Family Issues

Entering into a loan means a person has the responsibility to pay it back. If the person has entered into a secured loan, the asset he or she has been entered as collateral, he would be in tight fix to pay that loan back.  On the other hand if a person has entered into a very quickie fix loan such as a payday loan, the long term effect of this loan can be very painful in the wallet. If a person enters into a payday loan the repercussions could be very bad because of the high interest rates every time he rolls over or extends the loan.

That’s why it would be great if the person could work up a budget. By being able to work up a budget one can save money even though it will be little amounts. Those little amounts that you would deposit periodically it could amount to something big. It could even be enough for an emergency or a long time vacation trip you would want.

Let’s face it even though we have managed to have a budget plan, there would be sometimes were we would like to quit. We’d be tempted when we occasionally see a nice “Power Ranger Costume” or a “Britney Spears Worst Hits Album” to trash out the budget plan and splurge on expenses. Here are some ways to motivate ourselves from not quitting on the budget plan we have. Do you think buying a Britney Spears pain in the ears album is worth it in the long run?

1.    Be specific with what you want and what you want to achieve. Have a concrete timeframe. I.e. being able to save X amount of money by this time to motivate you onto not wasting money on useless stuff. If you find yourself way behind your goal, cutting back on food may be a lousy thing to achieve your goal.
2.    Think about the obstacles and how are you able to overcome them. Also think about your inadequacies.
3.    Write a plan that will help you overcome your obstacle. Make a step by step list for each obstacle you have written. Be specific as to how you can overcome your obstacle. For instance you are addicted to collecting B-movies of Chuck Norris; I think you might decide to STOP IT!!!
4.    List the benefits of following the budget plan. Make a pros and cons list. By quitting your collection of Chuck Norris Movies, I’m pretty sure the benefits will outweigh it.
5.    Always ask yourself if your goal is worth it? If your goal is only so that you can finally go to the annual Chuck Norris party at Tajikistan. Budgeting may not be worth it. Try to change your goal to being able to get a new car.

If you really want to be motivated try to give yourself some self talk in a private place in the house.