I used to blow my wage. I still do. Only now it gets spent on my debt.
Before I began writing this debt blog I lived life unconcerned about money
and the debt I'd accumulated. I lived for now, enjoying the moment at the
expense of spending money like it was going out of fashion.
Sure the bills got paid and I never cared about my credit rating because
the debt was there when I need to borrow money. I'd earn and spend, borrow
and spend until one day last year it hit me that this crazy spending wasn't
bringing me any satisfaction and I needed to do some financial planning for
the future.
While I'd bring sensible enough to pay in my pension since I was in my
twenties I still lived pay check to pay check and the real killer was my
debt and horrible spending patterns. These
pretty patterns felt great at the time. The problem is another word for
pattern is habit.
After my promotion
I seemed to spend more and more. With more money I took on more debt and
kept upgrading my phone, car and buy stuffing to keep up with friends and
family.
The reason my
debt levels
are dropping every month is because I spend my income on paying off debt.
After my company pension contribution, taxes and bill payments most of my
paychecks go into paying off my debts.
By doing so my debt is dropping and I'm funding my future life and bringing
early retirement closer. If you genuinely want to get out of debt some
things will have to give and so hard choices should be made.
No doubt that it's hard not spending your money on other more exciting
things. Spending on computer games, gadgets and fancy clothes is far more
fun however you need to make debt a top priority.
