Overindulgences Can Leave Their Mark for a Lifetime

"It's O.

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"It's O.K., I can be bad just this once . . ."
If you have ever said that to yourself after a wild shopping spree or overindulging on junk food, you may be in for a rude awakening. Even temporary indulgences can leave Americans grappling with tight-fitting jeans and bloated credit card balances for years. Just over the past few months, Americans collectively packed on 292,000,000 pounds and $90 billion in credit card debt.

Financiallearning.com is helping Americans learn more about the triggers that can lead to overspending and overeating. The concept is simple - Americans can take control of their waistlines and wallets and gain financial freedom by taking a few simple steps.

For example, during the holidays, the average American gains just over a pound. A pound doesn't seem like much at first, but studies have shown that we are unlikely to lose that extra baggage and could see an accumulation of an additional 30 pounds over the course of our lives. Furthermore, if you consider that even if each American only puts on one extra pound each holiday season, the nation's collective weight still goes up by 292,000,000 pounds!

Likewise, this holiday season added $90 billion collectively to America's increasing credit card debt. A recent survey by the GE Center for Financial Learning found that despite a weak economy, many continued pulling out those credit cards, spending money and indulging without considering the consequences.

In fact, the survey found that 50 percent spent more than they expected to spend. Of the 48 percent of Americans admitting to having no spending budget, 43 percent didn't create one because they felt doing so "takes the fun out of shopping."

What's more, a majority of Americans didn't say no to an extra serving, with 61 percent of Americans stating that they overate.

"The problems of budgeting and spending are very similar to weight problems in America. The problems stem from the same impulses . . .

denial, lack of self-discipline and the need to fill a void. It's hard for people to stick to a diet or a budget, because they don't associate any short-term positive rewards with what they see as constraining and limiting to their lifestyles,"
noted one of the country's leading financial psychology specialists and advisor to the GE Center for Financial Learning, Dr. Kathleen Gurney.

Fifty-five percent of Americans claim to have negative feelings after having indulged. Dr. Gurney offers the following tips to help Americans overcome their reluctance to follow a budget and feel better about themselves:

* Instead of calling it a budget, try calling it a prioritized spending plan.

* Make a list of your basic monthly expenses like rent, car payments, groceries, bills, and taxes.

* Try keeping track of everything you buy for a month and write it down.

* Create one or two financial goals for yourself and your family and then aim for them.

* Let everyone participate in the process. By involving the whole family it gives you a sense of teamwork and creates a positive atmosphere around that monthly budget.

Following these simple steps will ease away old habits and lead to positive feelings, empowering Americans to take control of their financial situations. You can learn more by visiting www.financiallearning.com.

Courtesy of ARA Content

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Editor's Note: Statistics from Cardweb.com and New England Journal of Medicine Study March 23, 2000.
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