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The Dangers of Living in Excess

excess2Things would be much better if all of us are born money managers. That way, we are always on top of our finances, never overspending or living beyond our means. Unfortunately, things don’t work out like that. Some people can manage their spending while others, not so much.

When you live in excess, you become reckless with your spending. Before you know it, all the money you saved are gone and you’re left in financial shambles.

It a dangerous habit, spending without thinking twice. If you don’t learn how to deal with your finances and you continuously live beyond your means, you’re always find yourself in debt. So how do you keep yourself from spending more than you should? What can you do to prevent yourself from overspending? Consider these tips:

Reality Check

Regardless whether or not your income can support your lifestyle, know that earnings are not infinite. Track your earnings all the time and learn how to control yourself when you’re going over your self-imposed limit. If you can’t afford something, don’t buy it. There’s no shame in admitting that you can’t afford certain things.

For example, you’ve been dreaming of owning expensive designer shoes. It’s worth more than a month’s salary and you cannot stand walking in high heels. Would it be practical to buy stilettos at an exorbitant price? More importantly, if it’s worth more than a month’s salary, is a pair of shoes more important than say, your utility bills? Assess the situation and find out whether or not you could really use a new pair of shoes rather than have power or running water.

Stick To A Budget and Learn To Compromise

Spending wisely calls for a strict budget. Apart from developing a budget, you have to stick to it no matter what. Find ways to cut back on spending. For example, if you love hanging out with your friends, then organize potluck instead of dining out.

excess1

You get to bond with your friends without spending more than you should. Or if you must have your favorite artisanal coffee in the morning but Starbucks is making serious dent on your budget, consider buying bags of coffee blends from the local grocer instead. Crank up your coffee maker and make your own brew. It’s better than any fattening fraps plus it’s cheaper too!

Stop Trying To Keep Up With the Competition

You love designer products not because of the quality but because most of your friends or coworkers have them and you don’t want to be left out. You hate the idea of not having the same things as moneyed people have and you want them to accept you. So you kept buying super expensive designer products with no idea how to pay it all back. If you keep this up, you might end up losing it all. Simply put, if you can’t afford it, don’t buy it. If you must buy it, make sure you save up and not buy on an impulse.

Move On From Past Mistakes

If you used to max out your many credit cards just to keep up with the Jones’ and you find yourself paying off your debts years later, don’t dwell in the past. Learn to forgive yourself and start making positive changes instead! Moving forward means learning from your mistakes and doing everything you can to correct them! So focus on the positive, move on and hopefully you learn the importance of self-restraint.

by: Jeffrey Slayter

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