In the Personal Finance blogosphere there are two distinct groups of debt repayers. The first group takes a scorched earth approach. Cutting out all excess, no cable, sharing a car, no shopping, and no trips. Then there’s the YOLO (You Only Live Once) approach. Where you still do fun things and possibly still have cable and occasionally go on trips.
If you have been following this blog for awhile you’ll know that I lean to towards the YOLO camp with splashes of exuberant self-denial. I stopped shopping for clothes for a year, I will be growing my own garden for the second year in a row, I won’t use NETFLIX because you have to pay for it and I check out my movies from the Library. I enjoy seeing how long I can go without going to the grocery store and a dozen other tests of my willpower.
The grey area of personal finance is where I think most of us exist. There are things that are easy to give up and things that we would consider insane to give up. Earlier this evening I spent an hour lamenting my soul sucking situation to Tonya from Budget and the Beach. She was very kind and actually listened. This weekend has been rough (with the exception of the gorgeous weather and the Broncos winning). I realized that I’m finally ready to dig even deeper to create more traction on my debt repayment process.
YOLO is taking a hiatus in the Jackson household. Don’t feel sorry for me. I’ve YOLO’d throughout my life:
Soaked in a natural hot spring in the wilds of Montana (while drinking wine)
Watching the Tour De France Finish
Being Serenaded by Lenny Kravitz at his concert (really!)
Snowboarding in Breckenridge-ski in/ski out in a baller condo with my friends from England
Studying in Argentina and going to Iguazu Falls, one of the most beautiful places I’ve ever seen
Living a student’s life in Paris
Chilling on the beach in Barcelona
Poking a jellyfish in Arendal, Norway (we were stupid)
I am basically: desperate, tired, focused, so done, and obsessed. Really, the switch has been flipped and I’m pretty obsessed with the idea of paying this sh$t off. Now, let’s be clear-I will be able to pay of Mr. Chubbs (the last credit card) this year. Then, I will then have one ginormous bill-my two student loans.
Already I have some home repairs that need to be done: new carpet, a pipe that needs to be cleaned out, work on the facade of our triplex, and the list goes on.
I also want to prioritize saving which hasn’t really kicked off in the way that I’d hope. I’m thinking that once I start actively working on Freelance projects that my savings will begin to tick up over time.
I have YOLO’d more than most people do in a lifetime. Now, it’s time to take a step back and focus some more on gaining more traction on my debt repayment. I’ve been invited on several trips already and have decided that unless it’s cheap and I’m talking basically free-I’m probably not going anywhere. Unless I’m going to see my Grandma.
All of the places I want to go, and things I want to do will still be there in 8 months and honestly if they aren’t I can always find something different to do.
By, by YOLO. It’s been real.
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Wow, you have YOLO’d it up! In a good way, though. You will always have those memories but you can still enjoy life on a budget.
I think that taking a slight break for a year so that I can prepare for more adventures: marriage, motherhood, living in South America?? is a good trade off.
I am like you and have YOLO’d my way to lots of adventures. I don’t regret one bit, and it’s one of my biggest motivations to be debt free. I want to travel, live life, eat, drink and be merry and be a good, generous, person.
I don’t regret my YOLO’s either!! But now I’m preparing for a profound change in my life. It will take a couple of years to finish up my student loans but this year is pivotal in terms of stepping up the pace. This is the perfect time of year for me to hunker down-cold/Olympics/and the Super Bowl. Basically, I’m in the house.
Tough call, but good on you. And reflect on the ‘past’ YOLO moments in your dolldrums of debt repayment!
Interestingly enough it was becoming tougher and tougher NOT to step it up. I’m just over the lack of money due to debt. I was ready to make that mental shift. I don’t feel like I’m missing out on anything, I feel like I’m running towards something which is super exciting.
I went through different stages on intensity when paying off debt – if the urge to go all out took hold, then I would capitalise on it and go for it. It sounds like this has happened to you.
You can do this! I know it!
I was surprised at how much momentum was lost from August-December. I had the: late summer doldrums, trip to NYC, crazy floods in Colorado, FinCon13, 3 days later trip to Montana for another conference, Thanksgiving, Christmas, and cold from HELL. While I can’t imagine it being so crazy this year Spring is still pretty cold in Colorado and I tend to stay indoors. So, I want to use that time working on my business so that I can leave my job. All I want to do is pay off my debt, and make money. Then, change will happen.
This is a great decision. Eight months will fly by and then you can move to the next step…self-employment!!
I’m over being broke and depressed. So, I’ve decided to focus and get things done. I’m tired of listening to my own excuses. It’s like listening to a broken record.
Last year was the first year I loosened the reins a little bit and started doing things I enjoy within reason. This year I’m trying to be super smart and squeeze as much out of trips as possible using rewards points and seeing if I can’t use my websites to get free stuff/entries to events, etc. Hustle hustle! 🙂 I can see where you’re coming from. There is just a point where we all say enough is enough. BTW I’m totally NOT going to get a solo room at fincon this year. I just need to find a like-minded mellow person, but it’s way too much money to be doing solo IMHO!
Since I’m staying close to home for the next 8 months I am definitely going to have my own room at FinCon14! I love the idea of using points and rocking the “hook up” You’re at the point with your blogging that you could rock some great deals.