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Enjoy the Power of Plastic!

by Judy Hoctor

The come-on was from a spam message, so why did it spin me up so much? I have spent too many years of my life as a prisoner of plastic in one form or another to be lulled into the false sense of security that this advertisement promises. In today’s society, who doesn’t want more power, especially spending power? After all, it helps to create the grand illusion of security, prestige, immediate gratification, and success. Like an addict hooked on cocaine, though, those good feelings are only temporary. After a while, the bills come due, and you have to pay up for the things you’ve eaten, wore, or discarded, but now you also need cash for the new things on the horizon. Maybe you’re not so materialistic and the charges were for things like new tires, refrigerator repair, and other unplanned and unexpected costs. Whatever the case, by the time you’re ready to get “clean” and stop being strangled by credit, you’ve created a kaleidoscope web of debt that isn’t at all easy to get extricated from.

Of course, it would be easier if you didn’t get into this bind in the first place, and since you’re a smart person, you should have known better. Now that you’re here it’s easy to beat yourself up and talk to yourself in a condescending way that no friend would tolerate. So let’s move on from the unproductive negative self-talk and take a hard look at what you can do to dust yourself off and break free of your compulsive spending.

1. Get real. Take an honest look at how much you make and how much you owe. If you’re serious about making a fresh start, it’s critical that you come to terms with your financial situation.
2. Emancipate yourself. Feel the full force of the pain you are in of being a prisoner of your finances. Grab a calculator and about two years of your credit card receipts and add up all the interest you’ve paid to the credit card companies. Take a moment and think about what else you could have done with that money. You need to be hopping mad and fed up by how much of your hard-earned money you’re giving to these guys. I truly believe that if you aren’t in enough pain, you won’t muster the strength it takes to burrow out from your debt.
3. Grab the scissors. It’s time to cut up the credit cards and stop using money you don’t have to give yourself the illusion of something you’re not. The world may say that people who spend freely and buy whatever they want are the be-all and end-all, but it’s a lie. The knots in your stomach when bills are due or when a creditor calls or when you’re in a checkout line and holding your breath to see if your card will be accepted are not worth the momentary thrill of new stuff.
4. Face your fears. It’s hard to let people know your dirty little secret. You’ve worked hard to keep up the illusion that you have money. What will people think of you if you can’t buy the latest toy or if you can’t go out to lunch every day with the gang? Who cares? If you do, why? Does pretending to have money or feeling superior to someone else make you a better person? Are you a nicer guy or gal because you’re dressed in designer clothes? At the end of the day, maybe you’re just another bozo on the bus. Is that so bad? Why? Take a good look at who you are and what your values are and what you respect and why.
5. Become humble. Hopefully, after a bit of soul searching you came to the same conclusion I did: The people who truly love me do so because they like who I am, not what I have, and those who think otherwise aren’t important in my life and don’t have values that I respect. Once I became committed to reclaiming my freedom, I became willing to let go of my “stuff.” When you’re willing to let go of everything you have, you discover that you possess a priceless gift: the realization that what you have doesn’t define you. Embrace this truth and find peace in discovering that you won’t die without the latest widget and, although it may be uncomfortable at first, you are more powerful than your possessions.
6. Set goals. Hopefully, you’re in enough pain that you’re willing to go the distance to fully get your finances in order. To stay the course, it’s important to have some rewards and goals in place to make the journey easier. That $3 latte every day may seem harmless, but is it bringing you nearly $1100 worth of pleasure? Maybe you’ve been wanting a new couch, but you never seem to be able to scrape up enough money to buy one. Post a picture of your dream couch over your coffee pot so you can stay connected to why you’re not ordering out. Go ahead and buy the Starbucks’ beans if they taste so much better. The point isn’t about deprivation but rather making intentional choices for yourself.
7. Renew yourself daily. Some habits take longer to break than others. Living within your means—and hopefully well below them—takes time and discipline. It’s easy to sacrifice and scrimp for a while but even easier to then feel sorry for yourself and splurge on one big purchase that negates all your efforts. Remind yourself daily that you can change your financial situation, one day at a time. Keep your goals in sight and don’t overwhelm yourself with the notions that you’ll never get to spend money on anything fun again. It takes a shift in thinking, but you’ll feel better about the situation if you don’t see your new way of spending as sacrifice. Instead, see that you have stopped being a victim of your finances and are taking steps to be a master of them.
8. Forego perfectionism. Recognize that despite your best efforts, certain situations will arise that you aren’t prepared for, job circumstances may change unexpectedly, and monkey wrenches sometimes foul up the best-laid plans. Understand that you are trying to do the best you can and recognize that it may not always look perfect. Dust yourself off, congratulate your efforts, and do the best job you can. You’ll find that spending less can be a game with its own rewards and satisfactions, and even done imperfectly can be enormously satisfying.

In the end you need to realize that you have the power over your financial future. Even if you’ve made mistakes along the way, it’s never too late to take control and stop being a victim. Spending is a lot more fun when it’s on your own terms.