Let’s start with what we know. We know that spending more than you make is not financially sound advice. We know that doing so over long periods of time is not sustainable. But, there is a larger problem that has it’s root in one of the largest problems Americans face. This problem is the lack of self-awareness.
While many Americans are significantly overweight, even more are overweight with their finances. Even if you talk to many employees of banks or financial institutions you’ll find out that most of them struggle with the same everyday issues that we all face.
This problem is rooted in not being aware of what’s going on.
For example menshealth.com published an article detailing a study that found weighing yourself daily can decrease your weight. People who checked their weight daily saw a 2% reduction in total body weight over 6 months. Over longer periods of time the results would be amplified.
Not just in the area of personal fitness, however, is continuous attention beneficial. Examining your finances regularly can be of great importance. Simply looking over your statements briefly each day can change the way you see your financial life.
You might find, once you examine your spending, that there are certain areas that need more attention. For example I wasn’t paying attention to little $5 monthly bill. As soon as I realized what I was getting charged I signed off. While it didn’t save me a lot of money, it’s easy to see how this happens with bigger ticket things.
Bottom line: pay attention to your finances. You may find there’s a hole in your wallet.