Tuesday, November 11, 2008

Redemption For the Frivolous Spender

Have you purchased a very expensive pair of shoes that you could not LIVE without, despite not having room for the ones at the house? Did you purchase that Flat Screen HD TV for the bathroom so that you won't miss the game while handling business? Or you just couldn't pass up the opportunity to purchase that rotating jewelry case from QVC for 5 easy payments of 69.99. The current condition of the economy should have everyone holding tight to loose change and clutching their wallets, but some can't kick the habit of spending frivolously despite current economic conditions. They say confession is good for the soul and admittance is the first step toward recovery, and Spendster offers a place for frivolous spenders to bare their soul.

Spendster was started by the National Endowment for Financial Education, a nonprofit aimed at helping people learn about handling their finances. It's intended to offer a place for spenders to admit poor spending habits and make steps toward better ones.

Most people buy on impulse or feel compelled to spend their money because "it was on sale". Only to regret the decision later and to be stored in the "junk "drawer or garage along side many other unused purchases. Whether it's the 600 treadmill that doubles as a clothes hanger, or that collection of pricey handbags that lives in the back of your closet, Spendster offers tools that not only provide insight into your current spending habits, but also provided resources to compare the benefits of investing over spending.

The purpose of this site is aimed at getting people to think rationally about their spending habits. The site notes, "Share your story of impulse buying, over-spending or just plain wasting money on the stuff you don't need."

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