The problem is, that lifestyle was a lie, considering the amount of debt I was in. Now, I enjoy a good meal, but it’s done once every one or two months. Not every week, not every day. Trips are restricted to where my car will drive me to, I don’t have the money or time to travel all over the place anymore. Maybe at some point, when I’ve saved enough into a travel sinking fund, that will be different.
Now, I will preface this by saying that while I was paying off debt, I went “scorched earth” to get out of debt. That’s because there was so much debt and I don’t generate a large income that things went ultra tight. Seriously, ultra tight.
Let me give you examples of what I did:
New clothes? Only work shirts and work pants. Otherwise, no new clothes. It’s been several years since I bought new clothes.
I stopped getting my hair cut. For 4 years. No colors, no perms, not even a trim. I couldn’t afford it.
I got rid of the smart phone and went with a Tracfone flip phone. Instead of a $70-$100 monthly bill, I now have a $20 expense every THREE months to put time and days on my Tracfone. I still haven’t replaced it, as my medical bills have bore into my emergency fund and it’s back down to $1,000 again. I am replacing that money, plus working on a goal of someday being able to live on 7% of my wealth, as described in The Millionaire Next Door.
I reduced my food bill. During the really tight period, I was down to trying to spend $36 per week for food. It wasn’t easy, it wasn’t pretty, but I was able to do it. This also meant no going out to eat for at least two years unless Mom was the one buying. Now, it’s not that low an amount, but I’m not going crazy with the food bill.
No vacations. I haven’t taken a trip for personal pleasure since 2011. Maybe in 2019 or 2020, but as I’ve mentioned with the medical bills, not right now. I want to be on more secure footing financially before I start in with that.
Very minimal uses of the car, unless it was taking care of Mom. I’m still minimizing the use of my car.
I got rid of the cable tv, kept the cable internet service, and invested in an Apple TV. Why? During my debt days, I purchased a number of movies and music, some on iTunes, some on DVD’s and CD’s that I’ve since digitized. These I have set up with my computer with my iTunes set to share with my Apple TV, so I can watch the digitized items, including listening to my audiobooks, all from the comfort of my living room. Given the setup I already had from working in the schools, this was the best and least expensive way to provide some entertainment for myself. Also, I don’t do Hulu or Netflix. I use an antenna for the local channels.
Here’s the thing I remember from Oprah’s Debt Diet: people who are trying to keep up a lifestyle that they cannot afford are living a lie. I realize that is harsh, but it’s honest. If you are living beyond your means, you are living a lie.
If you are trying to pay off debt, why spend more in interest and drag out the payoff process any more than absolutely necessary to get out of debt by trying to maintain a “lifestyle”? Reducing the spending (even if it’s not scorched earth as I did) will make the payoffs go faster, saving money spent in. Interest payments, plus it will speed up the process for when you can enjoy your life and be able to afford to do the things you have wanted to do - as a debt free person!
In short, are those baubles you seek to buy now, decreasing your debt payoff, worth the extra time and interest that bauble will cost? Every purchase you make in non-essential items is a barrier to the debt free life you are seeking. The debt free life that will be the BEST buffer when the next downturn in the economy occurs.
Yes, I’m now looking forward to doing more as a debt free person, but also breathing a sigh of relief to know I’ve moved past that part of my life.
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