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You Have Now Conquered Debt...Figure Out How To Prevent A Debt Backslide
A beautiful feeling of relief happens after you've settled all of the debt you owe. Be proud you've accomplished this, but beware. Some people who've just got out of their debt are quick to slide back into debt. And if you're one who has a tendency 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.
For those who do backslide, self-destructive habits kick back in so they can support their old lifestyles. A lot of times 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 world, they keep on spending everything that comes their way without realizing how much more a discomfort it is to be buried in debt than to not own expensive items.
Racking up personal debt is a problem a lot of Americans face. Owing over $800 billion in revolving debts (excluding mortgages and car loans), most of them are lower and middle class family members. The range 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 just spend more than what they earn.
You see, priorities mean priorities. When you make out a personal budget spreadsheet, it has to be predicated on a plan you can stick to, and will subscribe to, even though your impulses pull at you to leave the plan. The act of putting aside money for specific bills is no different from the act of carrying out the payment of those bills, and not spending the money for other stuff... like designer clothes.
Be aware of your buying impulses. Only you can really get to know and accept your tendencies, and how you manage your desire. Being a tightwad and dollar burner are two ends of the spectrum of personal finance behavior. It's in the brain. When you know certain buying trends have an effect on you, avoid them. There's bound to be something that will keep you occupied enough to be distracted from impulse buying. Try other hobbies. Keep away from malls. Put down that magazine when you see tempting ads and sales promos. If you cannot absolutely remove yourself from enticements, you have to decide to cut down on the cost.
Attempt to enroll in automated payments for your regular bills, so you won't see excess unused cash and be tempted to spend it. The good thing here is that since a certain amount of your income is already deducted and channeled into needed payments, you won't have to make the decision on where to spend such money. This default spending decision is really what spares you from thinking about overspending, or misspending.
Cut up your personal budget spreadsheet into categories -- cable, gas, etc. That way you can know just how much you spend for each category and how much is left over once you pay them all off. Just knowing this gives you some amount of control.
Who else will worry about your coming days? When do you want to retire, and afterward, what will you do? Have you figured out your kids' budget for education? You have to stockpile money while you can; this way, like a squirrel during winter, you'd have no problems about spending.
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