About Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service. He is also a professional speaker, freelance writer, and entrepreneur.
Know Your Money
Thursday – March 20, 2014
Spending Control: Making Better Choices Requires …
By Donell Edwards
We have devoted a lot of time to discussing the importance of controlling spending in improving money management skills, because bad or out of control spending is usually the cause for poor money management. Although not everyone is a spendaholic, one who is addicted to spending, most of us can improve on controlling our spending habits. That is why we have recommended implementing a regular and ongoing plan to monitor spending.
Monitoring spending is just the beginning. As we have also mentioned previously, after the monitoring has begun it is necessary to objectively and honestly evaluate spending and get rid of unnecessary and wasteful spending. One factor that greatly affects wasteful spending is the choices we make. If we are prone to making poor spending choices this will result in a lot of wasteful spending.
What is it that influences the spending choices we make? We are bombarded with advertising that makes us feel that we just can’t do without some things. We all have things that we like so much it seems as though they have some magical power over us. Striving to achieve and maintain a lifestyle that we can’t afford. Impulse buying. Going on a spending binge when we have some negative emotional experience in our life. And the list could go on almost endlessly.
Making better choices requires developing the ability to resist temptation, exercising self-control, willpower, self-restraint, in other words, it takes a lot of effort to resist the temptation to make choices that result in unnecessary, wasteful spending. So, think about your choices. Do you make choices based on impulse without giving any thought to your decisions? Or, do you take time to consider the consequences of your spending decisions to you, to your family, to your friends and relatives who may be affected, and to your life as a whole?
Think about your choices, and understand that controlling spending involves making better choices by monitoring spending on a regular basis, exercising the willpower and self-restraint to avoid impulse buying, considering the consequences of choices we make beforehand, and when we happen to make a bad choice to learn from it and make sure not to allow ourselves to make that same choice or mistake again.
Have a great day and watch your choices.
Are You A Spendaholic? Send Us Your Confessions:
If you would like to share with our readers how “bad” spending habits have affected you, anonymously or otherwise, for our upcoming special, “Confessions Of Spendaholics,” please send your experience to email@example.com.
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