Summer 2017 – Seven Habits of Highly Unsuccessful Summer Spending | Ted McLyman dot Com

Summer 2017 – Seven Habits For Highly Unsuccessful Summer Spending

Introduction: Summer Spending
I’ve been working with people and money for years. This is what I’ve learned – money makes us crazy! I’ve even written a couple of books on the subject. Summer is here … try not to blow up you budget! Keep these points top of mind as you load your car for your “Vacation of A Lifetime.”summer spending
1. “I can do it, just watch me.”
You are overconfident that we can control your summer spending. You think you can control your spending behavior—really?

  • You take the teaser credit card application on the plan because you believe that you won’t use it.
  • You go to a Timeshare presentation because you are in sales and know all the “sales” tricks.
  • You pick an “all inclusive” package so you don’t have to worry about over-spending.
  • You …

summer spending

 

2. “I know I’m right and I can prove it.”
You rationalize and confirm your spending decisions.

  • You don’t like to be wrong, and losing money hurts emotionally – a lot.
  • You ask, “experts” and friends who agree with you to confirm your spending choices.
  • You discount or ignore anyone who disagrees with you.
  • You can and will rationalize your spending decisions.
  • You …
3. “I’m smart.”
You think the skills and abilities that have made you successful in one area will carry over to your spending decisions.

  • You may have a PhD in math, but doing currency conversions in your head at a crowded outdoor market might not turn out well.
  • You may be in charge at work, but maybe it’s okay to let your tour guide decide where to eat – even if it costs a bit more.
  • You must admit, some of your buying choices work because we were at the right place at the right time.
  • You …
4. “This time is different.
 You want to believe that a bad spending choice in the past won’t happen again.

  • You will likely continue to spend the same way you always have.
  • You aren’t very good at figuring out risk and probability.
  • You are human, and will always spend emotionally and unconsciously.
  • You …
5. “It’s an investment.”
You have no control over the price or rate of return of anything.

  • You can not control market forces.
  • You will use the term “investment” to rationalize some of your most outlandish spending.
  • You must never confuse consumption spending and wealth creation.
  • You should wait to declare the “primitive craft art” you bought an investment until you get back home and try to sell it.
  • You …
6. “I have enough time to get my spending under control.”
You never have as much time as we think.

  • You will spend money this summer that might be better served paying off bills and saving for long term needs.
  • You will never get the money you spend back.
  • You will make both good and bad spending decision. The question is how long do you have to recover from the bad ones?
  • You …
7. “I know, but  I hate to choose.”
If you are honest, you are probably not as good with money as you think.

  • You simply don’t like to make the hard choices about your spending decisions.
  • You are emotional with money.
  • You seek to confirm your spending.
  • You uses rules and information that is often incomplete or wrong when you choose.
  • You “see” what you expect – not the truth.
  • You will spend more than you planned …

Remember, your summer spending will impact your future lifestyle. Summer spending

Closing thoughts
Spending money is hard work. Take the time and ask yourself …

  • What is most important in life?
  • What will it cost to get it?
  • If I keep spending the way I have been, where will I be?”

Manage your behavior—then your money.

Below are the results of a spending poll conducted by Consumercredit.com. How do you fit into the findings?

Ted

www.TedMcLyman.com

Infographic: Summer Spending – Consumercredit.com

Infographic: The online poll, which surveyed more than 447 consumers across the US, found that 35 percent of respondents indicated that …

Ted McLyman

Husband, father, grandfather, LtCol USMC (Ret), entrepreneur, author, consultant, speaker, and Ironman All World Athlete.