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-   -   why we overspend (http://www.gopherforum.com/showthread.php?t=12846)

Steve 11-05-2010 04:54 PM

why we overspend
 
Do you have a problem overspending or do you know someone that does? Overspending is a big problem and has led our country to an economic crisis.

It can also destroy businesses.

I was reading another article on why people overspend and here are some of the reasons.

Do you ever find any of these apply to you or people you know?

1. Can't Buy Happiness
2. Lack of Patience
3. Guilt
4. Can't Buy Love
5. Keeping Up With the Joneses
6. Can't Say "No"
7. 7. Shame
8. Laziness

How do you battle your overspending?

15 Common Reasons People Overspend

CHEESE2009 11-05-2010 11:33 PM

9. Woman & relationships

When their tooth falls out while they eat breakfast... It costs me $2000.00 to fix and my god... damn dentists charge a lot! :( and all the money I've spent on the ladies school books, she'll be avoiding it until her tooth is perfect again.

I don't blame her, she handled it well! But damn.... $$$$$$$$$$$$$$$$$$$$$$$

Steve 11-06-2010 12:13 AM

It's amazing where the money goes, isn't it?

Look at some of these other reasons too.

Not being able to say "no":
Shame:
Laziness:
"Things will get better":
Just charge it:
Lifestyle maintenance:
Entitlement:
Lack of knowledge:
Power:
Self-worth:

It really makes you pause and think, am I trying to impress someone? If so, who? Then you gotta wonder, why are you even bothering trying to impress them?

So much of what causes all business owners to have anxiety and not sleep nights is the lack of cash stored up in the bank.

If only a safety net bank account was established and left alone to grow, we'd all probably sleep better at night and feel more empowered to experiment more with new business ideas and directions.

Otherwise everything becomes a daily scramble to cover the daily bills and hope nothing goes wrong. When in reality we all know Murphy's Law. If something can go wrong, it probably will.

The Cleaning Doctor 11-06-2010 09:43 AM

I guess I have it figured out..... I drive a '79 Ford F250 pickup... LOL

Hell on gas but it has the power when I need it and I can work on the motor myself.

I am going to be like Sam Walton... old cars and lots of cash(hopefully)

Besides I like old cars

'71 Cuda
'68 Olds 442 Convertable
'53 Vette
'56 Ford Pickup
GTO just about any year.

See I like old cars.

fieroboi 11-06-2010 12:03 PM

I think there are a few other reasons people tend to overspend. Personally, I see many people in financial trouble and most of them have no concept of the value of money. Even my own kids have the belief that they are entitled to have items and really don't understand that if you want something, you may have to save for it or work harder for it. Thank goodness they live with their mother! (haha)

As for me personally, I've been there myself, from being so far in debt that i didn't think I would ever get out. Then I got smart and started living within my own means. I was lucky enough to see this before i went into business for myself.

I sold everything that i had, home and all and paid off all my debts. Ever since then, I have used the belief that if I can't pay cash for it, I can't afford it. That being said I do believe that a house will be something that one need to have a mortgage for most of the time.

I bought a 4 year old truck, paid cash for it. Then bought a used cargo trailer, new regular residential mower and a few items such as trimmer etc to get started, all of which I paid cash for, and cut some corners on food, clothing and household items for a few months. One would be very surprised, just how much more free cash one has when they don't have debt payments hanging over their head. Since starting my business almost 3 years ago, i have been able to move up to almost a full line of equipment and am still expanding, while all the time having no debt.

Equipment now owned.
2004 dodge dakota
5X8 enclosed cargo trailer
2 mulching/bagging mowers
2 hand held stihl leaf blowers
straight shaft string trimmer
plugr aerator
billygoat wheeled vacuum
snowblower
lawn edger
fertilizer spreader and other small tools

Next purchase for me will be a new enclosed cargo trailer. I plan on getting a 7X14 v-nose brand new, looks like it will cost me about $4500. I am about 1500 away from buying it right now. I will be ordering it in January. Then I will be buying a power rake in the spring, as renting one is not something I want to do anymore. Will be paying cash for it as well.

Trust me guys, avoiding the use of credit will get you further ahead in the long run. Think about this example, if you go out and purchase an item that costs you 2000 on credit. That item has to do more work to return the same profit, as it has to pay for itself. If you paid cash for it, everything that item does is already putting cash back in your pocket right from the start!!!


Lloyd
Blue's YardFX
Camrose, AB

CHEESE2009 11-06-2010 04:37 PM

Quote:

I think there are a few other reasons people tend to overspend. Personally, I see many people in financial trouble and most of them have no concept of the value of money.
This ^ is very important.

Quote:

Think about this example, if you go out and purchase an item that costs you 2000 on credit. That item has to do more work to return the same profit, as it has to pay for itself. If you paid cash for it, everything that item does is already putting cash back in your pocket right from the start!!!
^ This is how people who provide services should think, we are in the business not to necessarily to only invest, but to spend on items which make us even more money. Well said!

Buy a lawn mower for 2000$, make 20,000$ with it!


Though I admit having this conscience can be stressful, as putting luxuries on hold is very difficult.

I am a good cook, unfortunately I hate my own cooking. So I tend to order out a lot! Doesn't mean it's always unhealthy stuff. I could save tons of money cooking for myself regularly, though I need to have my *thinking of word*.... my.... enjoyable luxuries?


Just like smoking for example. I can hear people tell me to quit every day, but it's the fact that it's something I enjoy. Many of us (all of us) have these NEGATIVE things we do in our lives, in which we enjoy - which put us all in the same spot.

I know a guy who can't stand smokers, he doesn't understand how someone would be willing to do such a thing... Yet this man is 500lbs, has heart problems, and has never eaten anything healthy in the past 12 years.

I never judge him, it's what he enjoys! I'm sure he hates the negatives, just like I hate knowing I'm damaging my lungs - though you really can't stop it unless it's of no value to you.

The thing is, for this man to judge someone on their 'negative' is ridiculous.

Scott, stop smoking.

"I sadly enjoy it, why don't you get a job? Sitting at home for years doesn't make you perfect!"



Everyone should figure out their negative, it'd be fun to discuss!


I smoke a pack a day which may cause me $4k per year

Though it's not the only way to be wasteful with money, and I don't even consider it to be wasteful if it's something I enjoy.

People can be technology freaks, "I need to update my computer/television/cellular, I need this new console, I want to buy all these games for them" **

- this isn't productive, this is an expensive luxury!


We all have em'

!


- Mr. Breeze Wong

Steve 11-07-2010 04:39 PM

Do you think there should be a certain % of your annual income saved in the bank and as you grow it should be larger?

Would you feel there is an ideal to have in your first year, second year, third year and beyond?

If there aren't money saving goals, I am afraid more business owners than not will take any cash reserves they have and immediately spend them on upgrades, thus depleting their savings and their life line in case things slow down.

fieroboi 11-07-2010 11:33 PM

Quote:

Originally Posted by Steve (Post 78954)
Do you think there should be a certain % of your annual income saved in the bank and as you grow it should be larger?

Would you feel there is an ideal to have in your first year, second year, third year and beyond?

If there aren't money saving goals, I am afraid more business owners than not will take any cash reserves they have and immediately spend them on upgrades, thus depleting their savings and their life line in case things slow down.

Personnaly I think one should have at least three months living in the bank at all times. I prefer to have 6 months on hand. As for savings goals, one should have some for retirement plans, smaller equipment goals, larger capital purchases and what ever else you want. The amount or percentage would be determined by how soon and how much you need to save. I have been known to bump up certain accounts to get the goal meet sooner and lowered some for a short time. Saving is an art and takes time .... but in the end it is worth it!

My main point is that in almost everything one should not use credit cards to purchase items that you don't have the cash to pay for. Did you know a credit card with a $1000 balance, paying the minimum payment every month would take over ten years to pay off!!! Now, who really is making the money. It sure isn't you and I, it is the banks and credit companies.


Lloyd
Blue's YardFX
Camrose, AB

CHEESE2009 11-08-2010 02:04 AM

1st year: Spend money on what you need, get your name out.

2nd year: Go in knowing you wont make much profit, advertise/grow to your personal max - use your profits for next year to spend on an employee

3rd year: Hire an employee, grow big - make him worth every cent, continue to advertise.

4th year: Nothing but profit.

Then you just repeat the steps!

MAKLawnCutter 11-20-2010 12:09 AM

Yeah, this year i plan on expanding to commercial :). I am upto one already, id like to be at 7 or 8 by next fall.

matt


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