Again, from those great writers at Daily Worth I found this short and eye-opening confessional of how one couple got into $30,000 in credit card debt. I bring this up again, because that
Photo credit: http://www.trendhunter.com/trends/100000-just-for-the-material-to-make-this-dress
is what I do. I want to talk about fashion and I want to talk about being honest about your finances. Many times clothing, shoe and beauty lovers over spend. Then we find ourselves in in financial turmoil without really understanding how we got there. Read this little piece and see if it strikes a chord with you and your spending habits.
The Truth About My Debt by MP Dunleavy
My husband and I paid off $30,000 in credit card debt after we were married. What got us, and kept us, in that much debt? A flawed sense of what was normal, i.e. entitlement.
We didn’t walk around feeling “entitled” to anything—not consciously. When we ate out, we ate cheaply. When we bought our first car, it was a $1,200 beater. When we shopped, we shopped the sales.
So the rationale was always, “Well, golly, we’re not living the life of Riley here! Why are we in debt?”
Because we acted as if we should have access to a lifestyle that, no matter how modest it seemed, was still beyond our means.
And to pay back that thirty !@#$% thousand dollars worth of denial, we had to surgically remove all those assumptions: getting a roommate in our tiny two-bedroom; both of us taking on extra work; learning to super save (because you can’t become debt-free without a cushion).
Ultimately shifting your definition of what’s normalis up to you. Try it and watch how fast your financial picture improves.
Be honest.What aspect of your spending/lifestyle is out-of-sync with your goals?
Us shoppers and lovers of clothing, shoes, beauty and gadgets love to spend money. We often love it so much that we find ourselves in a heap of financial trouble before we know it. What choices are you willing to make to get out of debt? Sometimes they might be down right uncomfortable. Look at this couple, they brought in a roommate. What they are doing is commendable and they know its not forever. Just because you make major changes and sacrifices in order to payoff your debt it doesn’t mean you will have to stay that way forever.
Could you give up your cable television for 1 year? Payoff and keep your same car for 10 years? Not buy any new clothes for 2 years (If you are clothing lover, then I KNOW you can, I could go for 3 years and still have plenty of outfits to choose from.)? No vacations for 2 years? It is possible. Once you make that commitment and that sacrifice you might find that the reward of the debt balance going down and your savings going up is so much more fulfilling than any of those other things. You might not ever go back. You will see how you fill the void of certain missing luxuries with more positive and product means and activities. Try it.
