What do we do with someone who spends too much money? First, who is 'someone'? Depending on the person's income, there may not be enough money to make it through the month. But this question is probably about someone who doesn't have enough money, period. No matter how much the person makes, he or she seem to spend it all. In my experience, the reason is psychological. Often, spending money fills an emotional need. It may make you feel happy or successful. Or it makes you forget something you want to forget. Some men may be thinking this is about women. And yes, some women are shop-a-holics. Men are too. But for men, it just usually happens with big ticket items. Men may not shop all of the time, but when they do, look out. It may take years to pay for it; their purchases. Of course, not all men are big ticket item shoppers. Some are 'collectors'. They could be thinking: after all, collecting is like a hobby - totally harmless. Even better, whatever I'm collecting may be worth more in the future; could even build my net worth. Now women, don't laugh too much. Many of you overspend but claim you are saving money. After all, it the purchase was on sale. A penny saved is a penny earned. It's like making money. What could be wrong with that? I suppose nothing, as long as you can afford it. Tomorrow I'll talk about determining what you can afford. If you have a financial question for Ross, you can use the Marino on Money page.
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