A wonderful feeling of empowerment comes after you've gotten rid of every single debt you owe. Be happy that you've accomplished this, but be wary. A lot of people who've just recovered from their debt are quick to slide back into it. And if you're the type who tends to get into debt trouble, chances are you may have the same temptations to spend, and the same impulses to pull out your credit cards without thinking about tomorrow. You see, personal finance budgeting is all based on discipline.
In those people who do slide back, self-destructive habits kick back in so they can go back to their old way of living. Often these people are aware of a sense of disconnect between their personal finance and the world they would like themselves to believe they should have. Existing in a kind of fantasy denial, they continue spending what comes their way without thinking about how much more a discomfort it is to be trapped inside debt than to not have expensive stuff.
Accumulating lots of debt is a problem many Americans face. Owing over $800 billion in revolving debts (not including car loans and mortgages), many of them are middle and lower class families. The spectrum includes people who truly need the borrowed money (the disease-stricken mother whose credit cards cushion her medical bills; the breadwinner father trying to find a job) and those who spend more than what they accumulate.
Priorities mean priorities. When you do a personal budget spreadsheet, it must be based on a plan you can stay with, and will adhere to, even though your desires tug at you to stray from the plan. The act of setting aside money for specific bills is no different from the act of carrying out the payment of those bills, and not wasting that money for other things... like luxury items.
Be conscious of your purchasing impulses. Only you can truly get to accept and know your behavior, and how you manage your temptation. Being a dollar burner or a tightwad are two ends of the spectrum of money-related behavior. It is all in the mind. When you know certain purchasing trends have a pull on you, avoid them. There's has to be something that will keep you busy enough to be distracted from impulse buying. Explore different hobbies. Stay away from shopping malls. Put down that magazine when you see enticing sales and ad promos. If you cannot completely remove yourself from temptations, you have to decide to trim down the cost.
Try to sign up for automatic payments for your regular bills, so you don't see extra unused money and be enticed to burn it. The great thing here is that since a portion of your income is already deducted and then channeled into needed payments, you don't have to decide on where to spend that money. This default spending decision is actually what keeps you from thinking of misspending or overspending.
Divide your personal budget spreadsheet into categories -- gas, cable, etc. This way you can see just how much you spend for every category and how much gets left over after you pay all of them. Because seeing this gives you some type of control.
Who else will worry about your future? At what point do you intend to retire, and then, what will you do? Have you mapped out your children' educational budget? You have to accumulate cash while you can; that way, similar to a squirrel during winter, you'd have no worries about money.
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