MONEY COMMENT
Getting Out Of The Spending Habit

By Jane Mack (TMFJane)
September 8, 2003

I have recently discovered that I really like spending money. Admittedly, this may not come as a shock seeing as most people like spending money but, not surprisingly (as a Fool), it's beginning to bother me because I was under the impression that I had learned to control that sort of thing.

Save, save, save was my constant mantra. It still is actually, which is why every time I get out my new 0% credit card at the moment I feel guilty. I may not be paying interest on what I'm borrowing but I'm still borrowing.

I can probably console myself on the fact that I'm not spending it on anything pointless – we're in the process of doing up our house so I know (or, rather, hope!) that it won't be wasted money because, in theory, we're adding value to an appreciating asset.

But the reason it's bothering me is because when I first discovered the Motley Fool, I was in debt, had no savings and hadn't a clue about how the financial world operated. I saw the light, promptly cut up my credit cards and firmly closed my purse and, as a result, my Foolish frugality over the last four years has given me some excellent rewards. I now have savings – cash for the short-term and index-trackers for the long term – and, hopefully, enough financial knowledge to enable me to entertain the prospect of looking forward to a secure old age.

However, as a result of the work we're doing on the house and, because we didn't want to spend the 'real' money we've got in the bank, I'm in debt again And I don't mind telling you that I don't like it one little bit.

Join me in the Get Out Of Debt Centre.