Many people who are overcome by this habit are not aware that the problem could be a psychological one. People suffering with debt due to continual impulse buying and other causes pointed out above have many of the same character qualities associated with people addicted to substances such as alcohol. Debt addicts tend to be secretive about their habit, have low self esteem, and at times suffer from a loss of control. When it comes to spending on credit it is often an overpowering impulse that is hard to control. Most people will strong with this problem for the rest of their lives, but it absolutely necessary to not only understand the problem but also to attempt to solve it. It take a lot of work but it is possible to win this battle and be in control of your spending. To begin to solve this problem, follow these 4 steps…..
1. You must first admit there is a problem in the first instance.
No problem is solvable until we admit to the problem, that’s when we are ready to work at the solution to the problem. Most people will rather deny, ignore, redress or cover up the problem than solve them. Once we live in denial, we empower the problem to grow deeper and bigger, and entrenched within our system. Eventually, we will have to face up to it, because we do not have unlimited capacity to accumulate debts and we may ultimately go bankrupt if action is not taken.
2. Cut out your excuses and rationalization and face up to challenge.
Closely associated with not admitting the problem, is making excuses for our habits. While this will make us feel better about ourselves, it does not solve the problem, it makes it worse. Rather than make excuses for our failures in this regards, we should rather identify our own peculiar trigger and take urgent action to solve the problem. We may need the help of others, and a lot of discipline though.
3. You may need to consult an expert or go for a counselling session.
Asking for help in solving a problem may sometimes be the coolest thing to do, going for counselling will give you an opportunity to have a third party opinion on your challenge as well as provide access to a varied expertise that can only aid you in kicking the habit. If you can identify the triggers that cause over spending then it may help to curb your credit buying habit. Having the will power to avoid overspending however will take discipline.
4. Put in place a plan and stick to it.
With the assistance of your Counsellor, you need to put in place a plan, including a functional budget, and an accountability system. This will not only restrain your spending, it will also empower you with some control over your spending. You can also create a “reserve tank” or an Escrow account where you can move any cash that is not budgeted for to limit the available loose cash within your spending space. Sticking to the plan/budget initially will be tough, but with commitment and doggedness to the cause, will in time become less challenging.
Don’t feel too bad if you slip up now and again. It will take time and determination before you finally win this war.
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