What’s Behind Spending Decisions?
Have you ever wondered why you feel good about spending money on vacations, but avoid saving for retirement? Why you buy new golf clubs, but procrastinate when it comes to giving your kids an allowance? The answer may lie in your unique LifeValues and how they influence your financial decision making.
Before you take the LifeValues quiz, read about the four LifeValues: Inner, Social, Physical and Financial.
Now you are ready to get started. Bear in mind that there is no wrong answer. You are simply identifying your preferences. Remember that your answers are intensely personal and resist the urge to choose an answer someone else might believe is right for you. Quickly choose only one answer. Begin the LifeValues quiz.
If your spending habits are a result of unhealthy motivations — such as trying to fill an emotional need or “keeping up with the Joneses,” you will want to address the root problem.
Even the best spending plan won’t work if your spending is out of control for emotional or psychological reasons.
Sometimes, all it takes is paying attention to your spending and watching your motivations. In more serious cases, you might benefit from counseling.
It’s important to know that careless spending will not take away personal pain, and it could lead to serious financial problems.
If you’re really having trouble getting your spending under control, continue to ask yourself: “Do I need it?” If the answer, consistently, is “No,” but you keep spending anyway, it could be time to investigate other possible root causes of your overspending.