Bad Spending Habits and How to Fix Them {Infographic}

I’ve been at a conference most of this week, so I didn’t get a chance to visit all the blogs I normally do. But I have seen a ton of interesting posts pop up in my reader, so I’m looking forward to getting caught up with everyone and seeing what’s on your minds. 🙂

This week I posted 3 Steps to Raising Financially Confident Children. It’s not always easy to know where to draw the line as parents. We want to give our kids a good life, but sometimes we cross that line and move into Helicopter or Snow Plow Parenting mode. We don’t allow our kids to experience life, which includes owning our mistakes and overcoming disappointment. As much as it hurts me when my girls are hurting, I’m not there to “fix” life for them, but to love them and cheer them on. Or as my friend, Brian from Luke 1428 said in his comment, “be a loving guide”.

Special thanks to Mom and Dad Money, The Frugal Farmer and Not Now Moms Busy for mentioning The Heavy Purse. I appreciate your support!

Since I didn’t get a chance to visit many blogs this week, I decided to share an interesting infographic I found on Bad Spending Habits and How to Fix Them from Credit Loan.

Have a great weekend, everyone!

The Heavy Purse Store is now open! My new downloadable Money Club Workbooks are now on sale. Each workbook provides five targeted lessons to help you raise Financially Confident Kids. Please check them out in The Heavy Purse Store.

January 24, 2014 • 22 Comments • infographic

Comments

DC @ Young Adult Money
Friday, January 24th, 2014
Hope you are having fun at the conference! Have a great weekend!
Reply
- Shannon
  Friday, January 24th, 2014
  Thanks, DC! I definitely learned a lot but I'm glad to be home again. :) You have a great weekend too. Stay warm - heard it's been pretty frigid in Minnesota.
Michelle
Friday, January 24th, 2014
Interesting infographic - I didn't know that there is more credit card debt out there than the total amount in mortgages. I would think it would be different!
Reply
- Shannon
  Friday, January 24th, 2014
  It's a bit scary, isn't it. I suppose everyone can have credit cards and thus debt, while not everyone has a mortgage. But still … it's kind of crazy!
Canadian Budget Binder
Friday, January 24th, 2014
Have fun this weekend at the conference.. what an interesting infographic. I always like reading these as sometimes the data is simply shocking but eye opening.
Reply
- Shannon
  Friday, January 24th, 2014
  I'm actually back from the conference now but I had a good time. :) Now I have to get caught up! I always enjoy a good infographic too and sometimes the data is very eye-opening. Have a great weekend!
Sicorra
Friday, January 24th, 2014
Excellent infographic! I was famous for using debt to pay off debt, or robbing peter to pay paul, as some say. Man, that simply got me into a heap of trouble, and you know what, it is a lot of work to juggle all that debt. Sheesh!! Those days are gone and that effort is spent keeping the budget in tact. Hope you conference went well. :-)
Reply
- Shannon
  Friday, January 24th, 2014
  You certainly weren't the only to make that mistake. I think many people fall into that trap, but it is definitely a lot of work to keep it straight, minus all the additional debt you take on. I'm glad those days are behind now and you're following a budget. Have a great weekend!
Liz
Friday, January 24th, 2014
Fun inforgraphic : ) I am really considering our expenses as far as cell phones go. We have Verizon wireless and it just feels SO expensive. I've heard some other bloggers talking about some really affordable alternatives so I think I am going to start researching my options. Our contract is up in October so I have plenty of time. Have a great weekend!
Reply
- Shannon
  Friday, January 24th, 2014
  Thanks, Liz! Cell phones bills can be so expensive but I have seen a lot of PF bloggers review some low-cost options - Grayson at Debt Roundup and DC and Young Adult Money are the ones that come to mind. There are definitely some low-cost options that can help put some extra money back in your pocket. You have a great weekend too!
Broke Millennial
Friday, January 24th, 2014
$7,000+ per person on average?! That's terrifying!
Thanks for sharing this infographic. Hope the conference was fruitful!
Reply
- Shannon
  Friday, January 24th, 2014
  Yeah, it's not good. :( But knowledge is power, right? The conference was very informative but I'm glad to back home too. :) Have a great weekend, Erin!
Tonya@Budget and the Beach
Friday, January 24th, 2014
Seeing this makes me feel so relieved I'm not in that debt payoff turmoil anymore...and hope I never am again. I don't want to be part of the statistic!
Reply
- Shannon
  Friday, January 24th, 2014
  Yes, it does feel good to be debt-free! And I have no doubt that you won't have to deal with debt turmoil again. You've been there, done that and are too smart to do it again! Have a great weekend!
anna
Friday, January 24th, 2014
Not going to lie, I take some pride in knowing I'm not in the average debt criteria anymore. I agree with the above about not only calling credit card companies to negotiate, but all other expenses like cable and cell phone. I don't have too much luck with the latter, but we were able to reduce our cable significantly by saying we were going to leave (by the time we said no the third time, the price was equivalent to some streaming services). Have a great weekend, Shannon! :)
Reply
- Shannon
  Friday, January 24th, 2014
  You should have a lot of pride in no longer being in debt and a statistic that you really don't want to be a member of! :) It's absolutely worth your time to see if you can get some of your other expenses lowered, especially cable companies. Overall, most seem willing to make it worth it staying with them. I don't think cell phone companies are too that point yet but with the increasing number of low-cost options gaining popularity, their time may come. You have a great weekend too, Anna!
Shannon @Financially Blonde
Friday, January 24th, 2014
This is a greta infographic Shannon. Impulse buying is definitely a large problem for a number of my clients, most of the training we do is around mindfulness so they can curb the impulses that continue to get them into trouble.
Reply
- Shannon
  Friday, January 24th, 2014
  Thanks, Shannon! Impulse buying is something we all fall prey to at some point. Sadly, not everyone even realizes that they are impulse buyers! Yes, we do need to be mindful and make conscious choices with how we use our money. It why I always stress the importance of goals. We need something to compare against, otherwise it's so easy to say "yes". Have a great weekend, Shannon!
Laurie @thefrugalfarmer
Friday, January 24th, 2014
Wow - I was surprised at both the fact that Alaska had the highest avg. credit card debt, and that there wasn't much of a difference between the lowest and highest average credit card debt - interesting! Have a wonderful weekend, Shannon. :-)
Reply
- Shannon
  Friday, January 24th, 2014
  I would not have pegged Alaska for having the highest average credit card debt either. :) You have a wonderful weekend too, Laurie. And like I told DC - stay warm, my friend!
Marissa@Thirtysixmonths
Sunday, February 9th, 2014
Self-discipline is very necessary for changing our bad spending habits. In the past months I was experiencing problems with regards to my expenses but I overcome by maintaining and setting my priorities. Your tips can be very helpful though.
Reply
- Shannon
  Sunday, February 9th, 2014
  Self-discipline is important and knowing what you really wants helps you keep perspective. I'm glad to hear that you're back on track! :)

SHANNON RYAN, CFP®

Meet Shannon
"As a Certified Financial Planner, it is my passion to help individuals and families build a healthy relationship with money. I look forward to helping you raise financially confident kids.” - Shannon Ryan

Bad Spending Habits and How to Fix Them {Infographic}

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