It is time to decide if want into splurge or provide for your family. If you have credit card debt and don't have an emergency fund, you do not care about your families financial well being. Chances are all you care about is being the cool friend or the super hero, who gives into their families every whim.
Fulfilling your families every want is indulgent and it was probably what started you down the road of debt. Many of you who worked on your household cash flow worksheet got frustrated and decide you just couldn't cut things out. You decided that it was easier to continue down the path of overspending then to follow the path to financial freedom. You just keep ignoring the credit card balances that keep going up. You pay no attention to the fact that you have no emergency fund. You put off saving for your retirement. You could care less that you have no life insurance because it cost too darn much anyway.
Unemployment is at an all time high and more and more people are getting laid off everyday. If that happens to you, what would you do? What if you got sick? What happens when you can't pay the mortgage and there is no emergency fund to help you get through the hard times? Once that happens you will start down a spiral that will be very hard to recover from. Next you might lose your home. All this because you wanted to give your kids everything they want. Don't you think your kids want a home and 3 meals a day?
What happens when your children are adults and have their own children? What happens when you are too old to work anymore and you can't take care of yourself because you never saved for retirement?
It is hard to work on your budget. As Dave Ramsey advises it will take at least 90 days for you to develop a balanced budget. My wife and I are coming up on 90 days and we still have to keep tweaking ours. You must put your financial priorities in order. Financial changes always take time to get used too. Sadly, like most, you feel that getting your financial life in order is going to hurt your kids. On the contrary you are doing them a huge favor. When you decide to spend less, you will have more money to give to your families financial security.
Children adapt quickly. They will probably adjust to the changes faster then you. If you are depressed and angry about your situation your children will sense that. Instead turn it around and turn spending less into a game.
Make sure your children know that everything is going to be alright. Assure them that you are taking measures now to ensure their financial security and you are just being careful to ensure you get through these challenging times.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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