Sixty-two percent of consumers say they have problems with spending as well as saving, according to a poll by the National Foundation for Credit Counseling.
"The good news is that having a problem with both spending and savings is actually just one problem: spending," says Gail Cunningham, spokeswoman for NFCC. "The bad news is that overspending is often tied to deep-rooted behavior, making it very difficult to change."
According to a Gallup poll in December, consumers becoming more open to spending again when spending reached a four-year high. The National Retail Federation also estimates that Super Bowl spending likely hit $12.3 billion this year, which is nearly $70 per consumer for this single event. In fact, 7.5 million households were projected to purchase a new TV for the Super Bowl, up from 5.1 million last year.
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Still, NFCC warns consumers that this may not be the right time to return to costlier spending habits as paychecks are smaller because of the increase in the Social Security payroll tax. Consumers should make smart spending decisions and save regularly.
NFCC lists 10 warning signs of out-of-control spending. They are hiding purchases from others, paying bills late, routinely overdrawing funds, relying on credit to maintain lifestyle, unwillingness to review how money is spent, unawareness of how much is owed, purchasing and returning items, shopping to relieve emotional stress, unwillingness to set financial goals and fear of checking credit reports.
"Spending and saving should be able to peacefully coexist in a budget," Cunningham says. "Success lies in balancing these two seemingly competing forces."
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