Spending is a function of your mindset. The question you should be asking yourself is: Why do you keep spending above and beyond your means (income), knowing very well that it will get you into trouble in the first place?

If it has been going on for a year, that is enough time to see the trail or clue as to where all the spending began and how far it has come. I believe that is enough evidence, don’t you think?

We all know that income is limited in nature (unless you have passive income, you will never have this problem to start off with), and if you go beyond your means, it means you either are ignorant of your finances or you are depending on using other people’s money, which is really what will get you into trouble, as you will have extraordinarily paid high interest rates, endless debt, and other continued endless fees to pay for the rest of your life, and you will not get out of it unless you change your thoughts, your words, your habits, your actions, and your behavior around money.

Once you have changed your mind, it will be advisable to start using a tool called budgeting. There are all kinds of budgeting tools out there; even Google (Google Sheets, both monthly and annual budgets) has a simple one you can use to establish exactly where every penny or cent is spent.

I know it can be very intimidating, but once you start the process of listing all your household expenses, your debt, and your investments and savings and get a handle on it, it becomes easier—if you are truly honest, open, and transparent with yourself and are wanting to put an end to this crazy-out-of-hand-spiral rollercoaster out of your life for good!

It will lay bare exactly what, where, and how you spend your money, and it will also give you a sigh of relief because you now know what you are faced with.

The next step is that you will have to make a serious financial decision or choice once and for all on where to start curtailing your spending, start saving, and then move on to investing to create wealth, not only for yourself but for your next generation if you are planning on having a family.

Otherwise, if you do not adjust while you still have time, you will remain buried in the hips of endless spending cycles with no end in sight.

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