WE’VE GOT TOOLS TO HELP
Spending money can’t be avoided. You NEED to pay for food, clothes, housing, utilities…and the list goes on. What happens though when you start spending more than you have? It’s called overextending yourself or living above your means, and it’s not uncommon.
A 2017 study by CareerBuilder.com said that nearly 8 in 10 American workers live paycheck to paycheck, and a CreditCards.com survey shows that 47% of Americans have credit card debt. There’s no doubt that a lot of people are spending money they don’t have. Luckily, if you or a loved one are one of those people who overextend themselves financially, there are ways to get out of the overspending habit.
Complete a Budget
Budgeting is an important part of any successful financial plan. Start with basic living necessities, like food, housing, transportation, insurance, etc., then subtract that from your monthly income. Consider putting some of the remaining money away each month for saving, retirement, home repairs, or other goals. The idea isn’t to eliminate fun from your life, but to arrive at an amount that provides for enjoyment today and peace of mind for the future.
If overspending by a spouse or family member is an issue, it’s important to work together to solve the problem in a supportive and understanding manner. Often, people who make unwise spending decisions feel guilty about their choices. Staying positive and working together can help to give the overspender a can-do mindset and avoid any defensiveness.
As a member of Ironworkers USA Credit Union, you have free access to BALANCE, a comprehensive financial counseling and education service that provides a multitude of resources and counseling services, including webinars, calculators, videos, and articles.
Visit IronworkersFCU.balancepro.org/resources/articles/webinars to sign up for one of BALANCE’s monthly webinars. And if you need assistance in any way, please don’t hesitate to call us at 877-769-4766. We’re here for you!