Today our camper payment would usually be due, but since we paid off the last of it last month now it’s a day to celebrate. That was our last debt, and to all those of you that are struggling to get out of the debt dump; the veiw on top is worth the climb. Don’t give up.
We made the last payment on a Monday, and since then I’ve tried to dedicate every Monday to helping others find their way to financial freedom. It also helps remind us not to succumb to more debt. Today I want to share a few of the mental mindsets we used to get out of debt. Some of these may seem pretty elementary, some of them may be new. We needed all of them.
Getting out of debt is serious business. It’s harder than losing weight because no one else can see our bulging debt. Some of us try to keep it quiet, which often requires more spending to keep up the illusion. That pressure to spend what we don’t have is one of the major causes of depression at Christmas. If we don’t pass out presents we think we’ll be thought of as The Grinch, but by overspending we feel like him.
1. Don’t fall into the trap of The Red Dressing Gown. Diderot, an 18th century French philosopher, once recieved a gift of a new robe. He immediately tossed his old one to don the fine new one. Unfortunately, the lovely new robe made all his other furnishings seem shabby. He had been satisfied, but the new robe made him upgrade everything else in his life to match the “imperious red robe [that] forced everything else to conform with its own elegant tone.”
We struggle with this more than we know. When we buy a new house, or move into a new apartment we tend to go a little nuts getting new furnishings. If we get a new car, don’t we need new car mats, seatcovers and keychains? New TV means upgrade that Xbox to a Kinect. The same thing happens when our neighbors upgrade, otherwise why would we ever try to ‘keep up with the Jones'”?
2. Don’t become a creature of habit. Recently I’ve been reading Habit: The 95% of Behavior Marketers Ignore
According to brain mapping specialists, 95% of our decisions are governed by habitual behavior. We pass thru life, and our shopping, on auto pilot. Our mom bought Brand X, so we do also. If anyone asks, we’ll say it’s because it’s better… somehow. We’re not sure why, but we are too busy thinking about more important things to worry about it. Unfortunately, this often keeps us paying more for less. Give up preconcieved notions and be a concious consumer.
Today we can’t be too careful with our money. The global economy teeters on the brink of ruin, and the daily news is full of dour warnings mixed with thin messages of hope. We can’t fix the world until we fix our own households. Today, make the decision to get out of debt before the regret of Christmas overspending hits in January. I’ll be here every Monday to encourage, offer tips and helpful links. We did it on almost no income; it’s not how much you make but how much you spend that counts.
You can do it too.
Related links:
Councillor Warren Yate’s on The Red Dressing Gown
Very good advice, especially the habit… so easy to just become lazy and not shop around.
Oh I know it! I am impatient and when I decide I need something I have been known to just get it then. This has resulted in me keeping appliances in my closet (instead of skeletons) including a brand new KitchenAid mixer and an expensive ‘professional grade’ sewing machine. I have learned to tone it down A LOT. Mr. Smith helps ;p