Sharing Daily Discoveries About Personal Finance And Business Topics

Being Open To Change To Get Out of Debt

I was having a conversation with a person today about an individual who he claimed will always be in debt as he is the type of person who always has nothing left in his wallet by the end of the day. It’s almost like as soon as he gets paid he is inclined to spend it for whatever reason.

I then suggested that if the person simply breaks down what they spend and earn while taking a real look at their habits that it will most likely make them realize that they need to change as what they are doing is very counterproductive if the goal is to have a financially stress free environment. If necessary too, the person should get another individual to help them breakdown their financial situation.
The excuse after was even more bizarre as I was told he wouldn’t accept that because if anyone tries to breakdown his earning and spending habits he would feel that people are simply trying to make it look like he is lazy in a way and that this is a way to force the person to do things in order to be debt free. In my mind, why would that be a negative?

To me, this sounded like the problem in regards to the person being in debt is more due to the fact they are afraid of change since they have been doing things a certain way forever. Of all the other reasons you would think one would be in debt such as a person not earning enough versus the cost of living this is one of those reasons that seem to be a bit silly.

On the other hand, I guess it is a factor that is easy to identify and at the same time there are many ways to go tackle it. The best approach I have seen usually is that if the person recognizes and experiences how much more rewarding it can be by not being in debt all the time they will be open to the change right away. Example, I remember one trick a person did that was kind of sneaky but worked.

Essentially, since she knew the person used cash all the time what she did is that every week she actually took like $20 from his wallet and hid it. He wouldn’t even notice too as usually he just spends recklessly. Then, a few months down the road he would always be broke and complain how he wished he had the money. Sure enough, afterwards she showed him how much he saved by doing what she did. Not surprisingly, this made him realize that change can be good in that sense as he didn’t even notice himself really when before his mindset was that there is no way he can do things different in any way and that any kind of change would destroy him.

Entertaining example in this case that would only work if you are very close to the person of course. But in general, just make them realize that change can be good.

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