Americans Are Facing A Spending Crisis

Americans Are Facing A Spending Crisis

Part 1 in a 3-Part Series

Posted to Resource Articles by Maryann Kelly on Tue, 04/29/2008 - 9:48am

 Budgets are like diets...difficult to maintain and backfire resulting in binging and rebellion. Admitting that I cannot spend like I use to or like the "Jones" immediately puts me in a place of defensiveness and determination to take a well deserved vacation or "invest" in a new summer wardrobe.

In the last 10 years we have identified in our country an obesity crisis spanning from our youngest citizens to most middle-age Americans. It was embarrassing to face, but the statistics and health problems stemming from this fact were too strong to ignore. Now we cannot look at an overweight person without having compassion and concern about their heart attack risks, diabetes and general propensity for other health problems. It is no longer simply a judgment on their appearance but a concern for the inevitable health issues that come from prolonged obesity.

The crisis emerging among Americans today is a spending and debt crisis. An over-indulgence in consumption of the material kind. So likewise, today when we have a friend or family member who is overspending or simply not preparing or saving for their old age, we worry for the long term consequences on their quality of life.

All of us know that, as we age, our metabolism slows down and watching what we eat is more important than ever. Likewise, as we age our earning capacity levels out and we have less years to save and plan for retirement. Consequently, like watching our food choices becomes more and more important as we age for health and weight reasons, a regimented savings, spending, and debt management plan becomes imperative for sound financial health.

Resign yourself to developing a sound savings, spending, and debt plan and, in my next article, I will give you the simple tools to begin your own personal one no matter where your financial situation is at this time.
 

Click the following to return to the directory for Your Finances and Divorce.