We all do it, one way or the other; spend more money on things we shouldn’t. This video touches on many of the excuses we use to defend our bad spending behavior. Do a bit of reflecting to see if you have some areas where you need to tighten up how you spend your hard-earned money.
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I am a financial coach that focuses on improving personal finance behavior. I do not sell investment products or manage investments.
Check out today’s video for the top 10 Excuses people use for overspending [Music] What’s up everyone thank you for Stopping by the achieve financial Coaching channel where we believe in Breaking the chains of debt and talking About all things that are related to Personal finance in our personal finance Journey my name is kenny simon i am your Personal finance coach and today i want To touch on the reasons really the Excuses on why we overspend look we all Have reasons that we spend more money Than we should we’re triggered by Different things um i don’t know what Yours may be but i know we all have Something in our lives that we overspend On maybe something small maybe something Big today i want to talk about 10 Reasons that get underneath why we do Those things and maybe you’ll find a Reason or two or five on why you Overspend on what you overspend on so Check out today’s video share this video With some friends subscribe to the Channel like the video and drop a Comment let’s get started So in this video we are talking about The top excuses people make for Overspending spending way too much money And i want to start with a single quote You know i love these quotes it gives You something to think about
This one is a swedish proverb that says He who buys what he does not need Steals from himself couldn’t agree more So let’s get into this the first topic i Want to talk about or the first reason For overspending is peer pressure um Going along with the crowd or just Trying to keep up with trends or keep up With the joneses puff daddy once said Forget the joneses people trying to keep Up with the combs If you know who puff daddy is anyway There are some interesting studies out There that talk about why people just go Along with peer pressure and one of the Studies show that People have um Like people will actually behave against Their own beliefs and common sense when They are in groups so there’s some Interesting dynamics with group behavior There The second reason is stress Many people that feel stressed out they Shop they feel like that is you know Something that sort of takes their mind Off of the stresses some people shop for Clothes some people may shop for food um All of these things to kind of overcome Rough patches or times are that are Difficult for them Item number three addiction Now Some people have a legitimate shopping
Addiction and it can be on more than Just clothes right it could be cars it Could be clothes it could be houses it Could be people it could be food it Could be your pets but um there could be A legitimate addiction there so if you Think you have this you really should Seek some assistance to address the Underlying cause Of why you have this addiction because Shopping may just be the symptom of a Much deeper issue that you need to get Underneath the fourth item i want to Talk about and i mentioned this in a lot Of my videos is buying wants versus Needs some people actually confuse the Two listen a need is something that you Actually need to take care of your your You know your four walls i call them Right there’s housing there’s shelter There’s food there’s transportation Those things should be priority over Everything Everything else you really need to take A closer look to see if it’s really Something you need or if it’s just Something you want and there is a Difference in buying those things that You want especially when you don’t need Them can cause you to overspend Okay number five item you love sales you Are the type of person that thinks you Are saving uh just because something is On sale right even if you don’t need it
Listen if you’re buying things you don’t Need it doesn’t matter if they’re on Sale or not you don’t need 72 pillows From Bed bath and beyond like ever right and So if you’re kind of person that sees The you know the word sales and you Instantly think you’re doing something Smart you’re saving money you really Should check whether or not you need That thing so kind of ties back to the Wants versus need again Okay and this i hear all the time Because we are adults we say things like I work hard for my money i deserve it And i can spend it how i want you Absolutely can if you’re working hard For it you can spend it how you want but That doesn’t mean you’re spending it Responsibly so you really should take a Close look at how you spend that Hard-earned money and make sure that When you look back at how you spend Spent it it could be something you could Be proud of like nothing is worse than Like talking to someone who’s worked for 20 30 40 years you know and they’re much Older you know they’re kind of getting Into their golden golden years and they Have nothing saved for retirement they Haven’t paid off a house they still have A lot of bills you know that’s a lot of Years to work to not have anything to Show for it so don’t use the excuse i
Work hard so i deserve it really think About how you’re spending your money and Spend it wisely This one this next one is something that You know it sneaks up on you especially When you have a big family but holidays And birthdays right you’re the kind of Person that says i absolutely can’t skip The holidays that is not cool to not buy Someone a christmas gift or you know Some sort of gift or it’s their birthday You know so i have to get someone a gift For their birthday no you don’t most People don’t even remember what you Bought them for their birthday or for Christmas i did a little test with my Kids you know and asked them like you Know i did a couple years in a row like Hey what’d you get for last christmas They could not remember and if i hadn’t Videotaped it they still wouldn’t Remember to this day i’d much rather you Try to create memories for them and you Can get creative with this right so Think about you know how much money you Spend on holidays and birthdays Especially if your kids are on that age Where every kid that they know is having A birthday party and every month you’re Going to two or three of these and You’re buying 25 gifts 30 gifts at a Time it adds up right this eighth one uh The eighth thing i want to talk about is You know who we always say hey it’s not
Much it’s just a few bucks that i’m Spending you know just a few bucks here And there this is just a small lunch It’s five or six bucks it’s just a four Dollar coffee you know it’s just a quick Spin through the drive-thru to pick up Some chicken nuggets from mcdonald’s but In the grand scheme of things this isn’t A whole lot of money that i’m spending Based on what i make it’s a small amount Well i will just say this and i’ll move On to the next point All of those things add up Now the the next to the last one i want To talk about this ninth thing is um Something i really think is immature and A lot of people really do this no matter How old we are and we really need to Check ourselves You try to keep up the image that you Think people expect you to have so you Want to keep this image of your Lifestyle even if it looks good to People on the outside but on the inside It has you stressed out and you’re in Debt you know up to your eyeballs you Know behind those closed doors so this Is related to kind of that peer pressure Right but if you are Stressing yourself out from a money Perspective trying to keep up an image Of what other people think about what You wear where you live and how you Drive you really need to check your
Maturity level it’s a very immature Mindset and you really should get out of That and the last thing of course i love To bring this up is that you don’t have A budget you will not use a budget and Therefore you don’t allocate your money Properly and so when you don’t allocate All of your money and tell it where to Go in a budget you end up overspending So that’s it That’s my personal top 10 list of Excuses on why we overspend i learned Something about excuses back in college And it has stuck with me all of these Years later and it’s a very short poem That says excuses are tools of Incompetence used to build monuments of Nothingness Those who use them seldom amount to Anything so i don’t know if your excuse For overspending appeared on this list Maybe you had one or two things on this List however many you have i think it’s Time for us to start getting hold of the Reasons why we are overspending and Taking the steps to correct that Behavior overspending is not going to Lead you anywhere positive it’s Definitely going to lead you into a life Of financial strife and some stress so Listen whatever your reason you know Forgive yourself for anything you may Have done that you feel was stupid that You feel was immature in terms of how
You handled money whatever the case Start taking steps today to correct the Behavior get an accountability partner If some of your reasons for overspending Are a little bit deeper go see someone It’s okay to talk to a counselor about Some of the underlying things you feel And the symptom may be that you are Overspending but you need to get a hold Of it you need to make sure that you are Making your money work for you in the Best way possible we only have a finite Time to really earn a decent amount of Money while we have pretty good health You know at some point you’re going to Want to you know not work for someone or Maybe just work for yourself but you Want to you’re going to want to call Your own shots you’re going to want to You know make decisions about how you Spend your time in your life and if you Are overspending that is working in Direct contrast to that goal so remember This you can achieve much greater things Than where you are today if you’re Willing to put in the work conceive it Believe it and achieve it i’ll see you On the next video i hope you enjoyed Today’s video and you found the Information helpful please subscribe to The channel like the video drop a Comment and forward this video to some Friends hopefully it can help them as Well we’ll see you around on the next
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