Craig Lundquist and Kristin Becker photo
Ideal Wealth Advisors logo

Craig Lundquist, MBA, ChFC®, CRPC®

VP of Wealth Management

craig.lundquist@lpl.com

651-773-2757

 

Kristin Becker

Senior Administrative Assistant

kristin.becker@lpl.com

651-773-2821

 

Ideal Wealth Advisors

Located at Ideal Credit Union

8499 Tamarack Road

Woodbury, MN 55125

 

CRPC conferred by College for Financial Planning

July/August 2025

Develop Healthy Spending Habits

Young woman holding credit card and using laptop computer. Businesswoman or entrepreneur working at home. Online shopping, e-commerce, internet banking, spending money, working from home concept

Developing and maintaining healthy spending habits seems easy in theory, but prove harder in practice. From the time we earn that first paycheck to receipt of our first retirement check, financial goals change, but smart spending habits hold true. Consider practicing these habits through the times of your life:


Young Adults
There is no better time to learn and practice healthy spending habits than in our early adult years. But today's Millennials are swamped with 24/7 sales messages on their electronic devices, television and in print. At any age, start by using your head and putting your heart in cold storage when shopping. When you hear "buy, buy, buy" answer the question "why, why, why?" before spending a dime.


Learn to curb your buying impulses. Ask questions. Do you really need to buy a new smartphone when your old one works just fine and is paid off? Do you know how those designer lattes add up each month, each year? Understand your total expenses and learn to differentiate between needs and wants.


Once you take the emotion out of buying, put your new spending plan in writing. Detail your income and expenses, and build an occasional indulgence into your budget. Ultimately, you'll appreciate the healthier financial life that you'll gain by consistently being disciplined.


Midlife Reset
Even the most disciplined savers can fall back into poor spending habits and see their debt levels rise. If this sounds like you, consider the following:
  1. Forgive yourself. Everyone makes mistakes;
  2. Review your budget and strategize for better spending health;
  3. Pay your credit card balances with the highest rates first, until they're paid in full;
  4. If you use your cards again, pay off balances in full each month;
  5. Strive to buy with cash instead; and
  6. Put the extra cash you saved toward long-term goals.


Near Retirement
The younger you are, the easier it may be to correct poor spending habits. But no time is more important to nail this financial aspect than when you're near retirement. Because this time of your life may include less income than when you worked, it's important to start by lowering your expenses.


Healthy spending habits near and in retirement may start and end with reducing your major expenses. Downsizing your living arrangements could provide the biggest boost to your disposable income. Paying off credit card debt is a must and planning for unexpected expenses should be a priority.


Know, for example, that a home you own will need maintenance at some point, so plan for its costs. Carry the insurance needed to pay for health, disability and long-term care. Revisit your spending plan regularly to account for changes in your life.


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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:

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