We are all familiar with that theme. You know, the one where you feel like the richest person in the world on payday and in the next moment, wondering where all your money has gone. There are student loans, credit cards bills, mortgages, and payday loans, among others. It’s a relief that there are ways to get help, like debt counselling in North Bay, but the question still remains. How did we ever get into this mess?
Here are the top four ways your debt starts to pile up.
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Online shopping
Spend a few hours on your gadget and before you know it, you’re making purchases here and there for things you may not even need. A smart blouse that would look great in the office, a houseplant, another set of earphones and other things. The culprit is the convenience of it all. Make your selection, hit checkout, pay online, have goods delivered. It is literally the easiest thing in the world. No doubt about it, virtual shopping is dangerous to anyone with a credit card, and that chronic need to shop.
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Eating out
Is your love for dining in fancy restaurants putting you in debt? Most Americans eat out several times a week and spend about $3,000 a year. Given busy schedules and work that never seems to end, take-out, delivery or just going out for a bite to eat seem to be the more reasonable choices. But once you get into the groove of preparing your own food, and see how much savings can pile up, you may want to reconsider.
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Any addiction you have
Whether it is innocent love for gourmet food or an unexplainable need to have a drink at the bar every Friday night, we all have that something we can’t get enough of. While it can be seen as a regular quirk of the personality, the truth is, it’s hurting our budget and our ability to pay off our debts. Sometimes, an incessant need to have something can be a symptom of an underlying problem, such as stress, insecurity, and a need for love. Maybe it’s time to ask yourself what is it really that you need? The answer may surprise you.
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That need to impress
Perhaps the most insidious way to get into debt is a need to impress other people, like neighbors, friends, family, or strangers. Sometimes you feel the need to show-off. A car that is way out of your budget just to see the look of envy on your colleagues’ faces? Blowing a month’s salary on new clothes to make your friends admire you? While you can justify these moves to be rare and worth every penny spent, you are not kidding yourself. You may fool others into thinking that you’re loaded but the weight of the situation will hit you soon enough. Live simply, and if you ever feel that you need to impress someone with money, that person probably shouldn’t be in your life at this point.
The sooner you take tabs of the sneaky ways money is leaking out of your hands, the faster it is you’ll get to save and pay off your debts. Take some time out now and find out where you can plug up those leaks. Your wallet and future self will thank you.
