1. If you have high interest rate credit card debt, vow to not put any further “wants” on credit until it’s all paid off.
2. Get realistic – you still need to treat yourself. But plan your spending and budget for credit repayment WHILE saving up for future purchases. Like with a diet, if it isn’t a lifestyle change, you’re never going to stick to it.
3. Look at your past spending – what did you buy and WHY? Big ticket items? Make a list of 50 fun, creative and satisfying purchases under $10 and under $20
4. Track your spending … my 30 day anti-budget – where can you get more income or creatively cut expenses without curbing your fun spending.
5. Crunch the numbers – when you add up your spending on the “stuff” and see how much that is costing you in interest over 5 years, or, how if that money was invested in an RRSP or used to pay down the mortgage, it accesses a different part of the brain that slowly sees the long-term picture (this is why retailers tell us it’s only $20 a month or a few dollars a day – our brain can’t think of the long-term impact without crunching the numbers.
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