I’m blogging this because in recent months I’ve realized something. I need to refocus my commitment to financial discipline. I always apply 10% of my gross income to pre-paying my smallest balance debt first. What I realized today is my wife Lynn and I aren’t both doing that. No fault, we just got lazy.
- Couples need to be on the same page financially
- Bills are paid together
- Budgeting is done as a team
- Grocery shopping is done together, when possible.
- Major purchases are discussed ahead of time
- No “secret” savings accounts or credit cards the other spouse isn’t aware exist
- Money is the #1 cause of marital problems
Late last year we hit a comfort zone with our efforts toward debt freedom. We got a little lazy and made some cash purchases we don’t normally make. We got even lazier and pulled out the plastic end of last year. I paid off most of the plastic with saved cash, but there’s a small balance left.
So Visa is getting a piece of my action every month. Greg got stupid and decided he needed a “business partner” who gets a share of his monthly profits. You don’t need any business partners with credit card names. It’s a losers game. I paid a $17k credit card mountain off in 12 months in 2006. I can handle this $3,100 mole hill, but it’s just irritation with myself for slipping. Know what I mean?
Went to a used book store today. To stay on track I bought Dave Ramsey’s “Financial Peace University” in a box. The CD’s alone are worth 100 times the purchase price. So I get to brush up on my knowledge base and get inspired to keep my game sharp. That fuels my coaching/teaching efforts. When privileged enough to be asked to help someone, I like to be prepared.
I encourage you to develop financial discipline if you don’t have it. If you do have it, keep it focused and fresh. Never stop learning. Read a book on the subject. Listen to an audio teaching. And most importantly, share your knowledge with others.
As the great Jim Rohn said “Everybody wins when somebody shares.”
To Your Financial Freedom,
Greg Whitaker
www.debtshepherd.com
© Greg Whitaker 2011, All rights reserved
