I come from a long line of spendthrifts. In addition, my first full-time job paid more than anyone in my family had ever made. I let my earning power go to my head and lived paycheck to paycheck, with no savings and substantial (at least for that time) credit card and student loan debts. Then, I suffered an injury that required surgery and 6 weeks off work. I was fortunate to have disability insurance, but it was only 2/3 of my normal income. I had to call creditors and ask for extensions, which thankfully I got. It was both humiliating and eye-opening because I realized for the first time that I had no safety net. I was the best one off in my family. No one would be able to help me if I fell on hard times. So, I started paying off my debts and saving money. It took me several years to dig myself out of the whole and I would never consider going back to my old ways. As an earlier poster said, having a handle on your spending/saving gives you an incredible peace of mind.
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