A beautiful feeling of relief comes after you've destroyed the all of the debt you owe. Be proud you've accomplished this, but be wary. A lot of people who've just recovered from their debt are quick to get back into debt. And if you're one who tends to get into debt trouble, chances are you may be exposed to the same temptations to spend, and the same desires to pull out your credit cards with no thought for tomorrow. You see, personal finance budgeting is all based on discipline.
In those people who do slide back, self-destructive habits kick in again so they can support their old lifestyles. Often these people are aware of a sense of disconnect between their finances and the world they want themselves to believe they should have. Living in a kind of fantasy denial, they continue spending what comes to them without realizing how much more a discomfort it is to be buried in debt than to not possess expensive things.
Racking up personal debt is a problem many Americans face. Owing over $800 billion in revolving debts (not including car loans and mortgages), a lot of them are lower and middle class family members. The spectrum includes those who really need the borrowed money (the breadwinner father trying to find a job; the disease-stricken mother whose credit cards cushion her medical bills) and those who spend more than what they accumulate.
Priorities mean priorities. Any time you make out a personal budget spreadsheet, it has to be based on a plan you can stick to, and will subscribe to, even though your impulses tug at you to leave the plan. The act of setting aside money for specific bills isn't any different from the act of carrying out the payment of those bills, and not spending the money for other things... like designer clothes.
Be aware of your spending impulses. Only you can truly get to accept and know your behavior, and how you deal with your desire. Being a tightwad and dollar burner are two ends of the spectrum of money-related behavior. It's in the brain. When you know certain buying trends have a pull on you, avoid them. There's has to be something that will keep you busy enough to be distracted from impulse purchasing. Try other hobbies. Stay away from malls. Put down that magazine when you see tempting ads and sales promos. If you cannot completely remove yourself from temptations, you have to decide to trim down the cost.
Always try to enroll in automated payments for your regular bills, so you don't see excess unused cash and be tempted to burn it. The great thing here is that since a portion of your money is already deducted and channeled into needed payments, you won't have to decide on where to spend such money. This default spending decision is really what spares you from thinking of misspending or overspending.
Divide your personal budget spreadsheet into different categories -- cable, gas, etc. That way you can see just how much you spend for each category and how much is left over once you pay all of them. Because seeing this allows you some amount of control.
Who else is concerned about your future? When do you want to retire, and afterward, what will you do? Have you mapped out your children' educational budget? You need to stockpile money while you can; that way, like a squirrel during winter, you'd have no problems about spending.
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