The Wordsmith

Some people just can’t save money. Some people just can’t get out of debt. Financial wealth, like all wealth — no, wealth is not just money –is a state of mind. Understand why you’re in debt in the first place is the key to getting out of debt. If you don’t do this, you will NOT get out of debt just because you get a pay rise. You will NOT get out of debt even if you work another job. You will NOT get out of debt even if a long lost aunt dies and gives you a million bucks.  Saving money has nothing to do with how much you have or how much your boss pays you every month. It’s about you spending your cash on things you do not need.

Here’s why you’re having a hard time saving or getting out of debt:

1. You buy things you don’t need. The Hobbits call these ‘mathoms’. It feels good to buy them; owning them makes you feel terrific. After a while, they become clutter. Mathoms. Not a good idea. If you don’t need ‘em, put the money in a piggy bank instead.
2. You eat out at expensive places often. Treating yourself to a nice meal is perfectly acceptable, once in a while. Steak and sashimi two to three times a week is way too much. Again, put the money in a piggy.
3. Use plastic because you don’t have enough cash. It’s 18% interest per annum. If you can’t pay off your credit cards in the same month, leave them at home.
4. You don’t have a budget plan. It doesn’t have to be an elaborate worksheet. Just work out how much you should spend a week, set that aside, keep to it, and let the rest care for themselves.
5. You have a get-rich-quick mentality. Few people get rich quick. Those that do spend most of it in a very short time. The sooner you get over this, the better off you are.
6. You are going through or went through a divorce. Face it folks, divorce is financial murder. If you’re not sure about the other party, don’t get married. It saves a lot of pain and cash.

Obviously, dealing with the above is a good start. Beyond that, here are some more suggestions to help you get started:

1. Learn about money matters. Google it up. There’s lots of free help online.
2. Take care of your health. It will save a lot of medical bills later. Use the money and join a gym instead. Get with a group of like-minded friends and workout.
3. Thoughts lead to feelings. Feelings lead to actions. Actions produce results. Get jiving with the right vibes. Like I said, it’s all about mindset.
4. You are the architect of your own future. Where do you want to be five years from now? Eight years? Ten years? Are you heading that way at the current rate you’re going? Rectify your life accordingly.

When you figure most of that out, you’ll be able to deal with getting out of debt, staying out of debt, and putting extra cash aside.

This post is as much for me as it is for the next reader. Drop me a line and tell me what works for you and what doesn’t. If you’ve got it down pat, tell me how. I’ll buy you coffee and we can compare notes.