Make an average seven year old child solve a math problem and he can do it in less than 3 minutes. Make a man in his 30’s solve a debt problem and he will complicate things.
Is it not that debt problems are math problems? Ask a child how much does it take to pay an ice cream and he’ll tell you its five pesos. Ask a man how much does it take him to pay a pair of shoes and he’ll grab his wallet, take out the plastic card and says “This much.” Ask a child if in case he doesn’t have money, will he be able to buy an ice cream and I’m sure he will say “No.” But ask a grown up and he’ll say “Yes.”
Do not spend more than what you have. Apply some rules I’ve been applying for the past years.
1. Never spend for things if you don’t have the means.
2. Plan for every purchase.
3. Wait for 30 days before finally deciding for a big item.
4. Don’t mind the status quo.
5. Learn how to be happy with simple things. Happiness comes from personal relationships, not from material things.