This is a guest post by Natalie over at Everything Finance. Everything Finance is a site about just that, everything related to finance. You can get information about investing, saving money, insurance, shopping, blogging, and making money online.
There are millions of people out there that are stuck in an economic vicious cycle. They make money and then spend it all or even more than they have for one reason or another. This leads to a bad situation where one is constantly working just to pay off debt, and can lead to feelings of depression or restlessness. This cycle can be hard to break, especially if this is all that you have known. But the change has to start at some place.
I can personally speak to this phenomenon. Being in college and having low self-esteem can be the perfect recipe for crazy spending. I was guilty of spending giant amounts of cash on clothes and restaurants in order to uphold a certain image. I was obsessed at one time to blend in with the girls I saw in my classes. It is such a cliché, but I wanted to be like them, and emulated all the expensive things they owned. I came out of college with a mountain of credit card debt, but that was not enough for me. Shortly after, I continued to spend money on a house that my boyfriend had purchased. It wasn’t long before I was overwhelmed with debt, with a depressed attitude to boot.
My attitude towards money changed shortly after. I was just sick of checking the mail and seeing red envelopes from the credit card company. I was sick of charging everything because I didn’t have any money. I finally began to see money as a tool for the future, instead of just something to get me something in the present. I began reading as much as I could about personal finance and taking the steps to better the situation. I stopped the wasteful spending, and was finally able to get a hold of the crazy outpouring of money. I soon got a firm holding on my financial situation and became smarter of what was going on in my life.
Changing in the beginning can be very difficult. Setting a better attitude is the first step. Keeping a positive disposition is the next. Take the time to set up a budget that allows you to pay your bills, but still set aside something for the future. STOP the wasteful spending. Get the support of your family and friends so that you don’t revert back to the old ways. The most important thing is to make the change in your mind so that you stay on the right path, and finally get a chance to become economically secure.
Remember that change starts with you in regards to anything. Having that power to say enough is enough is very powerful in itself. Even if you fail once, remember that there is always time to start again. It will be completely worth it in the end when you can finally get some financial independence. This is when you will be happy that you made the change in the first place.
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