buying. When you spend and shop, it could fill a void in your life, or maybe it makes you feel important. You could be bored and you go shopping for something to do; a hobby of sorts. Either way, you are going to have to find something else to do that will keep you busy or fill a need in your life, because you simply cannot continue on the path that you are on. Try talking to a friend or family member about your feelings, or joining a group or taking a class to occupy your time and meet more people.
I’ll bet when you first started reading this article, you thought I was going to give you advice on how to make a budget and pay your bills on time, but its been my experience that you already know how to do that. You’re only problem is actually implementing a budget because of your love for spending money. I would recommend volunteering somewhere a couple of times a week. (Right after you get paid would be a great time to start!) This way you can do something that is bigger than yourself and your needs for a change and you can also hold onto your paycheck a little longer. Look around and realize that you don’t need new shoes, a new movie, outfit, earrings, or much else. We are truly blessed to have any money to spend at all, compared to much of the world.