Not keeping up with your current bank account balance is one sure way to tell that you have a spending problem.
You are afraid to see the balance because then you know that you can't get ______ (insert something you want to spend your money on).
You should be confident when you swipe your card! You should know down to the penny what you have to spend on any given item.
One way to overcome the "crossing finger and hoping it goes through the method" is to check your balance out every morning. This will ensure that you are aware of all charges that are on your account and how much money you have to spend.
You are not budgeting every month. this is what is causing you to run out of money. Budgeting allows you to see what you are spending your money on in the first place.
Budgeting gives you the power to identify your spending habits and address them before they become out of hand.
Get started by creating a list of everything you pay for each month, use your banking statement because I guarantee you are going to forget something. Not sure where to start? Subscribe today and get 3 Free Budgeting Worksheets and access to the Free Get My Budget Together Course.
Girl, this is the one! This would get me into so much trouble! Not having my card on me wasn't a problem because I knew my debit card and credit card information off the top of my head.
Knowing that information meant I could input my information wherever and whenever I wanted to!
Combating this takes will power because there is no easy fix. You have to set restrictions on yourself such as removing the temptation of discount or sale emails coming to you every day. So get to unsubscribing now.
Additionally, not carrying you card on you (but Kalai I memorized it 💁🏾♀️). I know, I know but this does help because you can't check the card "just in case you forgot a number".
Lastly, make an agreement with your self to keep the balance at $0.00 and maintain that balance.
This is the fastest way to not only overspend but to get yourself into debt. You can plan to treat yourself here and there but you can't do it every time you get paid or come into money.
Every payday should not equal a shopping trip or a happy hour on you.
You are your biggest champion and worst enemy.
Create a sinking fund that allows you to treat yourself once a month or once a quarter. Earlier this month, I discussed Tips to Starting a Sinking Fund. Don't forget to check it out.
You do not want to carry a debt balance of more than 20% on your credit cards or loans.
This means that if you sum up all the money you spend in a month on debt that it should not be more than 20% of your income.
If it is then, Houston we have a problem.
You can remove the temptation to increase your balance by applying to get a balance transfer or a personal loan.
Let me know if you've found yourself identifying with any of these signs.