This is the second in a series of posts that I’m writing to detail our keys to successfully paying off $127,482.30 since April 2nd, 2008. Read the Post 4 Keys to Getting Out of Debt if you haven’t already!
Be a Little Crazy. To pay off debt, you have to be a little crazy {ok, so maybe we’re a whole lot of crazy but it works for us}. Simply getting out of debt is counter cultural. I’m not sure how many times I’ve heard the expression, “But eeeevvveerrryoonee has a car payment.” Um, no they don’t. We don’t. You won’t just have to go against the grain when it comes to not taking on new debt, but you’ll have to be a little crazy when it comes to saying no to things that everyone else does – going on vacation, throwing big birthday parties, buying new clothes every season, having cable tv, and more.
Crazy Comes in Phases. Like anything in life, whether it be a new fitness plan, disciplining your children, quitting a bad habit, or beginning to eat more healthfully, the best changes are gradually phased into life. You’ll be more successful if you make incremental cuts in your lifestyle rather than going whole hog, completely depriving yourself, and then falling off the wagon 30 days later. There are plenty of things we did in year 4 that we would not have been able to do in year 1. But the success of paying off debt fueled our intensity and we began to cut things that we wouldn’t have thought of doing in the early days of 2008. For instance, we dropped all television {we only had local channels but even the $19 it was costing us a month wasn’t worth it to us} and we ate meat only once or twice a week {yes crazy, it can be done.}. I suppose you could implement all kinds of crazy on Day 1 and have success, but if you can make only one small change today and keep it for 30 days. And then you can add another small change and do both for 30 days, etc., etc. then you will have more success.
Hang on Tightly to Your Spouse. I cannot overemphasize the importance of constantly communicating with your spouse about your debt slaying journey, every single day. The King of Free often quips, “The death of communication is the birth of resentment.” You and your spouse are on the same team. Marriage and Finances are tightly wound together and are often why people get divorced. Once you team together to conquer your debt and slay your debt dragons, there is no stopping you. You’ll need to reflect on ways to show your spouse that you love him or her {WITHOUT spending money}. And you’ll need to lovingly cast the vision about why getting out of debt is important. No one likes a nag, be they male or female. It took me 2 years to get on board or actually believe that getting out of debt was possible. The King of Free was patient and kind. It really works, yo.
Say no. Put your lips together. Now enunciate a hard “n” sound. Follow it with the long “o” sound. Repeat often and to many people {but most often to yourself}. When I speak to groups of moms, I often share the dreaded toddler shopping experience stories {if you’ve got kids, you’ve got one yourself, I’m sure of it}. Ever had one of those little boogers precious angels in the grocery store proclaiming they “neeeeeed” something? If you’re lucky is a low whine, if you’re not so lucky it’s a full out flailing WWIII styled battle. It might be a toy or Goldfish crackers, but there is a difference between a need and a want. We readily identify in our children {and others} but rarely ourselves. I typically practice a 24 hour principle before purchasing anything for myself {even if it’s on clearance and super cheap}. If it’s still there and I’ve determined I need it after communicating with the King of Free, then I return and pick it up. If it’s gone, I probably didn’t really need it after all.
Interested in more tips to successfully pay off debt and save money?
You can also get plenty ideas from my series 31 Days to Reducing Your Debt {which really should be named 27 Days to Reducing Your Debt because I’m 4 days short} or Our Story, Debt Slayers, or Royal Ramblings posts which detail more of our debt slaying journey.