The Seven Deadly (Savings) Sins

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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 list:

  1. 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 fall…

  2. 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.

  3. 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.

  4. 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 run!

  5. 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!

  6. 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 to gluttony!

  7. 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:

What’s Your Savings Sin?(polling)

 

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  1. ShoppinHolly

    5 years ago

    Wrath is an original one. Never thought of it in terms of budgets. Good point!

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  2. aengida

    5 years ago

    Great article. Like they say, it’s not how much you make, but how you spend it.

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  3. CouponKate

    5 years ago

    I say pride n’ panic is probably the worse combo…where you have to own the best, but Reality dictates otherwise.

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