Ask LEO: What Are The Consequences Of Spending Beyond Your Means

image from @anomadsoul

It's too easy to spend more than what you have because you believe in loans, credit cards or other means but do you ever think that when you doing what you don't expect to to just to impress or to satisfy someone can lead to downfall in financial growth and which may cause lot of damages in your lifestyles. This have been so rampant nowadays where people want to impress someone with wealth but the wealth they're impressing someone with they don't have it and they keep doing what its not expected to do. But what you don't know is that when the consequences arrise you only face it all alone and no one will be there for you to battle the consequence with you.

The immediate consequences of spending what you don't have is accumulating of debt because to spend what you don't have, you'll want to acquire lot of loans or funds for expenses you're doing and when to pay back the debt which you've collected it might be so difficult to pay back and that the major consequences and you been hiding or running heather sketer to pay up the loan and the interest of the loan keep increasing day by day and this can hinder the progress of your financial growth.

Even when you spend more than your means you find it that all the interest of what you've rely yourself on keep going high and if you're unable to pay off your balance in full each month or each periodic time you're expected to pay it can quickly yield to become high interest rate that you may not be able to settle and will destroy your financial wealth. And even living beyond your means inwhich you suppose to be under someone and you think someone is now on his own and doing good with it then you can also do that can also lead to limitation of financial freedom.

When your main income is now diverted and used to settle bills and debt the you are still under the control of debt it can totally hinder your ability to build an emergency funds and make a good plans for yourself and will also destroy the significance goals that you might have in mind. When you spend more than your means that means you are keeping yourself under pressure and stress.

When you're under financial stress it can also damage your physical health as well and you keep working like you don't work, giving yourself unnecessary budget or plans that you already know you can never fill up but because you've over spend you keep the stress going old that til you damage your financial situation and your physical health. And it always damage your credit score and your credit limit when you keep spending more than your means.

When you keep spending beyond your means and accumulating lot of debt will surely damage your credit scores or credit limit because you find it difficult to pay off loans and it will surely show in your credit score when it becoming your habitat of a late repayment of loans or bills where you don't know what to after the stress of how to make the repayment and it lower your credit score or even damage it totally and when you have a bad credit score it can stop you in some benefits.

Some little tip to overcome the over spending

When you try to create a good budget for yourself and always be well disciplined and make sure the budget align with your income which can cut back unnecessary spendings and also try and cultivate the habit of savings and invest so as to set aside some part of your income that will make you reduce overspending.

And another tips is always mindful of whatever you want to purchase and understand the difference between wants and needs so as to overcome the overspending and know the strategy to pay off loans or debt which will not affect your financial situation.

In conclusion, always seek professional advice when it's comes to financial growth or responsibilities so as to avoid some stories that touches and keep learning always on financial services and always set aside an emergency funds that can cover up when the needs arrises.

Thanks for stopping by my post and I will be open for corrections and additions.