Most of us have them, those uncontrollable, impulsive desires to possess what we want, when we want it, whether we can afford it or not. These uncontrolled impulses coupled with the incredible ease with which we can obtain the necessary credit are the most prevalent causes of overspending. Creditors are very happy to take a chance, if they can only get your name on the dotted line by promises of an easy payment plan that allows you to enjoy now and pay later.
*No Reality Checks
Many of us have no clue of how to create and stay on a budget. We aren’t afraid of what will happen if we lose our job, become unable to work or have a medical emergency that quickly eats away everything we may have saved. We look to the government to bail us out with bankruptcy, debt forgiveness or social services that were intended for the truly needy.
The ease of obtaining credit cards is a leading cause of overspending. Paying with a credit card, which is just a piece of plastic, doesn’t have the same impact on us as handing over our hard-earned cash. We seldom stop to tally our spending while we are shopping but wait until we are home to check the balances. This leads to overspending.
*Spend Now Save Later
Most of our grandparents saved for years to buy a home, a car or a business. Credit was only used for an emergency or hard times. Somewhere along the way, we decided it would be better to have our cake and eat it at the same time. This had a snowball effect and before we knew it, we were spending much more than we were earning.
*Giving Our Children What We Didn’t Have
It’s part of our nature to want to provide our children with all the things we didn’t have as a child and if this means overspending and going into debt, then so be it. But, do our children really need all that we provide for them and will they too not be caught in the downward spiral of overspending that is ruining our country?
*Keeping Up With The Joneses
American pride was once known as being free, not being owned by another or in debt to another. Now, it is knowing that we have the nicest house, car and social life on our block, even if we owe for all of it. If, a friend buys the latest in computers, cell phones or clothing, we immediately think that we need it too and we overspend to get it.
*Throw Away Society
Every town once supported several repair shops, where the locals took broken items, such as toasters, lawn mowers and washing machines to be repaired. This is outdated now, as we just throw away what doesn’t work and replace it with something new. We don’t have the time to wait on repairs, we need to be working to pay for the overspending that has become a way of life.
The ease with which we can obtain credit, overspend and then start over is staggering. We do not take full responsibility for our own actions and often look to the government for a bailout or handout. Not being responsible for our actions is therefore one of the leading causes of overspending.