Couple of years ago it was easy to grab a credit card to pay for purchases. But this habit always left me with a sinking feeling – of guilt and a sense of loss. Guilt because I felt like I was strengthening my relationship with debt and a sense of loss because I felt like I had no money. This was a scary period in my life and I found myself constantly thinking of how I could reverse this habit and begin keep more of my money.
Believe it or not, the lack of money is a terrible place to be. Here I am working hard and really don’t have much to show for all those hours and years of work. I could think of several reasons as an excuse for my lack of money. Interestingly, I was not even considering that “I” could be one of the reasons. Yes, I. It was difficult to accept that I had significantly contributed to the problem by finding the easy way out – living beyond my means.
Doing the right thing with money at a very early age determines how you make decisions about your future. I realized that truth when I asked myself one critical question “what happens if the income stopped now?” This was a huge eye-opener as the question prodded at my senses. In that moment I realized that moment I was certainly one paycheck away from facing my worst nightmare – not being able to take care of my expenses.
That thought let me to do 5 things:
- List every debt I owed and started paying off each one
- Stop the use of credit cards
- Make a monthly budget for saving, spending and investing
- Spend only cash or use debit card for all transactions
- Live on less than I earn even when I could afford more
These actions have put me on track to redefining my purpose for living and to claim the happy person that I always want to be. So yes, money has everything to do with how I want to live, give and grow.
I do hope that this post was an inspiration if you find yourself in a similar situation.