January is here once again, it’s a new year and a new start for many people. The holiday rush is over, the bills are rolling in, but the temptation to spend is still there.
I was recently walking through the mall and I was amazed at how many retailers are still pushing consumers to spend, spend spend even after the holidays. Take 50% off here, 40% off there, and an additional 20% off if you use your credit card. The savings appear to be too good to pass up.
Everyone loves to “score” a great deal, but when does it become a problem? Here are some warning signs that your spending may be out of control:
- Spending over your budget- You may not be able to afford the item, but purchase it anyway.
- Compulsive Buying- You go in for a t-shirt and come out with 10, in every colour.
- Hiding your purchases- To avoid being criticized by family or friends.
- Excessive use of credit -Unable to keep track of spending.
- Anxiety after making purchases- Feelings of guilt, or depression after making a purchase.
In any situation it is important to have a budget and a plan before you spend. Completing a budget will help you stay on track while spending. Revert back to the “old days” – 
you may want to consider using cash; it is often easier to keep track of cash rather than swiping your debit or credit card which can easily lead to over spending.
Identify your needs vs wants. Step back and ask yourself, “Is this an essential item?” Or is it a “splurge”? Asking yourself these questions is a simple yet effective way to control your spending.
If you feel spending has gotten out of control, your credit card bills are too much to handle, and you are facing serious financial hardship contact our office today at 519-622-3773 or send us an email, we talk to you about options such as a Consumer Proposal as a way to consolidate debts you have into one manageable montly payment as an alternative to having to file for Personal Bankruptcy.
