Controlling your money might be something you have wanted to do for a long time. Talking and reading about this is easier than making progress on managing money. Many people struggle with this because of spending, which is why intentional spending can be greatly beneficial. Looking at the downsides of spending too much can also help you gain motivation for financial control. If you ever find yourself falling into bankruptcy, consider asking a Kingsport bankruptcy attorney for guidance.
HOW INTENTIONAL SPENDING CAN SAVE YOU
Blind spending happens when you spend your money each month without checking your bank account or adding up what you spent. This can easily lead to surprise when you check your bank account later, to find most of your money gone. One of the best ways to avoid this is to practice intentional spending.
The technique of intentional spending can help you not only gain better control and awareness of your bank account but can also:
- Maximize your income each month
- Minimize how much money you lose each month
This is a way to balance your income with your monthly expenses. Over time, you might find yourself with more money by the end of the year. Many people find intentional spending habits easy to adopt and helpful in the long run. When it comes to how to use intentional spending, you can start by increasing your awareness.
You want to be aware of how much money you have in your bank account each month. Look at how much you tend to spend each month and subtract this from your monthly income. See if you regret any of your spendings and if so, consider cutting those expenses next month.
Some people are discouraged by stricter spending, but intentional spending does not mean “no spending” at all. Make a list of things you want to buy each month or year. Calculate whether you can afford this and how much money you will have by the end of each month or year if you go through with the spending. Then decide what to spend your money on.
DOWNSIDES OF SPENDING MONEY
Looking at the downsides of spending money can also help with motivation to use intentional spending. There are ways to control spending that can help you reduce the pressure to buy things. Ask yourself why you want to buy a certain thing the next time you have the urge.
Some people want to buy something to impress friends while others want to own something their friend owns. Others have goals they want to meet with buying certain things. The biggest question to ask yourself is whether going out to spend money is more worth your financial security and future goals.
BANKRUPTCY ATTORNEY IN KINGSPORT, TN
Dealing with bankruptcy on top of severe financial stress can be overwhelming. Contact us at Tom Bible Law today at (423) 690-7712 to see what your financial options in bankruptcy might look like. Our experienced team of Tennessee bankruptcy lawyers might be able to help you escape your stressful financial situation. You can find us located in the Tennessee cities of Chattanooga, Kingsport, and Tullahoma.