So here’s a cold hard little debt busting fact:
When you are up to your eyeballs in debt, you can’t afford expensive hobbies. You can’t afford go out to eat at 5 star restaurants every week. You can’t afford to shout rounds of cocktails to your friends at Friday night drinks. You can’t afford that expensive faceceam – even if it on special.
Before I got serious about debt repayment, I played a little (and financially dangerous) game of spending tug of war when it came to the things I really couldn’t afford.
I told myself these things:
- I deserve it.
- I’ve had a tough week.
- It’s on special.
- The world might end if I don’t get it.
- It’s not a lot of money.
- Whats the point in going out for just one drink?
- It will make me happy.
The last reason is possibly the worst of them all. I was happy in the moment I purchased whatever it was. Then I felt anxious, guilty and hopeless about my ever mounting debt and my seemingly inability to stop spending money.
Truth is, most of my blow out expenditure was on nights out – booze and food. Drinking + making intelligent financial decisions do not go hand it hand. For me, anyway.
I don’t even know how many ‘mornings after’ I woke up to an empty wallet and a vague feeling of handing over my credit card to the bar to buy drinks time and time again.
This sort of spending – silly, wasteful spending – had to stop. Even the seemingly not so silly spending did!
Even spending $15.00 (that’s not much right??) over your budget each week adds up to $780.00 a year! Thats $780 towards debt freedom or savings!
If you are in debt, you have given up the freedom to spend money left right and centre. Quit the vague promise to yourself to ‘put more money towards my debt this year’.
Be clear in your commitment. Draw up goals. Plan. Budget.
And stop buying stuff you can’t afford.