by JQ Adams

Created on: March 01, 2009

Many people have been conditioned over time to buy things that they do not need and to spend money that they do not have. Shopping has become a personal quest for some individuals, almost like a hunt with the perfect pair of $200 shoes as the trophy at the end. This mindset is one of the reasons why individuals have racked up the largest amount of personal debt in the history of the nation.

Reversing this mindset is the only way that many individuals will be able to extract themselves from the debt that they are in. Many have found themselves unable to resist the lure of a good deal and at the end of the month they find themselves surrounded by items that they did not really need while wondering where all of their money has gone. These people often do not realize that they are spending as much money as they do and are often too embarrassed or just unwilling to return the items to get their money back.

There are several ways that a person can use to curb this trend and take control of their finances.

1. Track Your Spending

One of the easiest ways for a person to keep track of the money that they are spending is to track their purchases each day. By writing down everything that you spend money on each day, from the gas you are putting in your car to the snacks that you purchase out of the office vending machine, you will be better able to see where your money is going and what purchases could be eliminated to save money.

2. Stop Using Your Credit Cards

Many people have no problem with pulling out their credit card to pay for unnecessary purchase because of a buy now/pay later mentality. They place expensive items on their credit cards without considering that those items must be paid for at a later date, with the price of the item often increased by the interest charges and financing fees that are added by the credit card company. If there is a balance on your credit card, put the card away and spend your money paying down the balance of the credit card to free yourself from debt.

3. Choose Your Purchases Wisely

Before you purchase that $200 pair of shoes, stop to think "Do I really need these?" Chances are that if you take the time to think about your purchases, many of the purchases that you make on a regular basis will not seem as important and will be easier to avoid. Plus, in most cases, $60 pairs of shoes are just as attractive as the pairs that cost $200.

Learn more about this author, JQ Adams.
Click here to send this author comments or questions.