Americans Going Wrong with Spending

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Abstract Many Americans today are in debt due to over spending. They spend most of their income on things that are not necessities such as the newest phone, a smart flat screen tv, and clothes that is not needed. They forget about the necessities that keep them safe and alive such as housing bills, utilities, and groceries. There are many ways that Americans can save money and never have to be in debt. Setting a budget on how much a person can spend is an important first step to saving money. It will guide a person on what they really need and what they want. The money that is left over after paying for all the necessities can be used on peoples wants or can be saved up to use in the future or in case of an emergency. Americans Going Wrong with Spending As bad as the economy is today, Americans still spend their money recklessly. Many Americans do not realize that some of the things they buy are things they don’t really need. For example, many Americans today are purchasing the new IPhone 5s and IPhone 5c when they know they really do not need a high end phone. Some teenagers are using all their money that they have saved up to follow the “hype”. Some people have credit card payments that haven’t been paid off because they buy more than they can spend. A way for people to stay on track with their spending is to have a plan. Dividing money into different parts to spend is a good way for Americans today to save more money. The first thing a person should do to save themselves from over spending is to have a budget. Without a budget a person would not know when to stop spending. A budget helps a person separate the part of their income that must be saved for fixed expenses and other items that they will need. Having a budget will help people from spending money on “wants” that is intended for necessities. Many people without a budget tend to

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