Hello All, this is Brad's wife, adding my thoughts to his blog for the first time, so here goes!
It's been quite a journey, albeit a short one so far, of getting out of debt. There's always something to think about, talk about, something we could be doing MORE to make our debt go down faster. Brad and I are both of the opinion that the faster we can get out of debt the better, because only then will we have greater financial freedom and be able to do more, whether it be traveling, house updates etc.
Throughout this journey, we've encountered a variety of opinions on getting out of debt, from the supportive to the skeptical to the let's change the subject as quickly as possible response. One response that stands out in my mind is from a co-worker. After thanking him for a gift card as a Christmas present, I told him that Brad and I could finally have a date night! He scoffed at my response and said why don't you go on more date nights, you're young and childless, what are you waiting for? I then informed him that we were trying to get out from under our student loans, and that means eating at home more and not going to movies or fancy date nights. He then laughed and laughed and said that debt was a part of life, and that the sooner I realized that the sooner I could go about enjoying my young marriage and child free life.
This made me pause but went on with my day. After reflecting on it later, I realized that this mentality is prevalent in societies everywhere, but especially in the United States. We rack up thousands of dollars on credit cards, we buy houses and cars we can't afford, and we take out loans for vacations. This lifestyle has become the norm, and it's something I don't think we should settle for, and it's something that Brad and I won't settle for. I hope that moving forward, especially after seeing our country these past few years, that more people can choose a debt free lifestyle and not one that ties them to a life of financial stress.
Hi! I really enjoyed reading your article, it's wonderful! I also hope for a debt-free life and no more financial stress. Just an ideal life for everyone. But right now debt is a part of our life. Thanks for sharing this beautiful post.
ReplyDeleteThank you for reading! We wish you the best on your journey to become debt free!
DeleteWe also take out loans for education we can't afford. Why the heck does this stuff cost so much in the first place? To some, debt is a part of life, which I find to be rather sad. To others, debt is nothing but a burden. I stand in the middle. I can live a happy life in debt, but at the same time, I feel like a slave to Sallie Mae. Every extra penny I make goes to them. There's nothing I want more than to be debt free! Several years of scrimping and saving will payout in the long run. If I don't complete my debt-free journey I will never be able to save for retirement until I'm 50, when Sallie Mae expects me to pay off my student loans!
ReplyDeleteI wish we understood why it cost so much to go to college. You are right, sacrificing a couple years to become debt free is not only worth it for us, but our children and their futures. Hopefully, they will not have to live a life paying off loans.
DeleteAs always, thank you for reading!
Up until we took out our mortgage last year, my husband and I had been debt free for more than 12 years. "Debt free" as in no car payments (bought older vehicles for cash and drove them into the ground), no credit card payments (paid in full each month), no student loans. Ofcourse, that was AFTER digging our way out of $65,000 in credit card debt in our 30s, which took us the better part of 8 years. But once that was gone, all our energy and extra cash went to saving. For retirement. For emergencies. For our next car. For maintenance on our existing car. For kids' needs and eventual graduation gifts. And for the home downpayment we never thought we could afford.
ReplyDeleteFast forward to late 2011, when housing in our area (northern California) finally got the point where we thought we could get the home and neighborhood we wanted. We had 20% to put down, and we had cash for repairs and updating (bank-owned property). We have also assumed what I refer to as "strategic" debt. We have a car payment for our first brand-new vehicle, because the 0.9% interest rate made sense for 3 years rather using our cash in the bank. I have wanted to return to college and have taken out student loans to finance it. For me it's about flexibility, the "just in case" buffer of having my tuition funds in the bank, and I am paying off the interest each month while I am in school. I am continuing to save for this goal and this time in my life. My hope is nothing disasterous happens in the next 18 months that consumes my student loan principal payment, but I'm prepared if it does.
For us it became a choice about being slave to debt or committed to savings for future goals. I'm happy to say that the freedom and range of choices that comes with commitment to saving and the discipline to keep our eyes on future goals is so much better! But when we WERE in debt, before we woke up and realized how limited we were by the credit card balances we carried, it seemed perfectly normal and natural to have a lot of debt. Unfortunately I think that mindset prevails because many people do not wish to make the painful sacrifices to get out of debt. It seems easier to just live with it and call that normal.
-Janelle B.
What you shared is a nice thought to ponder on. Since buying things always feels good, many end up in a pile of debt they couldn't swim out of. Though there's nothing bad in enjoying life and the things it has to offer, being knee-deep in your debts shouldn't come with the package. Won't life be more enjoyable if you have full control of your money? Thank you for sharing the idea. Irving A. Burton
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