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Are you lying to yourself about your spending?

Spending habits can be challenging to manage. We claim to be using our hard earned money to buy things that we ‘need’, but how often is this true? More often than not, we are in denial about our spending habits, and this causes the financial pressure to build.

There are some important questions you should be thinking about regarding your spending habits: Where do you think you spend your money? Where do you want to spend it? Where does your money actually go?

People often spend money without thinking carefully about whether or not they truly need what they are buying. You might say you are saving for travel, but inadvertently spend unnecessary amounts every day to eat out for lunch. Although this spending may seem trivial, it isn’t in the grand scheme of things, especially if you are trying to save for a big purchase or vacation. We often think our money is only going towards expenses like rent, bills or other necessities, but in reality, it is often spent on expensive brands, the new outfit on sale at the store or items that end up sitting unused in the back of the garage.

We think that we need new things – the latest iPhone, tablet or other gadget, but what’s wrong with the device that we have now? We live in a culture that prioritises the newest and best products and services, but you can forgo these to save for the things you truly desire, such as backpacking through Europe or purchasing your own home.

Insolvency Services Australia can help you determine if you are indeed lying to yourself about your spending habits. ISA is an insolvency specialist firm that has experts in both corporate and personal insolvency. We are at your service 24 hours a day, where we can be reached by telephone or online for enquiries, advice and consultation regarding your specific financial needs.

ISA can offer expert advice and consulting about your spending habits and provides professional services to help you effectively manage your money and spend it where you truly need to. For more information, contact us on 1800 003 883 today.

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