By Webmaster

All of us go over our budget occasionally. But when overspending becomes chronic, it’s time to ask yourself whether you or your spouse has become a spendaholic. Here are ten questions to ask yourself:

1. Do you or your spouse go on shopping binges and neglect to enter each check as it is written?

2. Has either of you bounced a number of checks within the last three months?

3. Do you have to carry your credit card balances over from month to month?

4. Do you or your spouse hide large purchases?

5. Are you paying late fees for past due loans?

6. Do you and your spouse have more than four credit cards? Are you maxed out on any of them?

7. Do you or your spouse borrow to buy luxury items or to take expensive vacations?

8. Do you “rob from Peter to pay Paul,” putting off some creditors so you can pay others?

9. Have you consolidated your debts to lower your monthly payments only to increase your debt load later?

10. Are you using the equity in your home to make routine purchases?

If you suspect that you or your spouse is a spendaholic, it’s important to realize the behavior may be more than a bad habit; it may be an addiction. Spending money can give the shopper a euphoric high, an adrenalin rush, much like alcohol or drugs. It’s a form of self-validation that feels empowering. It’s only later, when the bills are due or past due, and when arguments erupt within the house, that the true nature of the problem becomes apparent.

If that’s the situation in your home, you’re not alone. Millions of American families are living beyond their means and discovering the hard way that money makes a wonderful servant but a terrible master.

As Saint Paul warned in his letter to Timothy, “For the love of money is the root of all evils, and some people in their desire for it have strayed from the faith and have pierced themselves with many pains. But you, man of God, avoid all this. Instead, pursue righteousness, devotion, faith, love, patience, and gentleness.” (1 Timothy: 10,11)

The good news is that help is available through local chapters of 12-step groups such as Debtors Anonymous and Shoppers Anonymous.

Of course, it’s also possible that you are in a temporary budget crunch and looking for simple ways to take control of your family finances. If that’s the case, you and your spouse might benefit by taking the following steps.

First, sign up for automatic bill payment services to pay your regular monthly bills, such as telephone, gas, electric, water, garbage and mortgage invoices. You’ll be less likely to spend money that you don’t have. You’ll also eliminate check-writing hassles, avoid late payment fees, save time and reduce postage costs.

Second, prepare a shopping list before you go to the store in order to avoid impulse purchases. Print coupons on your favorite brands. Get the CouponBar and save. The free, downloadable coupons could save you more than $1,000 a year. Leave your credit cards at home; instead, use your checkbook so you’ll have a record of your purchases. Avoid using ATM machines that charge you to gain access to your own shopping funds.

Third, take advantage of all the eligible tax breaks. If your company has a tax-favored 401(k) plan or Medical Savings Account, arrange to have the funds automatically deducted from your paycheck. Again, you’re less tempted to spend money you don’t see.

Fourth, check your credit report for errors. Your credit score is based on the information included in your credit report, so it pays to review it for inaccuracies. Federal law entitles you to a free copy of your report once every 12 months from each of the three major credit bureaus. Your credit score is also available for an additional charge. Simply go to www.annualcreditreport.com or call 877-322-8228.

Fifth, consider buying budgeting software such as Quicken or Microsoft Money.