Why Do We Overspend?

It's November and that means Financial Literacy Month!

You would think that in 2019, with all of the resources available to us, literacy about our finances would be a thing of the past.  After all, there's hundreds if not thousands of books on personal finance (and I'm about to release another one next month).  There's countless blogs, tools and tips right at your finger tips with the magic of a quick Google search.

Yet, despite the plethora of information, 50% of Canadians are struggling to pay their bills, 25% are spending over 30 minutes a day worrying about money at work and it's the number one source of stress; over our health, job and relationships.

So, is there something more sinister going on? What most people don't realize is our brain's hard wiring for instant gratification and propensity to desire what others have (Keep Up With The Joneses and FOMO), trip us up daily.

I weighed in last week with Rob Carrick from the Globe and Mail, on why we continue to overspend and have trouble saying, 'I can't afford it'.  Head over and have a read.

To discover more money traps and how to correct them, get your copy of Talk Money to Me: Save Well, Spend Some, and Feel Good About Your Money in stores December 17th and available at Amazon and Chapters for pre-order now.

As the Consumer Advocate for FP Canada, I know that financial literacy is paramount to your well-being. Equally important to your long-term success is working with a qualified professional. To find a CERTIFIED FINANCIAL PLANNER® professional in your area that will help guide you on all matters of money, check out this Find Your Planner tool.

FP Canada is a national professional body working in the public interest (formerly known as the Financial Planning Standards Council). FP Canada is dedicated to fostering better financial health for Canadians by certifying professional financial planners and leading the advancement of professional financial planning in Canada.

For more on financial planning and how to get started, watch What is a financial planner? and What is a financial plan?

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