Boone County Journal: Dad Never Met an Uber

Published on 18 May 2016 by

Category: News, Updates

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By Bruce Wallace

It can be fun to spend money.

But keeping track of what that cash is buying and where you are spending it?

Not so much.

And if you’re reading this and just sent a kiddo to prom and/or graduation, I feel your pain.

If you’re reading this and have a kid in college, you might be better off just going and reading your bank statements from a decade ago – just to remember how much money you had when you made less money….but didn’t have a kid in college.

Where does all your money go? It seems to go a little here and a little there….and before you know it, you’re avoiding purchases until that next paycheck.

A December survey by the National Endowment for Financial Education and Harris Poll found that 45% of adults in the U.S. Are living paycheck to paycheck. The truly wealthy don’t have to track their expenses – they can afford to hire someone to do that for them – but for the rest of us, it pays to have some sort of system of knowing where the cash is going.

Tracking expenses can be more than a chore, it’s emotionally draining, says Brad Klontz, a psychologist, financial planner and professor at Creighton University. “For most people, sitting down and tracking their expenses is a similar emotional experience to counting calories,” Klontz said. “It often generates negative feelings, guilt, remorse, shame or frustration.”

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