CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Five Spending Excuses to Avoid If You are Trying to Change Your Financial Situation

Using bankruptcy successfully is about more than just “wiping out” your debt. It requires a change in your spending habits and your overall approach to money. If you file for bankruptcy and return to your previous spending habits within a year or two, it won’t be long until you are in the same dire financial predicament that led you to bankruptcy.

If you want to use your bankruptcy as a springboard to improve your financial life, you need to evaluate your attitude toward money and stop using these common spending excuses:

1. I’ve Already Ruined My Credit, I Might as Well Indulge!

Many people are guilty of this. It is similar to the dieting mistake that leads you to eat an entire cake after dinner because you indulged in a French fry at lunch time. Unfortunately, like your diet, your financial life is going to suffer if you allow a small mistake to act as an excuse to make a large one. The goal of bankruptcy is to get things back on track and even small steps will make a difference. Not to mention developing the willpower to move forward and leave mistakes behind is going to help you in the long run.

2. But the Item I Want is On Sale!

Granted, you can save a lot of money by shopping sales, but you can also end up spending a lot you would otherwise have to put toward debt or savings because of them. Stores use sales to get you to spend money you would otherwise keep in your wallet. If an item is something you need to purchase at full price, go ahead and buy it on sale. But if you are only spending because it’s a great deal, walk away.

3. I’ve Worked So Hard and I Deserve to Treat Myself

Depending how far into the bankruptcy process you are and how strict you have been with your spending, you might feel you deserve a reward. Unfortunately, this feeling of entitlement can spiral out of control into a spending binge. No matter how diligent you have been with your spending since your bankruptcy, it is still better to put the money aside and take some time to think before making a purchase. If after a week or two you still have the desire to buy an item and it fits into your budget, you can make a smart decision that is not based on emotions.

4. Money is Headed My Way Soon! I Can Afford to Spend Now!

This is the financial equivalent of counting your chickens before they hatch. You should never spend money that is not already in your wallet or your bank account. And if you are still digging yourself out of a financial hole, you shouldn’t spend it once it arrives either.

5. I’ve Stuck with My Budget, Met My Payment Obligations, and Saved a Significant Chunk of Money… Now I Can Relax and Be Normal

Maybe – But wouldn’t you rather continue saving and feel secure that you can handle a financial emergency down the road? After bankruptcy, you are once again solely in charge of your money and if you want to succeed financially, you need to make smarter decisions than you made pre-bankruptcy. It might be time to invest your savings in a smart purchase, but it is important to consider the consequences and use what you have learned from your previous situation.

Interested in learning more about how retailers tempt you to overspend? Check out this article from Forbes.

Are you worried about your current financial situation? Did one or more of the phrases above sound all too familiar? You could be headed toward financial disaster. If things have gotten out of control or you have questions about bankruptcy, we can help. Contact the Law Offices of Robert M. Geller at 813.254.5696 to speak with someone about debt collection and money management.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

How Does Filing for Bankruptcy Affect a Vehicle Loan?

If you're considering bankruptcy, you may be wondering if you'll be able to keep your car. The answer depends on...
Read More

8 Ways to Deal with Student Loan Debt

If you're one of the millions of Americans saddled with student loan debt, you're probably looking for ways to minimize...
Read More

Tips for Handling Credit Card Debt

If you're struggling with credit card debt, you're not alone. The average American household owes nearly $6000 in credit card...
Read More

Don’t Fall for These Common Bankruptcy Myths

There are a lot of misconceptions out there about bankruptcy. Working with a debt defense attorney is one of the...
Read More

Can Filing for Bankruptcy Affect My Career?

It’s common for people considering bankruptcy to wonder how filing affects their job. The answer to this question depends on...
Read More

Can I Fix My Credit After Bankruptcy?

Wondering how to improve credit after bankruptcy? Here's what you need to know. Bankruptcy can be a fresh start for...
Read More

What Happens If I Can’t Afford Chapter 13 Bankruptcy?

Are you wondering what happens if I can’t afford my chapter 13 payments? Here's what you need to know when...
Read More

Help I Regret Filing for Chapter 7 Bankruptcy

Bankruptcy isn't the right choice for everyone. Depending on your unique financial situation, you may be able to find other...
Read More

How a Bankruptcy Attorney Helps You Avoid Problems When Filing

Do you know what mistakes to avoid when filing for bankruptcy? If you're considering filing for bankruptcy, it's important to...
Read More

These 7 Common Bankruptcy Mistakes Can Cost You Thousands

Bankruptcy is a legal process that allows individuals or businesses to eliminate or repay some or all of their debts....
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions