You understand the basic concepts of budgeting, saving and monitoring your money—but this doesn’t mean you’re in control of your spending. The experts at Busey share a few reasons why consumers sometimes break their budget.
- A “here and now” mindset. If you tend to focus on the present without considering future plans and goals, you may overspend. Create room in your budget that allows you to spend discretionary money and use your emergency savings account for only true emergencies.
- Rewarding yourself. Instead of rewarding yourself with random, unnecessary purchases—reward yourself with time outdoors, reading or another hobby you enjoy. Your body and your wallet will thank you.
- Mixing mood with money. You’re less likely to save when you feel unhappy, bored or stressed. Avoid the temptation to visit a store after an emotionally challenging day, and save on a happy day. Staying on track financially and emotionally will benefit you in the long run.
- Home equity habits. It’s tempting to tap into your home equity, but ensure you use it wisely. Be smart with your home equity loan or line of credit—don’t borrow more than what is necessary. If you fail to repay your debt, you will rack up additional costs, charges and your lender may even foreclose.
Avoid overspending and get on track financially with Busey. Monitor and categorize your spending with Busey’s budgeting tools and meet with their team to find the financing that’s right for you. Visit Busey at 312 E. Main Street in Mahomet or call 1.800.67 | Busey today.
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