188 The Psychology of Overspending and Tips To Avoid It In The Future

The question I have for you is this, are you an overspender?
Overspending has everything to do with one's emotions because it
is the only justification for why people purchase things they
know they cannot afford.


Self-control tips and strategies are shared during this episode
of the Wealth Academy Podcast. Research reflects that
advertising, lifestyle creep, and social pressure contribute to
overspending, through it all trying to live like the Joneses is
not a good financial strategy by any stretch of the imagination.


The psychology of overspending also has a lot to do with pressure
and baggage from days gone by, growing up in poverty and not
being able to purchase things in one's youth also plays a role in
people living above their means. So what type of behavior do you
have pertaining to your finances? 


In the end, overspending comes down to decision-making when
purchasing items, and the people that have a tendency to
overspend have no decision process when it comes to
spending. 


It takes time for some people to stop overspending, thus it is
not something that happens overnight for people because it has
been taking place in most cases over the lifetime of some people.


Tips to avoid overspending:
Plan purchases with a shopping list.Use a retirement savings
projection plan.Pay with cash as opposed to credit cards.Consider
why you are pursuing items.Track weekly savings deposits.Use a
savings account without early withdrawals.Keep budgets for shopping
trips.Set specific savings goals.Keep cash in bills in
general.Anticipate future regret over purchases.

These financial self-control strategies can assist individuals to
limit overspending and increase their spending. Apply the tips
and strategies that best serve you and consult your financial
advisor, financial firm, accountant, and or attorney for
professional expertise and make overspending a thing of the past
for you.


Tune in to listen to this episode with Paul Lawrence Vann and
over 188 episodes of Wealth Academy Podcast at this link
 https://bit.ly/3n84XSF