7 Ways to Help Clients Who Overspend: Advisors' Advice

6. Track your spending.

People who are truly harming themselves with overspending should look into a program to help them. For everyone else, here are some ideas.

Looking at your spending is the first step to controlling it. You can put everything on a credit card and review it each month. Many budgeting apps will put purchases into categories so you can see how much you are spending on different areas of your life.

Then look at each item and consider whether it is something you need or something you want. Needs are food, utilities, phone/wifi, transportation to work. While wants make life more comfortable, but you don’t truly have to have them.

Give yourself a budget for those wants. One possible way to manage them is to use a separate credit card for wants and have a self-imposed monthly credit limit.

The bottom line truly is looking closely at your spending. If your family were in harm, you would do anything in your power to protect them. If your spending is out of control, you are hurting your future for yourself and your family.

— Carol Fabbri, principal, Fair Advisors