Well, here we go again, I get to once again pay for the fact that other people refuse to grow up and only spend what they earn. Is anyone else out there angry that we are going to have to bear the burden for the "bailout". I've spent my life doing without, going nowhere, meeting my budget, paying all my bills on time and putting away money for my retirement. You can bet I'll be paying the debt for those that had a wonderful few years living on the fat of the times and ignoring their debt. AIG employees I hope you enjoyed your half million dollar retreat. I've never even been in a spa, but then I never had the federal government bail me out with money either.
And oh yes it makes me angry. The black humor at work has gotten really bad, with the devaluation of our 401k balances most of us are looking at retirement as a joke. Or something we 'may' be able to do around the age of 90. Maybe we wouldn't be so worried if we 25 or 30 but several of the people I work with were hoping to retire within the next year or two. Sorry folks.
So your goal is to only spend what you earn. It sounds so simple. People need to see that magic plastic card as an actual bill. Save those receipts each day and total them up. Better yet switch to debit, when the money is gone you can't spend any more. I was treating myself to a coffee at a coffee shop while I was on vacation; a rare splurge, and the young man in front of me ordered his 'usual' and then had to go through three plastic cards before he found one that wasn't denied. Why on earth are you charging coffee at this point, go home, brew a pot and carry it. In fact, do the same for lunch. You'll eat healthier and save a bunch of money.
If you made that list the other day, it tells you your bills. Now for a month you need to be brutally honest with yourself about where your money goes. If you are charging more than those minimum payments you're making then you are in negative cash flow and it is going to bite you hard in a few months.
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