Do You Have Bad Spending Habits?

Aug 9, 2010 by

Bad spending habits can make a person feel like crap…and make their checkbooks look like crap too. True story…a few years ago, I was making decent money at a nearly full time job. While it wasn’t by any means a big income, it was more than I was accustomed to making, and I took advantage of my “large” paycheck. I spent a ridiculous amount of money on clothing and electronics (specifically an iPhone for $500), and only a year later I found myself with a nearly empty bank account and unsightly credit card bills.

This wasn’t the life I wanted for myself, so when I happened across Dave Ramsey, I quickly start turning my spending habits around.

Now, I spend a very minimal amount of money on clothing (and I still dress nice, do I not? :) ) and I only upgraded my iPhone when I deemed it absolutely necessary for business use. I no longer open new credit cards and I’ve nearly paid off the ones that are left. I also stayed away from car and student loans, and I’m in a new business that I anticipate will be making some GREAT money.What are YOUR spending habits like?

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  • http://wealthandrichesonline.blogspot.com/ Dexter

    Hi Mandee,

    I love saving money by going to Yard Sales. They are great! I have found brand new shirts and pants with the store tags still on them for one to five dollars! Major brand names even!
    No reason to hit up the department stores when you can find it for for a fraction of the cost!

    Thanks for the tip and keep up the great work with your blog here. I’m inspired by the videos. That’s one thing I need to add to my blog wealth and riches online.

    So with that, wishing you more Wealth and Riches in your life!

    Dexter

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  • http://dirtnaponhold.com/ Nelson

    You beautiful wicked little girl. You hit my weak spot. But thankfully I am married to a woman who has the proper habits and is training me to curb my appetites. This is a post that is more important than most people think. Thanks again for this post.

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  • http://daveanddawncook.com Dave and Dawn Cook

    Mandee,
    Thanks for your very relevant post and sharing details of your spending habits. That takes a bit of guts. We’re happy that you are making in more control now.

    In regards to the iPhone (we have them), it is a business asset (not a liability) that can help you expand your business if you use it for that purpose.

    Our spending habits are much improved since we read Robert Kiyosaki’s Rich Dad Poor Dad. We no longer buy liabilities and we focus on buying assets that allow our money to work for us.

    Thanks for the further push in the right direction.
    Dave and Dawn

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  • http://clintonskakun.com Clinton Skakun

    Dave Ramsey is awesome!

    I swear if I would have had better spending habits I’d be rich now days.

    When I was younger and had just gotten a job, I blew $500 on music CDs one day, spent $200-$300 at any one time on shopping trips and blew every last cent whenever I had a dime left in the account.

    Now days I hold on to every cent I have and spend very little on everything. You can live very cheaply even if you live on your own, have a car and so on. You can get expensive phones for cheap by looking around for a deal, get nice laptops and computers for next to nothing, buy second hand stuff now and then and buy brand name clothes at Winners or on sale. Also, driving a car good on gas is a good investment also, like a honda or toyota. Eating cheaply, drinking cheaply, stopping smoking or cutting down.

    Every extra dollar you spend is another $1000 in long term invested income. If you want to grow a garden, don’t eat the seeds lol.

    Cheers,
    Clinton Skakun

    [Reply]