Problem spender or spending too much time worrying about bills? Learn the difference and how to know if you are spending too much.
Answer the Following Five Questions to Find out Whether You Are Addicted to Spending:
1. Do you ever go shopping and leave the mall carrying nothing or only one item?
a. Almost never
b. Rarely
c. Sometimes
d. All the time. I know exactly what I plan to buy before I walk in.
2. When you shop with friends, do you feel the need to buy more?
a. Yes, I have more fun when I spend in groups.
b. Sometimes, if my friend convinces me to buy something.
c. Rarely, unless I see something on sale.
d. Never. I know what I am looking for and never veer from my plan.
3. Do you spend money you don’t have at the moment?
a. Yes, all the time. I figure by the time my credit card bill comes, I’ll be able to pay it somehow.
b. Sometimes if I really need something. I figure I’ll borrow from friends or family if I have to.
c. Rarely unless it is a true emergency, meaning I can’t pay rent.
d. Never. I have a budget I stick with and always have six months salary saved for emergencies.
4. Do you make only the minimum payment on your credit card?
a. Always
b. Sometimes
c. Rarely
d. Never
5. Do you research an expensive purchase (over $100) or do you buy the first thing you see?
a. If something catches my eye, I buy it.
b. I might glance at a review before I go to the store, but that’s it.
c. I research prices before I leave, but if something strikes me, I buy it without looking back.
d. I research extensively comparing prices, clearances, online and physical stores as well as coupons and rebates before I set foot in a store. Then I thoroughly examine the merchandise and read all the fine print before I buy.
If you answered with the letter "d" on every answer, congratulations! You are a savvy consumer, you know how to spend wisely and make every penny count.
If you answered "a" on every question, you need help! Find a professional to help you work out a budget and learn how to stick with it. You need to address your spending problem before it gets completely out of control.
If you answered "b" or "c" on four out of five questions, you may not be in too much trouble yet, but you should buckle down and start watching every penny. When you start tracking your expenses, you’ll begin to realize how much money you waste without even knowing it.
