Why We Dig Ourselves Deeper in a Hole
Carmen Wong Ulrich, personal finance expert and author of The Real Cost of Living ($15, amazon.com), says that once people fall off their budgets, they feel helpless. “You’re beyond the point of seeing yourself getting out. The pit is so big, it’s exhausting to look at, and that exhaustion wears down your ability to make a good decision.”
It’s a sad fact: Once one financial defeat saps our energy and willpower, we tend to make yet another bad decision, which makes us feel even worse, engendering yet another budget-busting decision, and so on.
So, how do you reverse course?