Debt is considered normal for people. I don’t know how other countries do things, but here in the US people are use to being in debt. We put ourselves in debt for many things like; schooling, cars, houses, boats, RV’s, and credit cards (and more). Things we think we need.
Not only that, but in order to have good established credit (to purchase anything on a loan) you have to have some kind of debt to begin with, whether it is $5 or more. Showing that you pay on that debt is what builds your credit score, which is used to determine your reliability in getting approved for a loan or credit, and nowadays even a job.
The debt struggle is very real for most of us. I know we pay more in credit cards than we would like. Yes it is because we have made many financially terrible decisions. Putting our YOLO (you only live once) attitude as a priority verses our financial well being.
I mean, the statement is true. You do only live once. Should you spend that time experiencing life, even if it’s on credit or should you work your ass off, for who knows how long, to get out and stay out of debt?
By this I mean, no extra spending at all. You have to constantly be planning your money down to the penny and everything extra goas towards debt. Meaning; no eating out, saying no to invitations to places that cost money, no buying extra things for yourself (clothes, toys, etc). All you get to do is pay your bills and budget your groceries, nothing more. Sounds like a struggle, right? Especially if you’re working more than 40 hours a week, what do you have to show for it?
I guess it depends what your goals are. I for one HATE being in debt, but at the same time struggle sometimes with extra spending. I do budget and plan down to the penny, but the “extra” money doesn’t always go to paying the debt. I mean, it’s not like I have thousands of dollars left over after priorities are taken care of. Extra spending to me, is buying food that wasn’t planned for or buying unnecessary home items (I’m obsessed with decorating). I shouldn’t really be doing these things, but I often feel justified to do it because I(we) do so much, I don’t want it to feel like it is for nothing.
It comes down to this though. Getting out of debt may take awhile, but if we were truly debt (minus a house payment) free I think of the money we would have to spend on these things that we want. We wouldn’t even have to think twice about buying extra.
I think it would be worth the pain of not spending for however long it takes. It would probably be one of the hardest things to go through, especially when you have kids.
A couple months back, I was listening to Dave Ramsey on his YouTube channel. If only I could maintain his mentality about spending and paying off debt, I would be in a much better position. I encourage you to check him out.
Next week I will be starting my new job. I haven’t held a job in 6 years. It’s only a seasonal position for now (potential for permanent hire), but I know it is only going to help us get where we want to be financially. I already have my plan in place for what this extra money will go towards. Debt.
I want out of it more than anything. The struggle is going to be worth it in the end. It has to be done.
What is your mentality with finances? Are you okay with being in debt with your yolo attitude?