Six Excuses We Tell Ourselves When Spending Money
There Are No Excuses For Why You’re In Debt
Self-deception and a lack of control are the chief reasons for many poor spending decisions, and whiny explanations about wasteful purchases are nothing more than excuses for bad spending behavior.
-
I could die tomorrow, so I’ll live for today. This immature attitude justifies actions of the buy-it-now and pay-for-it-whenever class. It’s the primary excuse for not saving money.
-
I work hard, I deserve it. While it is true that many Americans are overworked and that you have to treat yourself occasionally, self-gifting is more prominent today because of advertising pitches to buy things “because you deserve them.” You also deserve to live out a retirement.
-
I don’t have a head for numbers. This is the excuse given for not paying attention to personal finances. Managing money doesn’t require complicated mathematics. Consumers now have a plethora of free online tools to help with all sorts of financial planning.
-
I’m too busy to compare prices or manage money. This might be true for a small fraction of people, but mostly it’s a lie. Shutting off the TV one night a week will provide most people plenty of time to manage their finances. For those truly time-strapped, consider hiring a good financial adviser.
-
It’s an investment. Most consumer purchases aren’t investments, because almost all of them plummet in value the moment you leave the store. So you don’t “invest” in a car, a plasma TV or a new pair of shoes unless somehow they’ll make you money. They are expenses. Calling them an investment is self-delusion.
-
I don’t earn enough to save money. Saving is not about what you earn, it’s about what you keep. If your paycheck truly covers only the cost of bare necessities, you have an income problem. It’s time to work more hours or earn more with the hours you work.
