Avoiding credit card debt and never having to deal with stressful situations of having to meet payment obligations of credit cards is what everyone considers as perfect in the real world. Despite our intentions of keeping creditors away from hounding us, we are forced to begin spending money on making the minimum payments towards our credit cards. This may not be the perfect solution for everyone but situations like these which are stressful are the norm for many people.
If you are in a similar position or are close to being there it will be better for you to take control of your spending habits right away rather than waiting for it until a later time. This is how you can gain control over your bad spending habits.
Identify The Triggers Which Force You To Spend Money
Identifying the triggers which are forcing your spending habits should be addressed because it can give you an understanding of why you became indebted in the first place. You probably kept charging on your card items which you couldn’t afford. Did you begin to use the plastic cards for items you didn’t need? Did you overlook your struggle when making payments that were due? What were the causes for the compulsive shopping you were indulging in? You are advised to begin keeping a log and make a note of the moods which forced to into the situations mentioned above because they could be the triggers which led to the spending habits. You may become uncomfortable dealing with them but leaving them alone will mean you never get control over your spending habits or the debt which is accumulating. You will have a difficult time planning for the future especially with financial security if you are always making attempts to pay off bills for purchases which may have been forgotten or even worn out.
The Habit of Spending Money Can Be Controlled By Switching from Cards to Cash
The habit of using cards gives you a feeling that you are not spending real money. You develop pleasant feelings when you purchase the items you like but the feelings are often disconnected from the painful feelings which you will definitely face when you receive your credit card statement. The disconnect from the painful feelings when making the purchases could be leading you to overspend on the credit limits. It may seem fine to you because you are not required to face the financial consequences until sometime later.
You can easily get over the habit of spending money by putting your credit cards aside for some time and begin using cash, debit card or check. The habit removes the disconnect about not spending money by making you realize that you are actually reducing the balance on your account. You are not required to cut all your credit cards right away but making a change by using cash or debit cards for a month or two for the kind of expenditure you are indulging in. It can also lead to the development of better spending habits because you are making instant payments with your purchases.
Your Money Mindset Needs to Be Examined
In order to gain control over your spending habits along with the credit card debt, it is essential for you to understand the meaning of money for personal reasons. You need to take into account factors like your attitudes and beliefs about money and your interactions with finances when you have them. Studies conducted have proven that people with low self-esteem are engaging in impulsive spending of the excessive kind and purchasing things which are not required. The decisions you are making as an adult could have been influenced by the behaviors and attitudes of your parents. You must make an attempt to understand that who or what you are will not be determined by the money you have in your wallet.
Your worth as an individual does not have any bearing on the money in your wallet or your account. Once you understand the fact that spending money is not connected with your sense of self-worth the psychological barriers which were prohibiting you from handling the money appropriately will open up which were perhaps limiting your abilities.
Being financially successful can be held back by your unconscious beliefs unless you begin to develop feelings of self-worth along with a positive attitude about your money and yourselves because it will give you an opportunity to attract positive things into your life. You will no longer have positive feelings about purchasing items that you don’t need and find it easier to avoid making impulsive purchases.
You must also conduct some research to understand how you can gain control over your habit spending money. Information about how you can get rid of credit card debt will be available to you from numerous magazines and also over the Internet. They can also give you information of understanding the psychology behind spending money which you will do well to consider seriously.