Okay, so I realize I’m doing it backwards here. Tip#1 was to deleverage before you invest, but before I have enough money to deleverage and invest, I should first learn this golden financial rule, which according to other financial gurus and common sense, is the basic building block to bajillionairehood.
The fact that I am struggling with credit card debt shows that I haven’t been practicing this yet. Actually, I have been relatively quiet in this blog over the past few weeks because I was doing the opposite of this rule – not following my budget, raking up credit card debt again, and yes, spending more than what I earn.
Discipline. Yes, that’s what I lack. Especially when I see the “SALE” sign on a store window. And discipline is the foremost thing you need to follow this rule. Thus, I’m going to take some extreme measures again to control my spending:
1. Snip up my credit cards
2. Write out checks already for my budgeted credit card payments
3. Open a bank account with a larger maintaining balance so I don’t touch the money I intend to save
Dear Lord, I need help!