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Cash Tip 5 from Cam: I am my Biggest Problem

February 9, 2007

For the last of my cash tip blogs, I will point out the biggest problem in getting out of debt: you.  I am not trying to be rude, because it was this way for me too.  I am my worst enemy when it comes to getting out of debt.

If I am not committed to getting out of debt, then I won’t.  If I don’t commit to not take on more debt than I am doomed to fail, or at least not succeed nearly as fast as I could.

To succeed at my debt busting goal, I need to make priorities about where I put my money.  I need to shed the looking good to impress others when it is beyond my means (which doesn’t include my debt taking means).  I need to take account for all the money that I am receiving and giving and axe everything that is unnecessary.

Will this be hard? Absolutely.  Will it be worth it? Totally.  To be debt free, to not be paying the bank for anything is a large task.  To reverse the norm and save before spending instead of spending and then repaying norm is a goal that takes commitment.  It is easy to run out and grab the first thing that I see that I want, and then pay for it over the next short period of time.  It takes a level of financial maturity to delay the gratification of having an item, but it will save money in the long run, and perhaps in the time that I was saving, a newer or better version/model may be released.

I am looking forward to the day when I can walk into a store and lay down a chunk of cash for an expensive item, and get it, perhaps for even less than it was tagged at.

But with this dream of mine, I must realize that it will take discipline on my part to.  I need to make some sacrifices in the short term to win in the long run.  I must first make a commitment to live as cheaply and frugally as possible while I have debt (excluding my mortgage) and then when I only have a mortgage left, I will be able to relax a little, because I want to be among the tiny percentage of people who own their home completely.

If you want to be one of these people too, the number one thing is to make a commitment to change your way of thinking, because you are your biggest problem standing in the way of being debt free.

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