Are you in debt? If yes, do you know how you got there? It’s easy and comfortable to do what you’ve always done. To keep the same old habits. To spend as you’ve always spent. The problem is that those old habits may be sinking your financial ship.

The reality: Comfort isn’t what it’s cracked up to be.

You have money spending habits—we all do. Some pay only with cash. Some write a check. Others use credit cards. And sometimes an open credit with a merchant.

For consumers it’s easy to pull out a credit card to pay for a latte, dinner out, new tires for the car.

Every time you use a credit card, there are a labyrinth of fees buried in the layers of the issuing credit card company. All those fees become part of the cost of whatever item you bought using that card.

It is impossible to really know where you money goes without writing it down. The typical American puts most of any expense on a credit card or has it debited from their checking account. Once credit card usage becomes the norm, it’s easier to overspend and come away with more of the “wants” vs the “needs.”

It’s time to dig out your statements. Start tracking. What items were charged—were they true needs … or were they add-ons … your wants? Use five categories: Perishables, Assets (something that has a life longer than two weeks), Necessities, Wants, and Emergencies. Don’t forget to include any interest charges that you are dinged with from the credit card company.

Do this for at least two months. It will be a wakeup call.

Your Money Tip:
The answer to the question, “Who’s messing with your money?” is simple, yet quite scary. It’s everybody. And in ways, you are not even aware of—that’s where the scary part comes in.

Patricia Lane Williams CPA is the author of Your Money: How to Get Hold of Your Money Before Debt Gets Hold of You. As a trusted resource for the accounting profession for over 30 years providing content for their continuing education. Her website is PatWilliamsAuthor.com and she can be reached at PatWilliams.Author@gmail.com.