Most people at the end of their life don't wish they'd spent more time at the office, but they do often regret not spending more time with their family, especially when their children were young. Unfortunately, people who find themselves with debt payments that exceed what they can reasonably afford usually cast about for ways to increase their income.
Instead of taking a part-time job, working overtime every week, or getting involved in a get-rich-quick scheme, look at your budget for ways to cut back your spending. Decreasing spending is usually a lot easier than increasing your income. Plus, you won't sacrifice time with your family in exchange for a paid off credit card.
It can be daunting to owe a bundle to your creditors and to be faced with the change and sacrifices that are necessary to turn your finances around. Success may require every ounce of determination and self-discipline you can muster.
It definitely requires that you be able to maintain a can-do attitude a get out-of-debt attitude over a sustained period of time, because your finances are probably going to improve gradually, not overnight.
A positive, 'I can get out of debt' attitude is key to turning your finances around. You have to believe that you've got what it takes. Here are some proven strategies for helping you believe in yourself and set your resolve:
Draw strength from tough challenges you've faced in the past. Maybe draw strength from tough challenges you've faced in the past. Maybe someone in your family had a serious illness, you went through a divorce, a close relative or friend died, or you experienced a major disappointment in your career.
If you believe that you're largely responsible for your family's financial problems, don't beat yourself up about what you did or didn't do. You can't change what happened, and letting feelings of self-recrimination and guilt bog you down makes it a lot harder to do what you need to do now. Benefit from your mistakes and move on. When negative thoughts come into your head, shrug them off, knowing they cannot control you after all.
A negative attitude can be contagious. If you act bummed out all the time about your family's financial situation, your bad attitude is likely to spread to everyone else in your household. If you have kids, don't forget that they are observing how you behave in the face of adversity, so set a good example.
Remember that you're not the only person who has ever experienced financial problems. Millions of people have been where you are and have had to do what you must now do to get out of debt. If they can do it, so can you!
Boost your self-confidence by getting smarter about money. Enroll in a basic personal finance class or read a good article on the subject (such as this one). Make regular visits to personal finance web sites for practical information about all aspects of everyday money management.