Control Spending? – No, it’s not what you think.
People like to spend. It makes them feel good. It has power. But no matter how you slice it, most spending is emotional.
Most people have also suffered the pain of unwise spending. It can be destructive, even devastating.
So what do we mean when we say “control spending”? Does it mean I can’t do what I want? Does it mean I have to stick to a BUDGET? I hate that.
Reality is that we all have to control spending one way or another. For example, if we operate on cash only, once the cash is gone, we have to stop spending. Even if we have bank accounts or credit, if we exceed allowable limits, we have to stop – sometimes with penalties. In both cases the reality is that we are being controlled not being in control. The second example, however, can result in costly financial damage before the limits are reached.
Actually I prefer to visualize controlling spending as nothing more than making sure that we keep our goals in mind and spend our money on the things we REALLY want. It means having a plan or a method to be sure that we do not let impulses or whims throw us off track. Controlling spending means that we are proactive and choose what we want, not just react. And finally, controlling spending means that we remain focused on the big picture, so that what we ultimately want in the future is part of what we want today and we choose to spend accordingly.
The biggest spending problem faced by most people is that it is not easy to keep track. Even if we have good intentions and are frugal and careful, that may not be enough. If we do not know at any given moment what we have available to spend for day to day purchases, it is easy to just go with the impulse and perhaps intend to be more careful later.
Fortunately, some great tools have been developed. This video gives one example of a clever tool provided by Money Mastery For Life to help people keep on track.
With a little help, anyone can get on track, take control of his or her financial future and build a fortune.
Control spending means become a master of spending.
A great place to start is with a kind of self evaluation. This 10 questions quiz will reveal your financial fitness score and might help identify some strengths and weaknesses:
Tags: budget, budgeting, control spending, money management