In my recent post about saving for risk and uncertainly, I think I came across as saying that I was working really hard now to save so that if something unexpected happened to me in the future (loss of job, medical problems, car problems), I would be okay. Like, I was sacrificing fun or living the life I want, so that I could be safe.
What I was actually saying is that I’m getting myself out of debt and into a better financial situation now so that I can live a life where I do spontaneous and exciting things and take risks. I want to be able to take off for the beach for an afternoon or hop a plane to Vegas or pack up and move to New York City, but in the situation I’m in now, that’s not possible. I’m working really hard right now–not for the next 20 years, but just right now–to get myself into a place where I have the financial freedom to do the things I want to do. My hands are tied by debt and I want release from that.
This is all connected to something I’ve been thinking a lot about. When I was digging myself further into debt, I often used the justification that I had to spend this money or not worry about money in order to really be living. It was an immature attitude that money talk is boring and caring too much about money is bad. In truth, I was living really close to the edge, but was it wind-through-my-hair thrilling? No. It was terrifying when I thought about it, so I mostly avoided thinking about it.
In terms of really living, I never would have expected this, but I feel like I’m living more now that I’m scrounging and saving than I ever did when I was buried in debt. When I was in debt, my future was a brick wall. Planner that I am, I couldn’t even think about the future, because that’s how heavy the burden of my debt felt.
I could launch into a discussion of whether it’s better to live responsibly or enjoy the moment, but the shocking thing is that living responsibly has led to far more enjoyable moments than I ever felt under the weight of my debt. What I’m doing now, working a lot and spending nothing extra, I wouldn’t call easy, but it doesn’t feel like sacrifice either. I don’t feel like I’m giving up my life now for a better life far in the future. I’m working hard now with clear goals for how I want to continue living my life.
{ 5 comments }
I think it’s important to do both. I think it’s important to save for emergencies and for retirement, while also having short term fun savings for going on trips and what-not that don’t require digging yourself into debt. I was definitely in the “Well, I have to go into debt because I don’t have enough money to do what everyone else is doing” but now I’m still not able to do everything everyone else is doing because I’m digging myself out of debt! It’s really an immature way to think and I’m now just realizing that (many years after my Dad warned me not to). The only thing I can say was that going into a bit of debt for my trip to England really was necessary, because it was the right time and best decision. I wish I didn’t have to go into debt, but it was life-changing and I still think to this day that it was worth it. But I’d rather not repeat that.
I wish I’d had these sort of thoughts when I was younger, too. Because I also went through that phase in my early 20s where I would just spend on what I wanted because that was easier than thinking about the future. I guess that’s why I did it.
But it is absolutely liberating to be at a point in life where I (and my husband) spend on what we need, and also what we want, but those wants are now in line with our long-term goals of financial freedom. It’s been a rough journey, I know. You’re not alone!
So happy that Ashley (our little apartment, ashley, not you, obviously…) posted a link to this article. I’m so right there with you!
I look forward to reading your blog while I get into better “financial shape”. It really is like “losing weight”, it takes patience & discipline.
I’ve paid off one of credit cards and my goal is to have my second paid off by july, then my 3rd one by feb 2011 & my very last one hopefully by summer 2011. we’ll see, crosses fingers.
i love you mentioned, “every dollar has to be accounted” for. you are absolutely right!
I totally agree with you. If I was IN DEBT – even to do the things I wanted/enjoy – I don’t think I’d be as happy as living within my means and saving the money for a big purchase/trip rather then putting it on my credit card. I think working extra hard and saving the money for something makes you appreciate it even more – at least I feel that way about the Europe trip that we’ve been saving for three years for!
I wish I’d had these sort of thoughts when I was younger, too. Because I also went through that phase in my early 20s where I would just spend on what I wanted because that was easier than thinking about the future. I guess that’s why I did it.
But it is absolutely liberating to be at a point in life where I (and my husband) spend on what we need, and also what we want, but those wants are now in line with our long-term goals of financial freedom. It’s been a rough journey, I know. You’re not alone!
Comments on this entry are closed.