3. It was on sale.
Oh, yea! Weâ€™ve all fallen for this one at one time or another. The reality is most people are in debt because of STUFF. Itâ€™s impossible to get out of debt if you are committed to buying more and more stuff instead of truly being financially free.
One way to avoid this trap is to stop walking around the mall and â€świndow shoppingâ€ť or “surfing” on line. I would also suggest unsubscribing to all of the tempting emails with the â€śgreat dealsâ€ť in your email box each morning. Instead of convincing yourself that youâ€™re saving, begin to ask yourself, “Do I really need this?” Remember that buying something you donâ€™t need is never better than saving money for your actual needs.
4. A couple bucks wonâ€™t hurt.
I heard someone say once that the $1 menu is the quickest way to being broke. Itâ€™s the small charges that add up and inevitably break the bank. I have more clients that get caught up in $34 overdraft fees for a quick $5 swipe at the gas station than anything else.
Again, itâ€™s important that even with the small purchases, you ask yourself, â€śDo IÂ really need this?â€ť
5. If I made more money, this would be easier.
No it wouldn’t. Without discipline, you could double your income and still have tons of debt and no savings. Donâ€™t assume that more money is the answer. Weâ€™ve all heard of the entertainers, athletes and my favorite, lottery winners, who end up flat broke and in deep debt despite having access to tons of money at one point.
Wealth is about a mindset. No matter what your financial goals are today, get real with yourself and those you love. Your future will thank you!
Patrice C. Washington is the Wisdom & Wealth Money Maven at www.PatriceWashington.com and author of the series, Real Money Answers. Follow her on Twitter @SeekWisdomPCW for practical tips on wisdom, wealth & business.