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Now You've Conquered Debt...Figure Out How To Prevent A Debt Relapse
A beautiful feeling of relief comes after you've settled every single debt you owe. Be happy that you've accomplished this, but be wary. Some people who've just got out of their debt are quick to slide back into debt. And if you're one who tends 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.
In those who do backslide, self-destructive habits kick back in so they can support their old lifestyles. Often 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 denial, 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 have expensive items.
Accumulating lots of debt is a problem many Americans face. Owing over $800 billion in revolving debts (excluding mortgages and car loans), many of them are lower and middle class family members. The spectrum 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 spend more than what they earn.
You see, priorities mean priorities. When you make out a personal budget spreadsheet, it has to be based on a plan you can stay with, and will adhere to, even though your desires tug at you to abandon 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 things... like luxury items.
Be conscious of your spending impulses. Only you can truly 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 money-related behavior. It is all in the mind. When you know certain purchasing trends have a pull 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. Stay away from shopping malls. Put down that magazine when you see enticing sales and ad promos. If you cannot completely remove yourself from enticements, you have to decide to cut down on the cost.
Try to enroll in automated payments for your regular bills, so you don't see extra unused money and be enticed to burn 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 decide on where to spend that money. This default spending decision is actually what keeps you from thinking of overspending, or misspending.
Cut up your personal budget spreadsheet into categories -- cable, gas, etc. That way you can see just how much you spend for every category and how much gets left over after you pay all of them. Just knowing this gives you some amount of control.
Who else is concerned about your future? At what point do you intend to retire, and then, what will you do? Have you mapped out your kids' budget for education? You have to put up money while you can; that way, similar to a squirrel during winter, you'd have no worries about money.
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