Taking control of my money

New! Use this space to post your goals, accomplishments, and setbacks on your path to get rich slowly. Others can read about your situation, and provide critiques and motivation. Look here to find somebody who has experienced a situation similar to yours!

Moderators: lvergon, Fiscal Fitness Moderator

mld
Posts: 28
Joined: Mon Oct 20, 2008 6:25 pm
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Postby mld » Wed Jan 28, 2009 9:11 am

:D
Last edited by mld on Wed Jan 28, 2009 10:40 am, edited 1 time in total.

sandi_k
Posts: 548
Joined: Tue Aug 05, 2008 3:22 pm
Location: Northern CA
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Postby sandi_k » Wed Jan 28, 2009 10:23 am

mld wrote:CC balance 7,900

I am such an instant gratification kind of person, which also explains the dent in the first place :? but I just want to take a magic pill and have the debt be gone and go on with my life.


1) Shouldn't you now update your CCd debt numbers to include the TV? I just bought a Samsung flat panel 46" TV, and got it for $1500. The good news: it was 75% more expensive this time last year, and we have the cash to pay for it. You didn't, so that amount should be added back into your summary to remind you that your debt just increased. No lying to yourself, 'K?

2) You didn't get into debt overnight, and you won't get out of it overnight. You were in the HABIT of spending more than you earn and have. Now you have to get into the HABIT of spending less than you take home, in order to get the decks cleared.

One thing that was helpful for me in terms of getting out of they Buy, Buy, Buy mindset was to write down a list of things for 2008 I wanted to buy. I wanted a new watch, a new TV, and a vacation. By planning for those wants, I got them. For 2009 - I can't really think of anything other than a vacation, and a huge savings account so we can buy a lakeview lot or property. It's good to have long-term goals so that the short term "But I want it!" mindset doesn't trump your plans.

Good luck.

Sandi


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