I spend a lot of time thinking about when I’m finally out of credit card debt. It’s a thrilling idea to me and I just love thinking about what I’ll do and how I’ll feel. I have a clear plan in mind even though I’m at least nine months away from putting it into action.
But, there is something that bothers me a bit. Even though other people might not describe me this way, because I’m reasonable and level headed, what I know about myself is that I’m no good at moderation. I tend to think in terms of all or nothing, especially as it relates to goals. If I’m having cake, I’m not going to eat two bites. If I’m trying to get fit, I’m not just taking the stairs instead of the elevator. If I like a band’s music, I’m listening to nothing else for weeks and months.
It’s obvious even in my approach to debt reduction. Thanks to this blog, I know a lot of people getting themselves out of debt. They’re taking an extra shift here or there, cutting out pedicures, eating at home more often, and putting an extra hundred dollars or so toward their debt every month. Meanwhile, I’m in overdrive. I tried the reasonable approach more than once and each time I slid quickly into apathy. I can’t do it.
The question in my mind is how will I transition from the crazy pace I’m at now to a moderate approach to money? I will have known both extremes and it will be time to find the middle way. I think I’ll be lost at first (I often feel that way, because I put so much energy into each goal that I don’t know what to do with myself when it’s done), but I’ll find my feet.
What I’m really trying to avoid is setting myself up to resort back to old habits. I don’t worry about myself going back into debt, but I do worry about falling into those old traps of mindless spending that never brought the satisfaction I expected. I have a lot more thinking to do about what my future relationship to stuff will be. I’m becoming accustomed to going without it and though I will certainly loosen the purse strings, I hope to keep that general attitude, looking for fun and excitement in other things–the kind that actually deliver.
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I think this is where budgeting will come in handy. I think that’s where I got off-track. I had no idea what I was spending my money on and I had no limits on myself. But from what I’ve read, it’s really important to have a budget and that just because we don’t have debt doesn’t mean that we can just go buy shoes whenever we want. My dad has told me that once I pay off my debt, the money should then go into retirement or savings. So while you won’t have interest rates hanging over your head, it might be a good idea to get into the habit of just living off of what you are doing right now and not get the idea that just because you don’t have to pay off a credit card, that doesn’t mean you have “free money.” All your money should be allocated towards something, even if it’s fun stuff.
I think you should keep this blog going when you get out of debt, but instead have it be about your fiscal responsibility in your debt-free life, or something! Like you said in your vlog, you’re an over-tracker, so this could be one more place to track things once your debt-free, like new financial goals or something. It could keep you accountable so you don’t “gain it back,” so to speak.
I agree with Sophia. Keeping this blog might provide more of that accountability you could need once the debt is gone. Imagine writing down each purchase here when that cash is extra money. Do you really want people picking at each nail polish bottle you didn’t need or every frivolous tee-shirt? Probably not. It might help to keep this going rather than saying goodbye to it when the debt is no more.
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