November 6, 2019, 10:18 am

Things Worth Sacrificing to Become Debt Free

by: The Financial Blogger    Category: Pay off your Debts
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Image by Jill Wellington from Pixabay

Outsized debt from overindulgence is far too common. Yes, we know the sudden loss of a job or an unexpected medical expense can also cause personal finances to spiral out of control. However, if an emergency fund were in place, the situation would be considerably less severe.

Unfortunately, many of us overlook the possibilities of problems in our pursuit of life’s pleasures. With that said, it’s time to consider what things are worth sacrificing to live debt free.

Free Time

If you’re carrying outsized debt, odds are you can’t afford free time. OK, yes, you do need some time to recharge from time to time, but sacrifices will need to be made to eradicate your debt. This means earning additional income. Hopefully, you can find a way to accomplish this by doing something you enjoy. Perhaps you have a hobby capable of generating revenue. If not, you’re going to have to find a way to bring in more cash.

Either way, it’s time to get busy.

Extravagant Possessions

Are you sitting on a collection of watches worth thousands of dollars? Do you have a sports car in the garage you only drive once or twice a month? A sailboat, an airplane? Whatever it is, if it isn’t absolutely endemic to your respiration, it should probably be sold off to satisfy debt.

After all, you probably went into debt to get it in the first place.

Expensive Entertainment

Going to see “Hamilton” in $400 seats you bought with a credit card? Yeah, it’s time to stop doing that. Eating in restaurants several times a month? Yep, time to kick that to the curb too. You should also be taking your lunch to work every day and walking right past the gourmet coffee shop, foregoing that five-dollar latte every morning. In fact, changing just that one habit will net you somewhere around $200 each month you can use to keep creditors at bay.

Now, with that said, it is important to allow yourself moderately priced entertainment while you work your way through the problem.

Just keep it reasonable — and pay cash.

Your Pride

There’s no shame in admitting you have a problem you’re unable to solve on your own. This is why programs like Freedom Debt Relief exist— to help people who need it. Of course, the first step is admitting it to yourself. Then you can find the help you need to reach a viable solution. This might be debt settlement, a consolidation loan or maybe even bankruptcy.

Whatever it turns out to be, it’s OK to sacrifice your pride.

Social Media

OK, so Scott and Becky are spending a week on the Grand Princess in the Caribbean. Trevor and Steven just redecorated, while Glenda and Mary just got a new Range Rover Evoque. 

Looking at it on Instagram, Facebook and Twitter, you’re feeling left out because you aren’t doing something commensurate. So, you go into debt to take a river cruise in Holland to give you something to brag about.

Bad idea. Odds are, they’re leading that “amazing life” on credit too.

Stay off social media while you deal with your debt.

Common Sense Isn’t Common

Yes, a whole lot of this is just common sense. However, common sense can fly right out of the window when it comes to emotional issues. All our lives we’re told living a lifestyle of abundance is something to be pursued. Meanwhile, we’re also told owing people money is bad.

Thus, our common sense says, “Avoid going into debt” while our egos say, “We work hard, we deserve nice things and we can always pay them off over time.” Then, when the bills are more than can be comfortably paid, the ego falls strangely silent.

Which brings us to the key thing worth sacrificing to become debt free: Ego.

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