Timothy J. Sierra, Attorney at Law Trusted Florida Bankruptcy Attorney Since 1987
Call Today For A Free Initial Consultation
813-463-2256

5 Common Bad Spending Habits

5-common-bad-spending-habits.jpg

Typically, we make money to spend money. However, some are better spenders than others. Here are five of the most common bad spending habits that can be toxic to your finances.

1. Emotional Spending

When emotions are running high you are more likely to impulsively buy items that you don't necessarily need. Once the binge is over you realize that you don't have use for the stuff you just bought and your budget went down the drain.

Here's a tip, keep a list of things you would like to purchase when the time is right. The next time you want to celebrate your new job or you want to cushion the pain from a break-up, remember to limit yourself to purchasing one item off of your already well-thought-of list.

2. Lending Money

At one time or another we have all stepped up to the plate and loaned someone some cash. Unfortunately, this is neither good for the person you are lending money to or for yourself.

Keep in mind, the next time a friend or family member needs money suggest a solution instead. For instance, if they need money for a babysitter offer to watch their kids. If they need to repair their car, offer to carpool. By not exchanging money you will be saving them from feeling pressured to pay you back and for you feeling tension with your relationship.

3. Picking Up the Check

It almost goes without saying that if you pick up the tab once there will be a time where your company will expect you to pick it up again.

A good rule of thumb is to announce at the beginning of a meal to the server that the check will be paid separately. For example, today we are meeting for lunch and will be needing two checks at the end of this meal. That way both the server and your company knows that everyone will be paying for themselves. Of course exceptions may apply (like birthdays).

4. Comparing Money

According to Gretchen Cliburn, financial advisor, "Big houses and expensive stuff only indicates how some people choose to spend money, not how much they actually have."

You shouldn't compare your money situation to other people. For all you know, they could be living above their means. To keep you from comparing, you should map out financial goals you would like to meet over a certain period of time. By doing this you will be able to focus on you and your financial situation without being affected by others.

5. Depending on Credit Cards

You should always pay off monthly balances on credit cards. You should never choose to make the minimum monthly payments. When using a credit card make sure that you read the fine print. If you do not think you are capable of paying off your monthly balance than you could end up spending more money on items than the original sticker price. If you are already building up debt the best solution is to immediately stop using credit cards.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: Business Insider | Debt Relief

No Comments

Leave a comment
Comment Information
  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
  • "I had to file a Chapter 7 bankruptcy. I didn't know anyone who could refer someone so I took a chance and just looked on the Internet. I don't remember exactly why I chose Mr. Sierra, but I am glad I did..."
  • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
More Testimonials
Email Us Today

Schedule A Free Initial Consultation To talk to an experienced Tampa bankruptcy attorney, call 877-492-7449 or fill out the form. All calls are returned within 24 hours.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We Have Offices in Tampa, Riverview and Brandon For Your Convenience.

Tampa Office
118 South Rome Avenue
Tampa, FL 33606

Toll Free: 877-492-7449
Toll Free: 877-492-7449
Phone: 813-463-2256
Phone: 813-463-2256
Fax: 813-258-4746
Tampa Law Office Map

Riverview Office
6314 U.S. Highway 301 South
Riverview, FL 33578

Toll Free: 877-492-7449
Toll Free: 877-492-7449
Phone: 813-463-2256
Phone: 813-463-2256
Fax: 813-258-4746
Map & Directions

Brandon Office
305 North Parsons Avenue
Brandon, FL 33510

Toll Free: 877-492-7449
Toll Free: 877-492-7449
Phone: 813-463-2256
Phone: 813-463-2256
Fax: 813-258-4746
Map & Directions