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Credit Report & Credit Score; Credit Repair, Debt Management > Debt Management Help > Do you know why you should not be shy of being a cheapskate?

Do you know why you should not be shy of being a cheapskate?

By Ruth Racey
Published: Sunday, November 8th, 2009

If you want to remain in control over your current financial situation, you have to discipline yourself. Self-discipline is definitely not easy, but true dedication in what you do will enable you to successfully improve your financial status. In simpler words, learn to be a cheapskate and enjoy life.

Many say that being thrifty takes away many pleasurable things in life. In some instances, they may be right, but not in a lot of things. Being a cheapskate does not mean you cannot enjoy life anymore; it just means that you are enjoying life in the most responsible way possible. Is it not fulfilling to sit on the couch and relax, without thinking of any debts or any financial compromises? That certainly beats having a long list of credit card balances, loans, or even the danger of facing bankruptcy running through your mind. If you acknowledge that spending money is what gives you pleasure, then first, realize that this can be a problem, especially if you do not have enough money to satisfy these pleasures. However, even if money is not a problem, spending for the sake of spending would mean a disastrous financial condition sooner or later. What you just need to do is convince yourself that saving money and budgeting can make life pleasurable too.

While aiming for a goal, expect to be talked about and teased because of your frugality. Let them be, and just concentrate on the goal. Just wait for the day that even they would stop teasing because of how far you have accomplished financially; that day when they will think to themselves that they want to be like you. Being a cheapskate will allow you to be totally debt free, and that is more than anything one could ask for. It brings total peace of mind.

Once you are already a cheapskate, plan for the future. Start setting goals for mortgage, bank, and other payments. One thing you need to remember when making goals is to make them attainable. For instance, if you can save $10,000 annually, then an attainable goal is for you to pay off $100,000 of mortgage loan within ten years, not five. Now if you can save $20,000 a year, then that would fit a goal to pay off $100,000 loan in five years, not three. Just be sure that these goals will be obtainable, besides, those are your motivations in being a cheapskate in the first place. Nothing is more disappointing than to fall short of the goal you have set yourself.

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