Once you acknowledge that you have a problem and are determined to do something about it, you have to realize that no change is possible without some degree of pain. Depending on how problematic your financial situation is, you have to expect that there will be some “conveniences” and “comforts” that you are used to that you are going to have to learn to live without.
The process is not going to be pleasant. But these sacrifices are minor compared to what you stand to gain when you accomplish your goals. You have to remember that you are where you are right now because you chose to be. No one told you to splurge and spend (although you could argue that advertisements lured you to swipe and swipe—but that card won’t jump out of your wallet if you did not intentionally take it). No one told you to give your kids everything they asked for even if you know that you could not afford it.
As a couple, both of you decided to buy a house that you know is well beyond your means. You bought your luxury vehicles because they look cool even if you are already having a hard time keeping up with your mortgage payments. You throw lavish parties every weekend and invite family and friends over—which isn’t bad in itself—but you charge everything and worry about the payments when billing time comes.
The will to change your spending habits and start having a healthy relationship with money is just a start. It is the doing that will really test your mettle. Righting previous financial wrongs can take many years and for the first few months in your endeavor, you are going to be in for some rough patches.
You can liken it to the withdrawal symptoms experienced by those who are trying to wean themselves from alcohol or recreational drugs. They have been far too dependent on these for too long that when they begin the road towards rehabilitation, they experience depression, anxiety, and craving. But with time and appropriate guidance, therapy (if needed), and support, the symptoms will gradually disappear.
If you have been too dependent on credit for too long and want to change, you can expect to feel these withdrawal symptoms. There will be times when you will be depressed at the fact that you are not eating restaurant meals as often as you used to or at the fact that you have to say “No” to your kids when they ask to be bought a new gadget. There will be moments when you will be anxious at the fact that you have left yourself without any credit card “escape routes” to use in case you decide that you have an “emergency.” You will crave for the things that you did before and it will take a lot of effort to say no to yourself.
Don’t expect a lot of your friends or even your family to understand. Jokes will be made at your expense and you have to be ready for that. Yes, it will hurt and because it came from a loved one, the pain will even be worse.
But as time goes by and you continue to stick to your plan and your budget, you will find that allocating your resources right where they belong becomes easier. Those withdrawal symptoms gradually disappear and as you find your debts decreasing and your savings increasing, you will be encouraged to continue with more zeal and fervor than ever before. As you embrace your newfound knowledge and wealth, all those jokes made at you will slide off as harmless. You can even have a good laugh at it.
Yes, the path to financial freedom is not easy. There will be desperate times. But for as long as you (and your spouse) know where you’re going and you know that you’re getting there one small step at a time, you will realize that you’re on the road towards reaching your goals sooner than you had initially cared to imagine.
Remember, there is no easy way. Motivational speakers can only go so much. They can only fire you up to start. But if you don’t take action, that initial fire will easily die down. The nitty-gritty, the hard work, the self-control—all these will have to come from you. Don’t wait you’ve had a nasty wakeup call to start rehabilitating your finances. Start your financial makeover today.
If you’ve already had your wakeup call then don’t wait to sink deeper into debt. Starting from here might be more challenging but it can be done. Don’t dwell on the pain that the process will bring. Rather, look beyond it and see that when you have your financial house in order, only a bright future awaits.
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