The Seven Deadly (Savings) Sins
Bargainist recently had a great post about bad
habits sucking your wallet dry. It got me thinking about some
of the things we all do that sabotage our efforts to spend money
wisely, live within our budgets or save for the future. And so I
compiled a list of Seven Deadly Savings Sins...
Which one is your Achilles heel when it comes to money?
Taking the traditional seven deadly sins and
converting them into financial "faux pas" I came up with this
- Pride - Are you status
conscious? Only buy brand names? Look for designer labels? If it's
nothing but the best for you, pride may goeth before a financial
- Greed - Thrill to the rush of
blackjack? Looking to win big in the lottery? Fallen victim to any
number of get rich quick schemes? Your need to succeed may actually
be bleeding you dry rather than being that windfall bonanza you
were hoping for.
- Envy - Do you measure yourself
and your success by that of your neighbors? Does your car need to
be bigger, better, faster than the guy who parks next to you at
work? If your friends all jumped into a sea of debt, would you,
too? Then your need to "Keep up with the Joneses" may actually be
dragging you down.
- Wrath - Too impatient to wait
'til it goes on sale? Or even until your paycheck clears? That need
to have it now could be costing you big bucks in the long
- Lust - Are you a bit of a
spendaholic? Are you hypnotized every time you see a "SALE" sign?
Do you end up buying stuff you don't even need 'cuz it was such a
great deal? You might be shooting yourself in the foot with your
excessive bargain hunting!
- Gluttony - Have you bled your
savings account dry? Have debt that desperately needs to be put on
Weight Watchers? A balloon payment coming due that could blow up in
your face? Congratulations, you've just crossed the line from lust
- Sloth - Don't have a budget
plan? Wouldn't even know what a budget was if it bit you on the
butt? Consistently have to pay late fees and interest charges
because you keep forgetting to pay your bills on time? There's a
difference between laissez faire and laziness my friend--and you
need to wake up and smell the savings!
If you've recognize your financial faux pas from
the list above, take the (completely anonymous!) poll and
see what demons others are fighting: