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You need to budget for purchases. Even if that means that you think about it for just a few minutes before you plunk down your hard earn money. Justify your purchases; do you need it, does it make sense, can you do without? These are questions you need to ask yourself. They may fly in
face of materialism which surrounds us all, but they need to be answered nonetheless.
You may find using a purchase-checklist helpful. Anytime a purchase exceeds what you have in your pocket tick down this list and see if it really makes sense to buy it.
How much is it? Is this a sale price? If so what am I saving over regular price? What will happen if I don’t buy it now? Can I pay cash? Where will money come from? If not cash, what will be credit cost? Is it worth it at price with credit cost added in? Does purchase fill a need or a want? (think hard) Why do I need this item? Why do I want this item? Can I justify this purchase to another person? What would I say? Would I accept these reasons from someone else?
This should help in slowing you down. Couple this with not taking your credit cards with you when you shop. It does take work, but a little extra work is better than being a slave to your debt.
Now with money you save go to work on your debt reduction plans. Work that side of equation as hard as you do spending side. Place as much as you can on your bills. Reduce and eliminate them.
(c)2005 David Wilding
David Wilding Has for the past ten years worked with groups and individuals to rid their lives of debt. Visit his website http://www.debtattack.com/debt-reduction-plan.html for ideas, tools and strategies for reducing and eliminating your debt.
