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You Have Now Overcome Your Debt...Learn To Prevent A Debt Slide Back
A wonderful feeling of relief happens after you've gotten rid of all of the debt you owe. Be happy that you've accomplished this, but be wary. A lot of people who've just got out of their debt are quick to get back into it. And if you're one who has a tendency to get into debt trouble, chances are you may have the same temptations to spend, and the same desires to pull out your credit cards without thinking about tomorrow. You see, personal finance budgeting is all based on discipline.
In those people who do backslide, self-destructive habits kick in again so they can go back to their old lifestyles. A lot of times these people are aware of a sense of disconnect between their personal finance and the world they want themselves to believe they should have. Existing in a kind of fantasy denial, they continue spending everything that comes to them without thinking about how much more a discomfort it is to be buried in debt than to not own expensive stuff.
Racking up lots of debt is a problem many Americans face. Owing over $800 billion in revolving debts (not including mortgages and car loans), a lot of them are middle and lower class family members. The range includes people who really need the borrowed money (the disease-stricken mother whose credit cards cushion her medical bills; the breadwinner father trying to find a job) and those who spend more than what they accumulate.
You see, priorities mean priorities. Any time you do a personal budget spreadsheet, it has to be predicated on a plan you can stay with, and will subscribe to, even though your desires tug at you to stray from the plan. The act of putting aside money for specific bills isn't any different from the act of carrying out the payment of those bills, and not wasting the money for other stuff... like luxury items.
Be aware of your purchasing impulses. Only you can truly get to accept and know your tendencies, and how you deal with your temptation. Being a tightwad and dollar burner are two ends of the spectrum of personal finance behavior. It is all in the brain. When you know certain purchasing trends have a pull on you, avoid them. There's has to be something that will keep you occupied enough to be distracted from impulse purchasing. Explore other hobbies. Keep away from shopping malls. Put down that magazine when you see tempting sales and ad promos. If you cannot completely remove yourself from temptations, you have to decide to cut down on the cost.
Always try to sign up for automated payments for your regular bills, so you won't see extra unused cash and be enticed to burn it. The great thing here is that since a certain amount of your money is already deducted and then channeled into needed payments, you won't have to make the decision on where to spend that money. This default spending decision is really what keeps you from thinking of misspending or overspending.
Cut up your personal budget spreadsheet into different categories -- gas, cable, etc. That way you can know just how much you spend for every category and how much is left over after you pay all of them. Because knowing this allows you some type of control.
Who else will worry about your coming days? At what point do you want to retire, and then, what will you do? Have you mapped out your children' budget for education? You need to accumulate money while you can; this way, similar to a squirrel during winter, you'd have no problems about money.
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