Do You Have a Spending Problem or an Income Problem?

In Erin Odom’s book, More Than Just Making It, she makes it easy to determine whether your financial struggles are because of your own spending decisions or whether your struggles are from lower income by providing a list of the signs for each.

I found it really helpful, and it helped us realize that we need to make some decisions to gain the financial freedom that we are pursuing. For us,  increasing our income isn’t really an option at this point that we can see, so we need to lower our monthly expenses (Hello, mortgage and utilities – I’m lookin’ at you). So I’m going to share with you the signs for each from Erin’s book. Maybe it will help you too. 

Signs You Have a Spending Problem:

  • You make a budget, but never stick to it.
  • You borrow to pay for things you can’t afford.
  • You shop to satisfy and emotional need instead of a necessity.
  • You max our credit cards and only pay the minimums each month.
  • You continue to overspend on material items to fit the lifestyle you want to have.
  • You hide your spending habits from your spouse.

    In her book, Erin shared from one wife’s story… “I didn’t purposefully hide it. He simply didn’t ask, and I didn’t tell him. I managed all the finances, the spending, and tracking with no accountability. I felt like a terrible wife. I tried to fix it, but I couldn’t manage to get us out of debt.”

    Signs You Have an Income Problem:

  • You have trouble stretching your budget to cover basic necessities.
  • You struggle to pay for groceries, rent, utilities, or others from month to month?
  • You have more “month than money”. You can’t afford food or gas during the last week of the month and sit at home, scrounging around the cabinets.
  • You have no debt, but are still struggling financially.
  • You dream of adding categories to your budget lines like entertainment or clothing.
  • When you research the poverty level, you are at or below it.

-From Financial Frustration to Financial Freedom
-More Than Just Making It Series

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