![]() ![]() Remember the car your neighbor bought? Well, let's just say you're about six months from paying off your current vehicle, but you've now convinced yourself that it's time to get a new car because "I deserve it." This is a classic reason why so many people dig in and remain in debt. Embrace it.Ä«uying a new car every few years. ![]() Financial discipline will help you assess your goals and consequences when faced with a decision that could potentially take you off the plan. If your goal is to get out and stay out of debt, then discipline will play a major role in your daily financial life. Just as you begin to think about purchasing a new car because your neighbor recently bought one, hopefully you have enough restraint to consider the impact on your spending plan. Take a step back and assess the real reasons behind your newest impulsive purchase, and then take action. If they're living on credit, you'd never know because you're so blinded by their bling. But what we miss is the reality of the Jones' financial situation. We do this to ourselves because we don't want to feel we're missing out on the finer things in life. Your sister tells you she just picked up the latest purse in the Louis Vuitton spring line, and you think about that Chloe bag you didn't really want until now. That's what we know as keeping up with the Joneses. Your neighbor just pulled into his driveway with a new Ford Mustang, and you immediately think about buying the new Infiniti luxury sedan. Since debt must be paid back, it would take away from funding the $20,000 goal. If your goal is to save $20,000 for an emergency fund, then you need to avoid more debt along the way. A spending plan establishes goals and principles. Without a plan or financial goals, you're headed down the road to digging yourself deeper into debt. Here are a few reasons why you're swimming in debt and what you can do about it. We've all seen the LendingTree commercials where the guy sarcastically says: ![]()
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