Credit buying is much like being drunk. The buzz happens immediately, and it gives you a lift. The hangover comes the day after.
~ Joyce Brothers
Over the past ten years or so, I have accumulated so much credit card and student loan debt that fully acknowledging it throws me into mild state of panic. But enough is enough. And 2015 is the year I am going to actually DO something about it.
I discussed all this with my eighteen year old son several weeks ago and together we got the ball rolling. In December we researched internet, television and cell phone options and made changes to our current plans that will save us several hundred dollars a year. I also put together a budget that I implemented on January first and intend to stick with, no matter what. Then I cut up a pile of credit cards and determined that, moving forward, I will buy only things I absolutely NEED and not merely WANT and will pay CASH for it all. I will confess that I did hang onto a couple of credit cards, one that I use for groceries and gas and pay off each month and one that I can use in case of genuine EMERGENCY, at least until I am able to get an emergency fund in place. (Note to self: seeing a cute handbag at Tuesday Morning does not constitute an emergency.)
Rather than entertain myself with shopping, I will spend time with my piano, my beloved book and music collection, and the roomful of yarn and craft supplies I have accumulated over the years. I will not pay people people to cook food for me; rather, I will shop wisely for quality ingredients and cook healthy, affordable meals for my family and friends. I will get back to work on my fiction writing; I will diligent about listing new pieces in my Etsy store. If I keep my head on straight, I will be too busy making good use of things I already have to feel deprived.
I didn’t get in this mess overnight, and it will take me several years to get out of it. But I am willing to do whatever it takes to achieve financial peace.