The High Roller.
When I say someone is an overspender, you probably picture a person who spends a lot of time online shopping, partying, or someone out traveling the world. While that may be the case in some situations, it’s much more likely that an overspender lives a life much less glamorous than that. In fact, 47% of Americans are overspending in one very mundane category: groceries. Spotting a “high roller” is less about what they spend their money on and more about the why. So, what traits tie these big spenders together?
They don’t plan
A lack of budget definitely comes into play, but this goes beyond just not having a budget. For example let’s look at the grocery example above. If you don’t plan for meals, you may run through the store haphazardly, buying things you don’t need or eventually throwing out things that went bad because you didn’t know what to do with them. And who among us isn’t guilty of just giving up and ordering in when we don’t know what’s for dinner?
Caves to boredom or peer pressure
We all crave connection, so when our friends want to go to a new restaurant, take in a show, or are raving about the latest technology, we naturally want to join in. It just plain sucks to be left out or to have to admit you can’t afford things, and sometimes that pride just gets the best of us.
Doesn’t deal with problems
The distraction of spending on something fun can be a hell of a drug. The little high that comes from acquisition may be used as a substitute if you don’t want to face your problems or sort out big feelings.
Impulse control problems
That quick click on Amazon with little to no consideration, or grabbing a cold drink at checkout are things we all do from time to time, but for chronic overspenders this is the rule and not the exception. These habits don’t mentally register as a real expense and REALLY pile up even though they feel small.
It’s fun to throw caution to the wind sometimes and just have some fun. Plan for the future, but buy the damn shoes, as we say around here. But if you are spending for unhealthy reasons, and your splurges are getting out of control or damaging your relationships, it’s definitely time to re-evaluate your habits and make some changes.
Are you a high roller? Have your habits left you overextended and accumulating debt? Go to linktr.eee/missoulabookkeeper for strategies for reducing your spending as well as downloads and other resources for tackling your debt.
