While my advice today may not be profound, it will give you release. DH and I have become a bit more intentional this month than we've been in the past and we are gaining new momentum. For instance we've decided to cancel my gym membership when my contract runs out in September, cut out restaurants, trim back a little on groceries, cancel Stamps.com subscription and today....cancel my contributions to a fave charity. Sure, I hated cancelling giving to my fave charity but right now I have to take care of my own household. Money owed on debts is money already spent and you don't own it to use as you choose until you are free from the bondage of debt. This is a hard concept for me to remember but I'm trying. I encourage you to do the same and take small steps towards debt freedom!
Small expenses can add up. Right there that will be approx $175-200. Each by itself isn't much but combined it makes a big dent. We had many more crazy small expenses before we began budgeting 2 yrs ago. Over time we've found more & more that we need less & less!
Carrie - I know I've asked this, but are you using a debt matrix to pay off the higher interest debts first (minus your mortgage)? It saves even more money. Good for you for doing this. You are wise, wise, wise. Geoff and I have been debt free for several years now, and it's amazing. We've been shirking looking at our investments though, and you're inspiring me to revisit them and see if I can step them up.
ReplyDeleteOkay, so I know Dave says to pay off smaller debts first, but if you have bigger debts with higher interest, you're paying too much out in interest. Anyway, it sounds like you don't need advice! Just keep it up. :)
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