I got an email from an old client telling me that she appreciated everything that I was doing, trying to get women to put themselves first, stop emotional overspending and create an amazing life, “but I really just want to get out debt fast and have this debt noose no longer tied around my neck. That’s what I want more than anything else in the world.”
I’m a straight shooter and have been known to dish out some tough love from time to time, so I responded with…
Really? You want to get out of debt fast more than anything else in the world?
More than a fantastic relationship with a special someone?
More than seeing your children happy and full of joy?
More than fabulous girlfriends who will ditch work and meet you at the beach?
More than sinking your toes in the sand during your next adventure?
More than calm, peace and joy in your life?
DO YOU REALLY WANT TO GET OUT OF DEBT FAST?
Really?
Of course, she never wrote back.
Because what I’ve been trying to explain to her is that her budget doesn’t work because she is in a constant cycle of deprivation, shame, guilt, and overspending. And until she stops budgeting and starts fixing her life, her budget will never work.
I’m sure some of you are reading this and wondering where this is all coming from. Just a few weeks ago I was telling you how to create a budget.
The truth of the matter was I was afraid to be this blunt with you.
But I realized I was doing you all a huge disservice because what I have discovered over the last several years is that when you fix your life, the money follows.
Emotional overspending which by the way 49% of American’s admit to, is primarily responsible for the accumulation of massive amounts of credit card debt. Out of the 64% of people currently in debt, mostly women admit to emotional overspending.
I think this number is on the low side because men don’t want to admit they are emotional overspenders too. But anyone who lives with a man who fills his house or man cave with his toys is probably doing so for the same reasons women fill their closets with shoes, baubles and other “necessities.”
But what I also realize is that many of you need to feel like you’re at least trying to live on a budget and I get that too. And there’s nothing wrong with trying as long as you realize you have to do the inner work FIRST so you can see the outer results manifested as more money in your checking account and debt free from credit card debt.
One of the ways you can work on the outer financial picture this year is to start saving money automatically with a service like DIGIT.
Why I like this method so much is because you don’t have to think about it at all. It’s entirely done for you. DIGIT evaluates your spending and deduct small amounts every day to help you build savings. I started using them last year just as an experiment as I already have automatic savings set up with Capital One, and quickly found I had saved hundreds in a short amount of time. Best was I didn’t miss the money at all.
So let me ask you? Do you really just want to get out of debt fast or do you want more?
What I know to be true is when we go after what we really want, we finally create the financial peace we were always meant to have we don’t want to change a thing.
It’s your life – live it with passion!
Don’t forget to sign up for DIGIT right now and start saving automatically. You’ll be amazed how much you’ll save by this time next year.
Also, I’d love to hear from you and tell me what you want more in life than to be debt free fast? Let me know in the comments!
I understand people spend emotionally and they need to correct that, but when you are in debt you need to start the work of saving immediately. Emotions can take a long time to fix. People can start small by stopping spending on things that are not a necessity. Eliminate right away things like coffees, restaurants, movies, more clothes, etc. Stop using your credit card and pay only for items you need with cash. The idea of Digit sounds great, but you are paying for a service that you can set up at your bank online. I automatically, through my bank, transfer a set amount per month and don’t touch that amount at all. I have built up quite a savings by doing this. I don’t need to pay $2.99 a month for someone to do this for me.
Anne,
I don’t disagree with you but here’s where we differ. Not everyone has the skill set, determination, willpower or whatever you want to call it to set up those automatic savings and make sure it gets done each month. I have been saving like you for years, but DIGIT does it in a way that the person can just do it based on how they spend money. I have been using the service because I wanted to see if it would help those people out there that have difficulty even starting with the process of saving money. The program works and I have no qualms about recommending it. $2.99 to me is no big deal if it means someone is going to have the ability to save money through this mechanism when they were not saving at all. People don’t have to save like this forever but I see it as a great first step for those who can benefit from saving even a small amount each day. Over time it adds up. Thanks for stopping by. Maureen
I started using Digit a year ago and I absolutely did not miss the money at all. I do not have the best control mechanism and when I save money at my bank it seems far to easy to transfer it. I don’t really touch my Digit account because it requires a little planning ahead. But the reason I’m a big Digit fan is because it is there for true emergencies. Last week we lost the electricity in our house and it required $1,200 to have it repaired. Luckily I had saved more than that in my Digit account and transferred the money immediately. It was a wonderful feeling to not use a credit card.