I usually do a cost benefit analysis for my poorly thought out financial decisions. I ask myself the question “is the joy of owning this shiny new thing worth the horrendous fees and financial pain?”I try not to be too judgmental about stuff like that, but sometimes can't help myself.
Financial acumen is like anything that involves impulse control and prioritization.
It's exactly like diet and exercise, things that I do very poorly on.
I like eating junk and not working out. I know if I ate well, I wouldn't be so doughy in the middle. I know if I exercised more, I wouldn't be so out of breath walking up stairs. But sitting on a motorcycle is more important to me. So is over-indulging on sour cream'n onion Pringles.
I'm sure people who over-indulge on spending know they are screwing their future selves, when the bills start coming in. It's just not a priority for them. Owning cool sh*t is more important.