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Luckily, there are ways to curb bad spending habits.
The key to this is understanding how you spend money and finding ways to save.
Are you like more than half of Americans who say they are reckless spenders?
Find out what makes someone a bad spender andthe common money mistakes many people make.
What Are American Spending Habits?
According to the Clever Real Estate survey, over half of the respondents admitted to reckless spending.
These spending habits were in spite of predictions of a recession from economists, as noted in the report.
Many people, however, blamed their recklessness not onbad spending habitsbut rather on external factors.
How Does Age Affect Spending?
Overspending varied greatly between generations.
Baby boomers were less likely to report having an overspending problem than millennials and Gen Zers.
What Do People Think About Their Spending Habits?
Most respondents not only identified bad spending habits but also felt regret or shame about purchases.
A surprising 45% noted they had cried over their spending habits.
What Are Common Regrets People Have About Their Spending?
Buyers remorse was a real issue for many of the respondents.
About 78% of people noted they make purchases they immediately regret.
What Do People Overspend On?
Respondents indicated that they spent recklessly in several areas.
One of themost common areaswhere people admitted overspending was dining out.
What Are Problematic Spending Habits?
The good news for many overspenders is that there are ways to overcome bad habits.
Identifying problematic spending is key to curbing the behavior.
Overspenders frequently purchase things they dont need or admit to impulse shopping.
Almost 80% of those surveyed said they spend money on things they dont use.
Nearly 1 in 5 Gen Zers admitted to buying an item every week that they dont use.
With awareness, however, each of these common financial mistakes can be corrected or avoided altogether.
Which Steps Do People Take To Correct Bad Spending Habits?
Despite concerning spending habits, many people believe they can make necessary changes to help improve their financial situations.
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