Let’s talk about a few problem areas and then we’ll look at how you can get a snapshot of how much you really owe so you can make some better informed decisions in regards to your finances. NO MORE Mortgage offers a free snapshot you can use to make those better decisions.

A common area many people have trouble with is overspending. It can be triggered by advertising, seeing something you want, influences from your friends, impulse buying, or stress induced “comfort buying.” In these cases, you are generally not thinking about where you are financially or when you’ll be able to pay it off. Consider that you may feel pressured to spend more, buy this or that, look a certain way, dress a certain way, or have certain things to fit in or feel like you are living the life you are supposed to. There are many triggers for spending, but they almost all lead back to “emotional” spending.

The next time you are buying something that you don’t absolutely need, ask yourself why you’re buying it and what led you to want to buy it. Do this every time you are buying something and look at what patterns show up and where the motivation to spend at that moment is coming from.

Often, buying something you impulsively want doesn’t feel like it’s going to be a problem. You think “I’ll buy it now and pay for it later.” The problem with that is you will often pay it off much later, having spent many times the original price in interest in the form of credit card payments. When that happens, your future is paying for it. The money you spend on your debt in one month could be worth thousands to you later in retirement after it has had time to build up.

We’re living in a fast paced, complex world where it’s hard to keep track of your money unless you spend some focused time on it. You have money spent on credit cards, ATM cards, department store cards, automatic debits, utility or other bills on automatic payment, written checks, cash withdrawals, dinner receipts, and other expenditures to keep track of. It’s not easy.

You’ve got credit cards in the land of easy credit and get offers for more every month. They entice you to use them with promises of extra miles, points, and rewards.

What your creditors don’t point out is that you will often pay back 2 to 3 times what you borrowed (especially on your mortgage) and that compounded interest is their friend and your enemy in this case. Also, your creditors give you a payment schedule designed to make them more money and stretch out your debt.

You didn’t learn about this in school or at home, so you need to get on top of your debt and reclaim your future now before it’s too late. One thing you need to understand is that when it comes to your retirement and building up enough to take care of you, there is such a thing as starting too late.

You may not have a plan yet because you don’t know where to start. The place to start is figuring out how much you are really going to pay out and how long it is going to take to pay off your debt. You can’t just look at your statements and add up the balances. You have to take into account the interest and amount of payments it will take.

To make this easier for you, NO MORE Mortgage offers a free analysis that will show you these numbers. There is no cost to you and no obligation. Do this for yourself. It’s vital that you know where you really stand.

Give us a call at 800.285.9102 and let us help you get started.

Related posts:

1. NO MORE Mortgage Plan vs. Debt Settlement
2. Do you really know how much you owe on your debt?
3. Are your emotions affecting your spending and building your debt?