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Your Spending Habits, What They Say About You

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financial-responsibility-studentsForward by Michelle Robbins
Default Prevention and Compliance Specialist at American Public University

Our spending habits can be very telling in how financially literate we are. Having financial literacy means that you have the wisdom and skills to make the best financial decisions not only with some of the bigger purchases in your life, like buying a car or a house, but also with the more day to day items of your budget.

The National Foundation for Credit Counseling reports that up to 62% of people claim to have issues with both saving and spending money. Not having an awareness of what you are spending or what you owe can cause great problems down the road financially.

The NFCC describes 10 warning signs that may indicate you have an issue with your spending habits.

  • Purchases hidden from others.
  • Bills paid late or ignored.
  • Checking accounts routinely overdrawn.
  • Credit essential to maintain current lifestyle level.
  • Unwilling to review how money is spent.
  • Unaware of how much is owed.
  • Items routinely purchased, and then returned.
  • Shopping used as a salve for emotional stress.
  • Unwilling to set financial goals.
  • Afraid to check credit report and score.

If you find you exhibit any of these indicators, you may want to reach out for assistance to ensure a better financial future for yourself and your family. You can contact the NFCC at 800-388-2227 or via online at www.debtadvice.org.

 

 

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