Comments on: How Far Will I Go To Pay Off Our Debt?

By: Nick

Nick — Sat, 12 May 2007 19:57:08 +0000

I am currently in a debt management program and cut most of my expenses. The two expenses I refuse to cut are satellite TV and my Netflix subscription. With Netflix, I pay $20 a month and have gotten 16 movies in the last month. $20 is cheaper than one trip to the movie theater after getting snacks. We have found that when we just use the entertainment options we have at home, we save a lot of money each month.

By: ispf

ispf — Sat, 17 Mar 2007 19:42:41 +0000

[...] If you are actively working on your debt I highly recommend this post. Another very good post in a similar vein is by Tricia @ Blogging Away Debt where she answers the question How far will I go to pay off our debt. [...]

By: frostextera

frostextera — Thu, 15 Mar 2007 21:51:03 +0000

What living on your own with no one to look after, cutting expenses is easier. Currently I work at a hotel as night audit, and I have a free breakfast. This saves me alot of money of breakfast foods every month. Not to mention the way my schedule pans out I only eat twice a day now. I think I average $40-50 a month on food now, instead of over $100.

By: Stephanie

Stephanie — Mon, 12 Mar 2007 19:42:24 +0000

Yes spending more than you make is the problem that got us in trouble though. It is about deciding what is important, and what you are willing to cut out. Though I find some of our more frivolous things we cut when we had to (lost job) I do not really miss and we have not added them back into the budget.

By: Debt Hater

Debt Hater — Mon, 12 Mar 2007 11:09:49 +0000

The 78th Carnival of Debt Reduction…

This Carnival has a lot to do with setting priorities while paying down debt. Whatâ€™s important to you? What can you live without? How far are you willing to go to pay down the debtâ€¦ is it worth that sacrifice?…

By: lowincomelady

lowincomelady — Wed, 07 Mar 2007 05:28:10 +0000

Hi Tricia, I have been reading your blog for ages now! I really enjoy your writing. You are an inspiration! My family is trying to pay off 111,000 worth of mortgage debt and we are on 3 pensions. We are currently paying double repayments of $900 a fortnight but we still don’t go without what we need or want. Its just that we don’t tend to want very much as we are basically frugal. Sometimes we decide not to get something because we don’t actually need it or could do without it. Its amazing how little you actually do buy when you go through this process! Anyway, I wish you all the best and keep on blogging! Your blog is such a joy to read! Cheers lowincomelady in Australia.

(I am a member of the NCN Network but I am called Weight Money Life there. I also have a food/weight loss blog called foodobsession.wordpress.com which is linked to at the NCN Network.)

By: missiondebtfreedom

missiondebtfreedom — Tue, 06 Mar 2007 20:17:36 +0000

Tricia – you are exactly right that spending more than we earn is how we got in this mess. That slow bleed is what ultimately does us in financially. It is usually not some huge financial disaster, but the accumulation of years of “spending more than we earn.”

By: Lazy Man and Money

Lazy Man and Money — Tue, 06 Mar 2007 19:09:20 +0000

I think that it’s insane to start selling your stuff off. You’ll just have to buy it back at a higher rate when you are out of debt. Anne is right with the health analogy. Selling your stuff off would be like a starving yourself, you’ll just put on double the weight back.

The similarities between health and wealth is what lead me to create Lazy Man and Health.

By: Jeremy

Jeremy — Tue, 06 Mar 2007 14:29:09 +0000

Great analogy Anne! I think that sums it up perfectly.

By: Anne

Anne — Tue, 06 Mar 2007 14:19:32 +0000

It’s just like “dieting” versus changing your eating habits. A diet will likely cause you to return to your unhealthy ways once the diet has ended and the anticipated result has been achieved. Changing your habits will lead to a possibly slower, but steadier, and longer lasting end result. Smart move.

By: Kim L.

Kim L. — Tue, 06 Mar 2007 13:54:06 +0000

I agree with you and everyone else .. you still need to live life! I like how you said that you are just trying to learn a new way. It’s so true. You are doing the best you can and that in itself is a great accomplishment.

By: DC Smith

DC Smith — Tue, 06 Mar 2007 13:31:46 +0000

Here’s another thing about stuff like cable and fast internet service. Yeah, in an emergency it is certainly something that can and should be cut. And yeah, paying that bill once a month can make it look pretty big. I know I cringe every time it hits the card.

However, for several years I went without cable (or any TV). My job had long hours and I didn’t think I had time for that stuff anyway.

Then I read “Your Money or Your Life” and started tracking expenses. Down to the penny. Guess what? I was spending a LOT of cash on books, magazines, movie rentals, admission to things like the car/boat/home show that I would not have done had I not been bored. And that doesn’t include the gas (I was an hour from a decent-size town).

Digital cable for me is less than $2 a day. Internet about the same. Now assume a family of four, and the price for cable stays the same, but would you read the same books and magazines? How much for four to go to the movies? Just one $4 admission/magazine/paperback each, once a week, and the cable is more than paid.

Don’t ever tell Comcast I said it, but even at the prices they charge now, cable TV is a darn cheap way to waste time, especially during the snowbound months. It may not be wholesome, educational, or healthy, but if there’s one thing it is, it’s CHEAP.

By: The Simple Dollar » The Simple Dollar Morning Roundup: Chupa Chups Edition

The Simple Dollar » The Simple Dollar Morning Roundup: Chupa Chups Edition — Tue, 06 Mar 2007 13:31:00 +0000

[...] How Far Will I Go To Pay Off Our Debt? This is a very personal question, actually. How far should one go? As far as you’re comfortable, I guess. (@ blogging away debt) Related Posts The Simple Dollar Morning Roundup: Post-Super Bowl EditionThe Simple Dollar Morning Roundup: End of the Year EditionThe Simple Dollar Morning Roundup: Three Sites You Need To Read EditionThe Simple Dollar Morning Roundup: Parent’s Night Out EditionThe Simple Dollar Morning Roundup: Thanksgiving Prep EditionThe Simple Dollar Morning Roundup: Transfer Tuesday EditionThe Simple Dollar Morning Roundup: I Gained Twelve Pounds EditionThe Simple Dollar Morning Roundup: Last Minute Buying Frenzy EditionThe Simple Dollar Morning Roundup: Tired Boy EditionThe Simple Dollar Morning Roundup: Ham, Corn, and Cheese Chowder Edition Did you like this article? You can get the complete text of all the latest articles at The Simple Dollar in your email inbox each morning by entering your email address below. Your address will only be used for mailing you the articles, and each one will include a link so you can unsubscribe at any time. No comments yet. Be the first. Leave a reply [...]

By: Flora

Flora — Tue, 06 Mar 2007 12:56:35 +0000

You have children, right? If you moved the family into a truck, those kids would be in foster care in a jiffy. You know what you’re doing.

By: Shawna

Shawna — Mon, 05 Mar 2007 23:45:42 +0000

I agree with you 100%! I think if you force yourself to suffer then you are not going to be building lasting habits. Your way (and mine too) seems to lead to more of a lifestyle change instead. I’ll be glad when I get to a point of spending less than I make
You seem to have paid off a nice chunk – congrats on the progress.

By: Him

Him — Mon, 05 Mar 2007 23:02:07 +0000

The PFBlog community and its readers can be tough on the debt reduction.

The fact is that you’re probably doing better than 99% of those who are in your situation, with a modest income to boot.

There will always be people who will be doing better or more. As long as you keep focusing on your goals you’ll get there.

By: Matt

Matt — Mon, 05 Mar 2007 22:34:15 +0000

I think there is a happy medium where you don’t spend more than you make while at the same time you still enjoy your way of life. Too many people try to keep up with the proverbial Jones’ and in doing so end up overspending. I think you’re doing an amazing job even though you could have cut a few more things out to speed things up and potentially made yourself miserable in doing so. Keep going at the rate you are and you’ll have a nice healthy amount for savings and investment once the debt is paid off. You’re an inspiration to all of us in debt.

By: Jeremy

Jeremy — Mon, 05 Mar 2007 22:29:21 +0000

That brings up a good point. There is a fine line between working hard to pay down your debt and sacrificing your quality of life. I think your approach is the best way to achieve your goal without adversely affecting other areas of your life.

We’re in a similar situation to you and while in theory we could do even more to attack our debt even faster. We could stop putting money into retirement accounts, sell our newer vehicles and opt for old beaters, cut our cable and high speed internet among other “luxury” items and have our debt paid off in a fraction of the time (compared to our projected 3.5 year plan).

But to me that makes no sense. Yes, we would save a lot of money over that time in interest, but would we learn anything? By maximizing the focus on debt reduction while continuing to automatically save and invest, make reasonable payments and live on a very tight budget we are building a sound financial outlook that will continue to benefit us even after all the debt bills are gone.

Life is too short to sacrifice quality just to wind up in the same old habits after one problem is solved.