What is the best way to avoid spending more money than I have in my account?
When I look at most of the answers to the question “what happens if you spend more money than you have available“, I worry as many of these answers are akin to putting a sticking plaster over cancer. So what is the best way to avoid spending more money than I have in my account? Let’s take a look…
What happens if you spend more money than you have available in 15 seconds…
If you continue to spend more money than you have available, your life will be miserable and be in continuous turmoil. Living from hand to mouth, day by day and pay cheque to pay cheque is stressful. But the best way to avoid spending more money than you have in your account is to tackle the route cause. That route cause is your mindset and your relationship with money. Your problem is at a subconscious level and is the same reason why most lottery winners end up worse than they were before they won big money.
What happens if you spend more money than you have available?
To answer this specific question and to satisfy your immediate need for an answer: If you continue to spend more money than you have available on a regular basis, you’ll end up in debt. You’ll be on a downward financial spiral that’s difficult to get out of.
You’ll probably end up borrowing more to pay off what you already owe from your current over spending. Your credit cards will probably end up being maxed out with monthly repayments you can’t afford. You may end up using pay-day loans or asking for advances from your employer to meet the rent or mortgage payment.
That’s not to mention the real possibility of defaulting on your rent or debt payments. This will lead to getting a bad credit rating. But worse still you could end up losing your home to repossession and be on the streets.
Stop looking for a sticking plaster to put over your financial cancer
That’s the bad news!
But there is good news. So instead of looking for a sticking plaster to put over what I call financial cancer, you need to treat the route cause. This route cause is at a subconscious level and is no different to why lottery winners end up in a worse situation than they were before winning the lottery.
“The Scottish hospital porter John McGuinness won £10 million on the National Lottery in 1997. At the time he earned only £150 a week and still stayed at his mum and dad’s house. After winning he was quick to splurge after sharing £3 million among his family and £750,000 to his ex-wife cars, holidays and a £200,000 wedding to his second wife were also included in his spending spree.”
“But it was his £4 million investment in Livingston Football Club that saw his downfall after the club later went into administration, as McGuinness had used his wealth to guarantee the club’s loans and was liable for its debts. He claims that he was misled about his football club investment and following a lost legal battle he was forced to sell property to cover his costs. By 2009, McGuinness was a virtual recluse with hardly enough cash to afford food.”The Mirror – Lottery winners who lost it all: Millionaires who blew their winnings after hitting the jackpot
Unfortunately, Mr McGuinness’s story isn’t unfamiliar. Typically lottery winners don’t keep their life-changing money for more than 12-18 months. The reason why Mr McGuinness lost his money was about his mindset. He didn’t have a wealthy mindset, but instead had a poor mindset.
Money doesn’t make you good or bad
It’s important to realise that money doesn’t make you good or bad.
But what money does do is it throws fuel on whatever fires are already burning. If you are a good person then money will make you great. But if you are a bad person or have a dodgy streak inside you, money will expose that flaw.
Money will make your flaws worse. People who suddenly get rich their flaws get exposed because they never had a chance to work on them. What happens is the excess money amplifies things.
So if you can understand that there is a problem at a conscious level, you can seek the help needed to work on a subconscious level. Realise that there’s a problem with your mindset and your relationship to money. Once you do that, you have a chance to work on this.
Don’t ask dis-empowering questions and ask empowering questions instead
Spending more money than you have available and in your account is no way to live life. It’s certainly not a happy life that’s for sure.
But instead of asking a dis-empowering question about what happens if you spend more money than you have available, try asking “What can I do to always have enough money” instead.
It’s okay to invest in yourself and if you are able to spend some money on helping you change your mindset, please do so. Like for example if you were to invest $67 in the Mind Secrets Exposed.
There’s a big difference between you using your next $67 to buy something you don’t really need right now vs investing in changing your mindset. Whilst you might want to win the lottery, and let’s say you do. Are you sure you would keep all those millions?
But in reality, you won’t win the lottery. Instead you can take control and make a conscious decision to fix your subconscious and your bad relationship with money.
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