Are You Spending Too Much?

If you are like the majority of Canadians, you have hard time resisting a sales rack or the clearance bin. Here are some things that may indicate you should cut back on your shopping.

If one or more credit card that is currently at their max limit and you visit the mall weekly, you are probably over spending. Two other indicators are, holding your breath when it’s time to check out for fear your card won’t go through, and only making minimum payments on your credit card each month. Another sign is activating new cards only to switch the balance of an older card over to it. Next ask yourself how often you need to borrow money from family or friends. You’re also spending too much if you have to consider selling plasma or blood to buy a new outfit. If you owe more on a credit card then what your total monthly income is, you need to spend less. Finally if there are old clothes with tags in your closet and you resort to a title loan, or payday loan for a source of income you are spending too much. If any of these items describe you, it’s time to set a budget, stick with it, and get out of debt!