Since my last post I have faltered in my path to becoming debt free. My extra income I was making in overtime dried up for two weeks. I ended up using my credit card to buy gas for two vehicles because I didn't want to touch the money I had saved up in my savings. After the purchase of the gas, I felt so horrible and angry at myself. I worked so hard to get where I am today and I didn't want to rely on credit cards again; even for an emergency (gas) witch isn't a real emergency. So I ended up dipping into my savings; witch is meant to be my emergency funds. So what went wrong?
1) I started to get used to the extra income; Even though I was paying down debt I used the extra income to go out to eat. Therefore I was living beyond my means.
2) I started to justify the extra expenditures; “I can go out now and pay myself back later" or "I deserve to go out for all the hard work I'm doing." You see when one gains more money it seems one wants to purchase stuff for gratification. Basically I was being impatient with all my hard work and I told myself I needed something to show for it.
After my last payday I went back on track; I have 1k in my savings again for an emergency fund. That way I don't use my credit card for emergency. Also I made sure that my wife is on board with our new budget. Remember it is important to have your partner involved or you will use your partner as an excuse to spend. That's also one of the reasons I fell off the wagon; so to speak. Like I posted before about the budget being on the whiteboard; well the wife and I thought we had it all figured out and didn't use the board for almost 3 weeks! Well we didn't have it figured out and without a roadmap right in front of you every day; you will go the wrong direction like we did. We could of easily gave in to our desires and spiraled out of control again.
It is a total mind game when dealing with debt and spending. One must not psych oneself into spending. At least budget some money for going out to eat or getting your partner's nails done. If not then your urges to go out and enjoy one's self could grow to be too irresistible. So my wife and I, like I said, adjusted our budget together again. Once I get a chance I can post a picture of our updated debts and monthly expenses that we have written down on our whiteboard.
