Michael Koch, Esq. Lockhart, Britton & Koch
Michael Koch, Esq. Lockhart, Britton & Koch
Call Us Today
619-880-4354
A Friendly Attorney Who Takes The Fear Out Of Bankruptcies And Estate Planning
Call Us Today
619-880-4354

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I’m an overspender: How do I stop?

On Behalf of | Apr 20, 2021 | Bankruptcy |

In today’s society and culture, we have materialistic expectations for ourselves and others. This can often be toxic — we may, for example, feel that we need to own certain brands of technology, clothing and cars so that we can send a message to others of our status. This can lead many people to spend more than they earn just so that they can own things that they mistakenly believe that they need.

The truth is that everyone is equal, regardless of whether they travel in a sports car or by bicycle. Additionally, it’s more important that you take care of your inner sense of peace than trying to compete with or impress others. If you have worked yourself into significant debt because you have been purchasing excessive clothing, gadgets, home decor or other unnecessary items, it’s time to get this under control so that you can start to enjoy life without money worries. The following are some tips for doing so.

Think about why you are overspending

It’s important to consider the reasons behind your spending habits. Are you feeling that something is missing in your life and have instead become addicted to the endorphin rush that comes with making purchases? Perhaps you are trying to portray a certain image of yourself to others by buying certain designer brands? Or maybe you have not set boundaries with your children and are allowing them to run you into debt.

Create an honest budget

By creating a budget ahead of time, it will be easier to see the difference between what you want and what you need.

Switch to cash

If credit cards are your downfall, or if you are addicted to online shopping, it’s time to switch to cash. Cutting up your cards can help you to stick to your budget in the long term.

If you are feeling stressed because of overwhelming debt, make sure that you look into your options. Filing for Chapter 7 bankruptcy could be a great opportunity to get debt-free quickly.