November 20, 2017
 
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If You Can’t Make Your Payments, Get Ready for a Budget Intervention

 

• When you shop, do you have to buy something, even if you don’t find what you’re looking for? Can you leave the store empty handed?

• Do you come home with tons of new stuff when you only intended to buy one or a few specific items?

• Do you shop when you feel down, hoping to feel better?

• Does shopping make you feel in control?

• Do you hide purchases?

• Are you in debt primarily because of shopping?

• Do you buy more than one item in different colors?

• Do you have clothes that still have the tags on them?

• Does the UPS driver know you by first name?

• Have you tried to cut back on shopping, without lasting success?

 

Is shopping getting you in trouble? We’re not talking about big Christmas shopping and the normal pains felt when the bills arrive in January. This is for those who shop like that all year round and can’t make their credit card payments.   You may even have tried taking advantage of the balance transfer offers that come in the mail. Is your closet so full that you can’t close the door? Do you own every gadget known to man? The bottom line is, you spend too much, or did, and now you can’t afford the payments.

 

Target: Budget

The most obvious way to have enough money to make your payments is to curb your spending. What you need is a budget intervention and the key word is control. Many people have problems with budgeting and think it’s bad because they don’t want to be controlled. That’s the old way of approaching it!

 

If you take control of your shopping, credit cards, and budget, they won’t control you and you’ll be able to make your payments. When you ask people who don’t have a lot of debt how they manage, they usually talk about how they have control over their budget and have clear-cut financial goals for themselves and their family. If they want something, like a new television, they save for it, or cut back in another area. They have credit cards for emergency purposes only, not for everyday purchases. They probably go shopping for clothes when they really need something new, not just to fill a void.

 

When you don’t have specific financial goals, it’s very difficult to resist spending money. If you can’t create a workable budget, and pay your bills on time, it may be time to have a professional help out. Some people have more success this way.   Non-profit Credit counseling is a good place to start. If you’re behind on your payments or are headed in that direction, a credit counselor will evaluate your income and expenses and create a debt management plan that works for you to help you get control of your bills and become debt free.

 

Tips to Curb Your Spending Now

·        Pay with cash. This may help limit how much you spend.

·        Use a shopping list and stick to it!

·       Resist the urge to shop when you’re feeling down. Replace it with something else, like walking or other exercise.

·        Destroy all credit and store cards, except one for emergencies.

·        Avoid warehouse shopping—too tempting for impulse shoppers.

·        Avoid internet shopping and TV shopping channels.

 

 

 

 

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