Get prepared, this year you can ensure that all those wonderful things you want to achieve with your wealth, happen. You just have to anticipate the pitfalls.
Look at the goals you’ve set for yourself and ask: “What excuses – perhaps you call them reasons – have I used in the past which have sabotaged my success?”
“What factors would stop me sticking to this?”
Then for each reason, come up with a counter argument or measure to negate this as a reason to sabotage your goal. For example…
Common excuse: An unexpected expense came up and I had to use my credit card.
Your counter-measure: Expect unexpected events. It’s life. Put in place an emergency fund in a separate bank account or even in cash stashed away behind a picture. Aim for a cash fund of £1000 to be used only in a genuine emergency. Keep paying off the minimum repayments on your debt while you build up your emergency fund and while you’re doing that put in place your Debt Blitzing recipe plan so you’re still focused on your goal and ready to rock and roll as soon as your emergency fund is in place.
What do you do when an emergency happens while you’re building your emergency fund? That’s when the freezer comes in handy. Put one low interest credit card into a tin, filled with water, and put that in the freezer. This is an awesome way to protect your goals from you. Since the card is frozen in a block of ice you can’t use it in the heat of the moment and if there is a real emergency you take the tin out and defrost it. While it’s defrosting you have time to think about other ways you could deal with the issue without going into debt and give yourself time to let the emotions pass and remember why you want to get out of debt in the first place. Chances are you’ll put the tin back in the freezer before it’s got sludgy enough for you to grab and swipe that card.
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