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Now You've Recovered From Debt...Understand How To Prevent A Debt Reversal
A wonderful feeling of empowerment happens after you've gotten rid of every single debt you owe. Be happy that you've accomplished this, but beware. Some people who've just recovered from their debt are quick to get back into it. And if you're the type who has a tendency to get into debt trouble, chances are you may have the same temptations to spend, and the same impulses to pull out your credit cards without thinking about tomorrow. You see, personal finance budgeting is all based on discipline.
For those who do slide back, self-destructive habits kick in again so they can go back to their old way of living. A lot of times these people are aware of a sense of disconnect between their personal finance and the world they would like themselves to believe they should have. Existing in a kind of fantasy world, they keep on spending what comes to them without thinking about how much more a discomfort it is to be trapped inside debt than to not own expensive stuff.
Accumulating lots of debt is a problem a lot of Americans face. Owing over $800 billion in revolving debts (excluding car loans and mortgages), many of them are middle and lower class families. The range includes people who truly 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 just spend more than what they earn.
Priorities mean priorities. Any time you do a personal budget spreadsheet, it must be predicated on a plan you can stay with, and will adhere to, even though your desires pull 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 wasting that money for other stuff... like luxury items.
Be cognizant of your purchasing impulses. Only you can really get to know and accept your behavior, and how you deal with your temptation. Being a dollar burner or a tightwad are two ends of the spectrum of personal finance behavior. It is all in the mind. When you know certain purchasing trends have an effect on you, avoid them. There's bound to be something that will keep you busy enough to be distracted from impulse purchasing. Explore different hobbies. Keep away from shopping malls. Put down that magazine when you see enticing sales and ad promos. If you cannot absolutely remove yourself from enticements, you have to decide to trim down the cost.
Try to sign up for automatic payments for your regular bills, so you won't see extra unused money and be enticed to spend it. The good thing here is that since a portion of your money is already deducted and then channeled into needed payments, you don't have to make the decision on where to spend that money. This default spending decision is actually what keeps you from thinking about overspending, or misspending.
Divide your personal budget spreadsheet into different categories -- gas, cable, etc. This way you can know just how much you spend for every category and how much gets left over after you pay them all off. Just seeing this allows you some type of control.
Who else cares about your coming days? At what point do you intend to retire, and then, what will you do? Have you figured out your kids' educational budget? You need to accumulate cash while you can; this way, similar to a squirrel during winter, you'd have no concerns about money.
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