It has happened in some countries already, they owe more than they are going to make this year! Imagine if you paid every penny you earned this year and it did not cover your payments! Now factor in taxes, food, housing and some entertainment and we are in way over our heads. We are going to drown.
How do we rescue someone drowning in debt? The easiest is to throw them a life ring and drain the pool. The life ring is some self-control and the pool is our spending choices.
Advertising is really good and getting better. The sole purpose of all radio, TV and print is to get you to buy something. Even the weather has plugs for products or they show a store in the background shot. The Ad’s work on our self worth, promising if we buy it, we will get the girl, save the world and be famous. Nothing can be farther from the truth, but there is more money spent on advertising than education, so we keep spending.
How can we get control of ourselves then? The quick way is move to a desert island, preferably without a big-box store on it. If you have no place to spend your money and you can refrain from gambling with the other castaways you will do just fine. However most of us are not going to move to Gilligan’s Island.
Can you stop yourself from reading the sale pages in the newspaper? We look at those pages and think, wow it’s 50% off, I can afford that. Until you build up some mental toughness do yourself the favor and don’t put yourself in temptation's way.
The longer-term answer is to gain mental toughness to withstand the lure to purchase everything in sight. You do that by consciously practicing. Pick a day and lock your wallet up. Now go to the store with no money, set the alarm on your watch for 30 minutes. Walk around the store and notice all the things you would like, try them on and when your alarm goes off LEAVE the store at once.
Notice how you feel. Likely you will be working on yourself to go get your wallet and buy that last outfit, or the new hammer. Just notice how you feel and watch these feelings will pass and you will go onto the next feeling, such as, “I am hungry. " You will not die from the feelings of not purchasing things. Once you have learned to notice the feelings of, “I just gotta have that” you will be able to say no to yourself. Wait long enough and the feeling will pass.
This is the solution to drowning in debt, you must spend less than you make. The answer is to be okay with not purchasing everything you would like to. Pick a day and start practicing, before you drown.
Ward Willison is a self-made millionaire who went from growing up poor to becoming wealthy and debt free. Did you find those tips on debt elimination useful? You can learn a lot more about how debt elimination can help you reduce debt here.