Break the Buying Habit to Get out of Debt

Money Saving Monday

The topic for Money Saving Monday is “getting out of debt”. As far as new years resolutions go, getting out of debt is right up there with getting fit! It something we all want to do and set goals for- putting your goals into action is a different story. I have already mentioned a few steps to take in previous posts. A quick recap: Set goals and find out what your bottom line is. You can’t change your debt factor if you don’t know how much you owe.

Now what?

Stop buying. Yes, it sounds so simple, but it is true. Like many of us, I get caught up in the buying game. Finding a great deal creates a sense of euphoria. Last week I bought some toys at Target on clearance for birthday gifts. Later in the week, Amee and I were out shopping and we stopped by Target. They still had a boat load of toys at great prices. I saw several items (including a really cool robot!) that I know Mason would love. It was a great deal…I had to fight ever money spending bone in my body not to buy that robot! It was not in the budget and we did not need it. There will always be another deal. That is one lesson I have had to learn the hard way!

Examine what you spend your money on. Is there something that you can cut out? Even taking baby steps will help. Buy one less latte a week, pack your lunch, use cloth napkins, make dinners at home or rent a movie from the library instead of the video store. These are just a few easy changes that can be made that will save you money over time.

Apply the money saved each week to the highest interest accruing debt. Generally speaking, credit cards are going to have the largest interest accruing. Paying above the minimum payment each month will really help.

Really, it is about changing your mindset. Having the latest and greatest is fun, but it is not useful in the long run. In reality it is just stuff; we can’t take it with us and it is creating a whole in out pockets. I am on a mission to get my family out of debt this year. So, I will be there right along with you missing my Starbucks and lunches out!


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