SPENDING PRIORITIES

• The Basics are food, clothing and shelter. The problem is overcrowded civilizations are in need of an income to provide for safety and security. When the income is not high enough money is borrowed from financial institutions via credit cards and loans to meet obligations such as rent, mortgage, utilities, maintenance, insurance, transportation, education, medical care…and the list goes on.
• Food, to simplify, can be categorized by nutrition or pleasure. Money can be spent on beneficial grains, vegetables, proteins and the purity of water. Or, money can be spent on the delights of bakery items, candy stores, fine dining, assorted sweet or alcoholic beverages, the addiction of fast foods and so much more.
• Clothing, to simplify, can be functional or egocentrically fashionable. For example, tennis shoes or leather boots can be worn every day. A pair of shoes to go with each suit or dress is definitely not a necessity. The addiction of wearing something new weekly, if not daily, can easily pile up into a crushing mountain of debt.

• Purchasing toys for children or yourself is often used as a reward.
• Purchasing chocolate or haute couture might temporarily cheer you up after a disappointing day.
• Purchasing a sports car instead of a sedan might give you the notoriety you crave.

• Purchasing on credit not with cash makes the debt soar with interest and late fees if your income cannot meet the payback demands.
• If unable to pay your debts you are subject to the creditor’s legal right to garnish your wages.
• If unable to pay creditors you might be sued by their legal team or a legal firm they hire.
• Call Michael A. Dilella, the owner of the Financial Counseling Center, for your free in-depth consultation no matter what caused your expenditures to become unmanageable.

• ISSUE: lack of a decision-making process to prevent overspending
• ISSUE: no desire or ability to implement practical strategies such as a budget
• ISSUE: emotional action overriding logical action when managing one’s money
• ISSUE: stress igniting a need for a moment of tangible happiness
• ISSUE: self-esteem issues causing an unreasonable need to impress via entertainment or possessions
• ISSUE: purchasing beyond one’s ability to maintain the condition of the goods such as a boats, vehicles, real estate, closets of clothing in need of washing, dry cleaning or mending…and the list goes on and on.
• ISSUE: denial of indebtedness leaving no money for dental care, medical care, child care, roof repair, car repair...etcetera.

• List priorities
• Prepare budget
• Set up emergency fund
• Purchase what is needed not desired
• Pay with cash
• Save money in accounts with no early withdrawals
• Never forget the REGRET of purchasing irresponsibly
• Learn how to exercise self-control in all areas of your life which can be structured as a very fun challenge.
• Never let emotion determine your purchases. Be mindful of what will steadfastly enhance your life in lieu of being snared by shifting moods of greed, instant gratification, addiction…etcetera.
• With each penny you spend, focus on practical and productive long-lasting benefits.