Debt Suggestions » consumer spending

How to Spend Less and Get More

admin — Wed, 22 Apr 2009 18:54:42 +0000

new tax year has begun which provides a great opportunity to do a little financial spring cleaning. Even in a tough economy, it is possible to spend less without making major sacrifices.

Get Organized
First things first—gather all of your monthly bills and take stock of your situation. Ask yourself questions like: “Do I need this?”, “Is this the best service provider?” and “How long has it been since I made changes?”

How About that Landline?
If you are really honest with yourself, there are probably several services that you are paying for that don’t produce a good return on their investment. One of the top issues on my list is a landline phone. Obviously there are extenuating circumstances, but fax machines and security systems are often among the excuses people use to hang on to these relics.

For most faxing situations, a scanner and some kind of email or e-fax service will work just fine—we recommend emailing PDFs with embedded signature images where possible.

Here comes the recession

admin — Mon, 14 Jan 2008 23:50:43 +0000

There is growing talk on Wall Street about the possibility of a recession. Since the beginning of the year three Wall Street firms (Merrill Lynch, Morgan Stanley and Goldman Sachs) have all stated they believe we are either in a recession already or are very close to a recession. In other words, it’s no longer a matter of if a recession happens but when it will happen and how long it will last. In response to these developments, various presidential candidates have proposed various solutions. However, none of these will work, largely because this is not a typical slowdown caused solely by slowing consumer spending or business investment. Instead, it is a slowdown caused by inflated asset prices and a nation gorging on debt. As a result, it will probably take a lot longer to come out from under this problem.

10 Steps to stop shopping addictions

admin — Mon, 03 Dec 2007 16:27:39 +0000

Do you own every gadget known to man (or woman)? Does your closet contain lots of shoes or clothes that you almost never wear? Are you feeling lost without credit cards? Do you come home with things you didn’t specifically go to buy? Do you use shopping as a quick fix for the blues? Do you spend more than you can afford? Are neighborhood malls and Internet shopping sites possess a mesmerizing magnetic appeal for you?

If you answered yes to several questions above, you are probably shopping as a recreational activity. You have a condition called Oniomania. It is also known as shopping addiction or shopaholism, is the compulsive desire to shop. People who shop or spend compulsively get a feeling of being “high” from the experience. This translates into endorphins and dopamine, natural receptor sites in the brain, getting turned on, creating a “good feeling” and reinforcing the desire to shop or spend.

Credit cards facilitate the spending of money as well as mail orders via catalogues or the Internet. In America, shopping is embedded in our culture; so often, the impulsiveness comes out as shopping addiction or compulsive spending. Shopping addiction and compulsive spending can put a strain on both your finances and your relationships. In other words, shopping addicts buy more than they need and spend more money than they can afford, in an effort to make themselves feel better. It can wreak havoc on a person’s life, family, and finances.

Here are the 10 simple steps to stop the cycle of shopping addiction and compulsive spending:

1. Identify a “need” from a “want.” Learn to recognize wants from needs, and practice controlling your impulses to spend your money on things you don’t really need, and you’ll be able to change your spending habits and end up far ahead financially. Before buying anything, ask yourself if it is a need or a want. If it is a want, let go of the item.

A need is something you have to buy, such as groceries. It may also be a new pair of shoes to wear to the office if your present pair is no longer in good condition. A want, on the other hand, is something you just desire but can do without. Examples are a new CD or DVD, a nice-looking hand bag when you have a dozen other hand bags at home, and a cellphone that’s loaded with so many features.

Watch those spending habits

admin — Thu, 25 Oct 2007 18:29:33 +0000

Or you’ll end up like this:

“This lady who appeared on Oprah lives the life of a big house in the burbs, new cars, six beautiful kids, and spending way beyond her husband’s $5,000/month salary. Felice drops $400 a month on Starbucks, $240 on tans and manicures, and her children have no health insurance”

There’s really no excuse for acting like this, if you run yourself into this kind of dept and stupid spending habits then it’s your own fault. Manage those credit cards wisely.