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Welcome to the 295th edition of the Carnival of Personal Finance, a weekly roundup of the best personal finance blog posts on the Web.
This week’s theme is the seven deadly sins of personal finance. From lusting after unnecessary expenses to slothfully letting debt grow, we’re all a little guilty of financial transgressions from time to time.
Throughout this carnival, we will explore the seven sins of lust, wrath, pride, envy, gluttony, greed and sloth. Enjoy!
Lust is the act of excessively desiring something, whether it be the latest Gucci bag, an expensive race car or expensive jewelry — all things that can lead to major debt regret.
This sin consists of anger, hatred or revenge. Perhaps you are angry at your financial situation, hate doing taxes or have arguments with your spouse over money. Getting angry at your money situation isn’t going to help you solve it. Here are some suggestions:
Pride can get in the way of setting your finances straight. We may act as though we know what we’re doing with investments or loans when we don’t, or we may not ask for help when we’re drowning in debt.
Ah, envy. Have you ever found yourself jealous and resentful of others’ things, such as a vacation you can’t afford or lifestyle you can’t attain? Envy can get us into all kinds of financial situations that are beyond our reach. Better to stay real than to be real broke.
Gluttony, waste and overindulgence can all send your finances into a downward spiral. Yes, we all need to splurge a little here and there, but keeping your gluttony under control will save you more than just money — it will preserve your financial sanity.
Greed can cause you to lose perspective on your finances, possibly leading you down a road where there are no u-turns. Sometimes just giving yourself 24 hours to ruminate about a purchase can cause you to rethink if you really need it or if you’re succumbing to our fourth sin: greed.
Sloth is the sin of idleness and laziness. When applied to finances, sitting back and letting debt pile up, filing taxes late or never checking your bank accounts can all lead to disaster.