Don’t expect everyone to understand or agree with your wanting to pay off debt. If you are seeking approval for your decision to aggressively attack your debt, be careful with whom you share this information with. Most people are deeply indebted and live paycheck to paycheck, and who can blame them, it is socially accepted and never discussed publicly. However, if you want to get a thumbs up on the debt repayment journey you are about to take, consider carefully who you share this news with.
started thinking how much time I wasted trying to think of what I could have done differently, even for things I had no control over. I analyze things; it’s kind of what I do. But sometimes, your strongest skills can also be your biggest weakness. Crazy how that works. All those analytical, perfectionist, worriers, sceptics know exactly what I am talking about. Sometimes I envy my husband’s ability to be so chill, relaxed and not worrisome about life. “Things will work themselves out”, he always says and for the most part they do.
If you are one of the many bloggers that worked to pay off your debt, then you know the sweet feeling that debt freedom can bring. Congrats by the way, for accomplishing an awesome life changing goal.
However, you might also realize that if you are not careful, old habits start creeping back. It might be using the credit card and not paying off the balance in full, not making monthly payments towards your savings (this is why pre-authorize monthly contributions are so important), tracking your spending or sticking to your budget. Whatever it may be, we all have our achilles.
Money personalities that classify people into two opposite spectrum can be dangerous and misleading. I am referring to the ‘spender’ and ‘saver’ labels that circulate the personal finance community. Labels like these can be misleading, limiting and simply incorrect.
At the end of April, I had the opportunity to visit my sister and her husband in the Bahamas. They moved there from Ontario almost 6 years ago now as my sister’s husband wanted to return to his native country. Even though they have lived there for more than half a decade, this was my first time visiting the Bahamas…. (gasp).
When my husband and I started our debt repayment journey in mid 2013 I though that getting rid of our debt would create a new beginning for us. One filled with less money problems and 100% unified spending decisions. Wait, let me rephrase that…I thought my husband would continue to subscribe to my super saver/ aggressive debt repayment approach to managing money. Well I was wrong.
One thing we did agree on was that our debts had to go. Everything else after that was up for negotiation.
Its been a compromise, but one I am willing to make because we both give up a little of what we want but our long term financial vision is still the same.
During the 2.5 years we diligently worked to pay off $120,000 of debt, our spending decisions were made for us. Everything and anything extra pretty much when to paying off the debt. Because we on the same page about this, operating this way for those years made it feel like even after the debt was paid we would agree on our spending and saving decisions. However, the reality was far from this truth.
Once we finished sacrificing for a common goal (getting of debt), our money personalities took effect and we became more of what we normally would be without the debt.