The Bottomless Pit!

Time and time again we run into families who pose the question, “How do you ever get out of all of this debt?!”  They are frantic, frustrated, and can’t seem to dig themselves out of the pit that has engulfed their lives.  They feel as though they are constantly treading water, and cannot make any real headway in the financial status of their marriage, family and overall life.

Since we were married years ago, and for me even before that, I found that the answer to that question really was simple.  Before I tell you, I want to give the caveat that I don’t promise it to be profound by any means.   I know you’re going to read this, and say….”Yes, Beth.  That is obvious” and you may even laugh and discount me altogether because of it.  I know it’s a simple truth, but the hard fact of it is that most people don’t follow the secret.  Wanna know the secret? 

Here it is: 

Don’t spend more than you have.

I know it sounds obvious, and you’re probably thinking that I’m not nuts and you may have even stopped reading.  But hear me out on this one. 

If you don’t ever spend more money than you have, then it will be impossible for you to find yourself in debt….ever!  

If you find yourself shelling out hundreds of dollars each year toward an interest payment of a credit card or loan that helped you buy something you really couldn’t ever afford in the first place, you’re deciding to throw money away every year….hundreds of dollars worth!  The first step you’ve got to take, if you’re ever going to make any headway toward reaching Financial success is getting yourself out of debt!

Please don’t misunderstand me when I say that you’re always wasting your money.  I do understand that some debt is inevitable to a point.  When we were married, we took out a mortgage on our first house, and still, to this day, are paying toward that loan month after month as the value of our home has recently plummeted.  Our goal is to have it paid off as soon as possible, but buying a home was the best option for us at the time. 

The goal from this point forward, for our family and I hope for yours however, is to commit to not take out any more debt.  That means that if you don’t have the money today, for that Starbucks cup of coffee on the way to work, then don’t buy it.  Bring a cup of Kroger-brand French Vanilla coffee in your carafe to work instead.  Or if you are about to book that all-inclusive cruise vacation you “deserve because you’ve worked so hard this year” then don’t book it.  Cash in all of those points that I hope you’ve at least earned off of your credit card that you’ve used so often and take a vacation by traveling (by car!) to the nicest hotel with a complimentary breakfast that you can use your points (ONLY!) for, and pack lunches to store in your hotel room fridge that you can indulge in each day.  Your frivolous spending can be a nice dinner each night, so instead of spending upwards of a thousand (or more!) dollars on your vacation, you can get away with spending less than $300!!  The bottom line is that if you have to use a credit card to be able to pay for that vacation because you just don’t have the money “right now”, or for that couch that “you really need” then don’t buy it.  Simple as that.  If you’re constantly allowing yourself to “splurge” then you’ll never catch up to all of the “splurging” and really it won’t become “splurging” anymore….it will just become your everyday “life.”

I challenge you, this next week to take a hard look at your finances and resolve in your mind to buy only the things you NEED.  Not want, but need.  That means groceries to eat (not fast food), gas to get to work, church, etc., and no extra’s.  Don’t whip out that credit card even once this next week, and just see how far you get.  I’ll bet you’ll be surprised by all of the extra “money” you find that you really have laying around that you can start using to chip away at those absurd credit card debts that are hanging over you!