I was reading an article in a health magazine about people who struggle with weight gain because they aren’t actually aware of how much food they are putting in their mouth. They were also not acknowledging they were doing it, as nobody saw them doing it. This is serious denial.
I couldn’t help but see the resembalance to the denial people face around their spending habits and their growing debts.
One of the main culprits of this is the use of credit cards. Spending on a credit card doesn’t seem that harmful as you don’t actually ‘see’ your hard earned dollars being handed over a counter.
An even bigger cuplrit is using this said credit card online. A lot of online stores now offer you the ability to store your card details securely on their site meaning you can simply make a purchase without even having to put your details in every time.
This is a great strategy from the online business, but not so great for the consmer who has a love affair with online shopping!
So, just like the person not paying attention to what they were eating every day/week/month, if you don’t pay attention to what you are spending you are going to end up financially overweight! Yes, in debt!
Tracking what you are eating for a month wil help someone determine where the problems in their diet lie. This allows them to make the appropriate changes to not continue to gain the weight.
This is the same theory with spending and accumulating debt.
If you are unsure where your debt is coming from, and why you aren’t getting ahead, you NEED to track what you are spending your money on!
At a minimum, this should be done over a three month period. However in some cicumstanes I recommend a longer time frame depending on how often your spending habits cycle around.
There are simple apps available which can easily track your spending and determine where the extra financial calories are coming from!
It can be quite daunting to confront your habits, and a lot of people chose to ignore it.
Once you can admit to yourself that there is a problem, then it is much easier to determine a way to fix it!