Finances are the number one thing couples fight about besides family challenges. Money, whether you have a lot or a little, can be a challenge of what to spend, save, and invest. An accounting firm in Louisburg can help you discover a plan that will work for anyone regardless of your income. At Pro 31, located in Louisburg, KS, we assist Overland Park residents and businesses with their expenses and financial concerns.
There are always little fibs we tell ourselves or others about our finances that make us feel better about our spending habits. Unfortunately, these little things can catch up with us if we are not careful. Here are a few common fibs we tell ourselves about money that, if we change up, will benefit you in the long term, according to a top CPA in Louisburg.
I Work Hard and Deserve This Splurge!
Of course, if you work hard, you should benefit from the fruits of your labor in Overland Park. However, changing your thinking patterns to “I deserve this I’m going to save for it” is a better option then “I want it and I deserve it, I will buy it now, and pay if off later.” Many people tell themselves this little fib and end up buying something they can’t afford, and then their car breaks down and they dig a deep hole of debt that is hard to get out of. One idea from a Louisburg accountant is to save the money for your splurge first, then you are saving yourself from a financial fallout later.
Money or Possessions Will Buy You Happiness in Overland Park
Happiness has been studied in great detail, and the conclusion is that after your basic needs are met, and by needs that means food, water, and shelter, happiness does not increase much due to your income. In fact, at some point, happiness decreases with the more money you make.
It’s okay to strive to get that better job or save for retirement in Overland Park, but if you are counting on it to give you happiness, you will be spending and spending and to no avail. Seek the help of an accounting firm in Louisburg or other surrounding cities to help you plan for whatever stage you are in to be financially responsible. Just remember, money isn’t the answer to happiness.
I Will be Able to Save When I’m Older or Have a Better Job
Louisburg accounting firms might tell you that is a bit of a myth. The truth is, saving at any stage of life is essential. Whether you have one dollar or a million dollars, learning to put away money for emergencies will save you from a problem in the future. That better job in Overland Park may never come, and a list of things you want will never go away the more money you make. Planning to save now is a great skill to achieve at any income level.
I Have Impulse Control
The truth of the matter is that most of us do not have impulse control. Impulse buying accounts for a lot of consumer spending, according to Louisburg CPAs. Why do you think stores make you go through a maze of items before you check out? They know consumers will make impulse buys as they wait in line.
According to The Kiplinger, one of the best ways to avoid impulse purchases is to pay in cash or buy online from the store, and then pick up your items at the front desk. This way, you avoid wandering in the store and buying things you don’t need or that aren’t on your list.
At Pro 31, a leading accounting firm located in beautiful Louisburg, we service the entire metro Kansas City area including Overland Park, Leawood, Olathe, and Lenexa. We understand the money fibs and pitfalls that every person has when it comes to saving, spending, and investing money. We want to help you create a plan you can feel good about while planning for your future.
Give us a call at (913)-837-3131 or visit our website to fill out our contact form and learn more about the financial services we offer.