Quiz: Are You an Overspender?


Take this quiz and see if your budget needs some controlling.

By Consumer Watchdog, Mary Schwager, for GalTime.com

Take control of your spending

Financial pop quiz: Is paying your mortgage or rent each month a challenge? Are you always griping about not having enough money? If you sighed and nodded your head when answering these questions, the amount of your paycheck may not be to blame. Mother-daughter financial experts Carol Holm and Cami Newsome say you might actually be an overspender.

How can you tell? Take their quick questionnaire:


  1. Have you put off saving for retirement?
  2. Do you consistently spend more than your income?
  3. Do you put purchases on a credit card without paying them off each month?
  4. Do you argue with your partner about your spending?

If you answered “yes” to any of the questions, you are an overspender. Holm and Newsome say it’s easy to place blame your income when the real problem may not be your income at all, but rather how you spend it!

How can you stop overspending?


It’s that darn desire that gets us into trouble. Whether you’re lured by jewelry, property, the latest fashions, or keeping up with the Joneses, you know how easy it is to fall into the trap of temptation.

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Holm says it’s important to understand how to override your desire. “Our logic knows what we should do, but our emotions want to feel good and spending money always feels good in the moment. Since our emotions are far more powerful than logic, our emotions will always win unless we find a way to override them.”

One of the more difficult temptations to ignore is a sale. After all, the lure of any purchase for a great price can be a powerful emotional force. According to Holm, “Their mind may say, don’t spend money on anything that is not a necessity, but if they find the perfect bargain, they want to have it. Since their emotions are far more powerful than their logic, their will power will buckle and they’ll end purchasing the bargain. Solving the problem requires finding a way to win the battle over our emotional mind.


If you’re on the verge of thinking a “spendaholic” support group is your next step, first try the dynamic duo’s over spending diet:

  1. If credit card debt is your problem, cut up your credit cards and start living on what you earn.
  2. Start putting money into a retirement account today. If you can’t afford 10 percent, start small and then keep increasing the percentage every time you get a raise.
  3. Start a savings account for purchases. You will find that you’re more careful when spending money you’ve worked hard to save.

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The gist of Holm and Newsome’s over spending diet is simple: If you don’t have money to spend, you won’t be tempted to give in to your emotions. The over spending diet allows you to take the money that in the past so easily slipped through your fingers, and put it to work for you.

If you’ve discovered ways to stop yourself from over spending, please share them with us in the comment section!


About the experts:

Going from a failed business to becoming the first female to lead New York Life in sales, Carol Holm spent years researching the power of the mind to uncover the principles that allowed her to create her own unique strategies. She has since shared these strategies with audiences all over the world including two times on the main platform at the Million Dollar Round Table to over 7,000 people.


Cami Newsome is not only Carol’s daughter, but they have also worked together for over 20 years. The fact that they are completely opposite has allowed them to see things from different viewpoints, helping to make their concepts work for everyone. Cami has most recently been able to take advantage of these strategies while battling stage three breast cancer.

The two co-authored a book called Take the Lid Off.


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This article was originally published at . Reprinted with permission from the author.