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Reasons why some persons spend more money than they earn.
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[QUOTE="Axis, post: 304267, member: 66672"] Obviously to get our needs and wants satisfied we always need to get ready to spend money and in order for us to have a reasonable and comfortable amount of money to spend and also and put four other semester activities like saving and investing money we definitely need to work and engage in other money bringing activities in order to have sufficient an adequate amount of money for our needs and wants. Despite the fact that we need money to satisfy our needs and wants it is advised that we spend a moderate amount of our money is satisfying our needs and wants, but today majority of people finding hard to keep the moderates spending of your money in satisfying their desire as well as their needs and wants, and in other words we can say that they spend money more than they earn money. There are several reasons why people may spend more money than they earn, including: LACK OF FINANCIAL LITERACY: Some people may not have been taught the basics of budgeting and financial planning, leading them to overspend. PEER PRESSURE: Social pressure can make people feel the need to spend more money on things like clothing, entertainment, and dining out. IMPULSE BUYING: Some people may make purchases without thinking about the consequences or without considering whether they can afford them. EMOTIONAL SPENDING: People may also use shopping as a way to cope with emotional distress or to feel better about themselves. HIGH DEBT LEVELS: When people have a lot of debt, they may feel like they may feel like they can't get ahead, which can lead to more spending in an attempt to feel better. To resolve overspending, individuals should consider the following steps: CREATE A BUDGET: People should create a monthly budget that includes all income and expenses to get a better understanding of their financial situation. CUT BACK ON EXPENSES: Individuals should look for ways to cut back on their expenses, such as by eating out less, using coupons, and buying generic products. INCREASE INCOME: Individuals can look for ways to increase their income, such as by taking on a part-time job or freelance work. SEEK PROFESSIONAL HELP: For those struggling with debt, seeking professional help from a financial advisor or credit counselor may be beneficial. ADDRESS EMOTIONAL ISSUES: People who engage in emotional spending should consider seeking help from a therapist or counselor to address underlying emotional issues. [/QUOTE]
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