Joseph Dillard

Planning Helps To Take The Pain Out Of Spending

Impulsive spending is buying something without previously planning to make that purchase. How many times have you gone into a store with one item in mind but left the store with something or somethings completely different? And it ended up costing a lot more. The result is usually that you just increased your credit card debt on something you most likely did not need. Or you have to figure out how you are going to pay for the other expense(s) from which you “borrowed” to buy your impulsive purchase(s).

A budget or a spending plan is part of planning your spending. They can take the guess work out of how much is available to spend on certain purchases and how much will be available after you make the purchases. If you have $600 budgeted for your car payment and other expenses and your current checking balance is $650, then it is not a good idea to buy those shoes and/or outfit for $150. Unfortunately, these things happen more often than they should, leaving the person feeling good about the purchase but wondering what to do about the bills.

If you were using a budget, you could have saved the extra $50 until next month or next payday, added it to any extra money you have, then made the purchase without any negative consequences. Then you could have enjoyed your purchase and not have to worry about your other bills. Planning your spending can make a big difference in your life and free you up to enjoy life more. Make a plan, work your plan, and enjoy your life. All the best.