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Below are some common emotion- al types that can create financial havoc.
"I need immediate gratification."
Too many people have difficulty waiting weeks, months, or years to achieve financial stability. While they start with resolve, one dented fender or one vacation that just can’t be missed causes that resolve to disappear. If you don’t have the discipline to deny yourself new clothes or an expensive dinner this month, you’ll be further in debt next month.
The pessimist. If you don’t believe things will get better, you increase your chances of falling deeper in
debt. On the other hand, although most financial professionals believe in the power of positive thinking, they know it takes more than that to achieve financial success. Experts say that many habitual shoppers spend irresponsibly to satisfy their melancholy mood. Recognize your challenges and plan accordingly.
There’s always tomorrow. Yes, there is always tomorrow, but it’s also true that the early bird is the one that catches the worm. Stop putting off saving habits that can start today. Every day you put it off, someone else is getting your money.
If you consistently have trouble with your emotions when it comes to spending, consult a financial advisor to help you understand how your emotions are affecting your financial health. Your FFEF counselor can help you understand some of the common emotional pitfalls when managing your budget.
Emotions and Money