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Something clicked in me last year. At one point, I had $30,000 in student loans, $12,000 in credit card debt (I didn't qualify for student loans my last semester, so I charged it), and a $5,000 loan I took out when I finished college. After a year with my new job, I was tired of all these monthly payments! It just seemed like I had a degree, a good job in engineering, but I wasn't living much different than when I was in college. I lived paycheck to paycheck
Last year, I decided to cut how much I spent, and I decided I should probably move closer to work. I had a 30 minute drive, so I moved within 5 minutes of work when my lease ended.
Cutting what I spent probably helped me the most. When I went grocery shopping, I went with a strict idea of what I was getting. I cut my grocery bill from $100/week to $30/week. Also, I stopped running up bar tabs on the weekends with my friends. Amazingly, cutting the 'nights out' on the weekends really helped my performance at work during the week. I am actually a morning person now!
Since I lived so close to work and it was the summer, I bought a bicycle and decided to ride over one day. I loved it! I had to splash my face off when I got to work, but it was only 4 miles and I felt refreshed afterwards. Also, I was getting an hour of exercise a day without touching the gym.
It transformed my life. I rode past gas stations posting $4.00+/gal gas, and while everyone was panicking, I felt unaffected. Since I was so frugal with what I spent, I didn't accumulate so much crap in the house, and now my place is always clean. I took a new respect toward life. I no longer go shopping mindlessly, I stick to only what I need. And since I buy only what I need, I have the extra money to buy something quality that will last longer, or is somewhat sustainable. I shop organic, made in the US, recycled, etc.
Now for the best part? That debt...it is down to $4,000 total. I will be debt free coming in February, and I can't wait! My next goal is to save up for a house. Now that I don't have all these monthly payments, and I buy less but buy quality, I feel like I'm doing very well! My advice about this recession, perhaps what doesn't kill you only makes you stronger.
Some of us live like this whether there is a recession or not. I've been living simply for years, both when my income was higher and lower. Simplification solved one of mental breakdowns, and I wouldn't go back to the high life of consumerism for anything.
Congrat Alex, I first started just like you. It's a tough decision to cut back like that at first because you feel like you just cut your quality of life. You see all your friends just spending the extra money they have instead of paying off debt, moving closer to work might have even meant even moving farther from your friends?, you have less "junk food" laying around the house.
You really don't notice just how much you waste (financially and physically) until you take the steps like you did. And you quickly realize that your quality of life actually goes up in the end and unfortunately your friends will still be in the same boat 5 years from now.
Great job, and good luck on that house when you finally decide to do it... then you'll be looking around wondering what you can spend money on now in the house that will save you money on your monthly bills and consequently cut your carbon footprint.
Congrats again, always glad to hear when people are doing well for themselves and the environment at the same time. It's too bad other people don't realize it can be a symbiotic thing.
Congratulations. Living debt free is a great feeling. Undoes a lot of stress. Its amazing when you pull yourself away from the consumer spending culture that is pounded into our heads.
Something clicked in me last year. At one point, I had $30,000 in student loans, $12,000 in credit card debt (I didn't qualify for student loans my last semester, so I charged it), and a $5,000 loan I took out when I finished college. After a year with my new job, I was tired of all these monthly payments! It just seemed like I had a degree, a good job in engineering, but I wasn't living much different than when I was in college. I lived paycheck to paycheck
Last year, I decided to cut how much I spent, and I decided I should probably move closer to work. I had a 30 minute drive, so I moved within 5 minutes of work when my lease ended.
Cutting what I spent probably helped me the most. When I went grocery shopping, I went with a strict idea of what I was getting. I cut my grocery bill from $100/week to $30/week. Also, I stopped running up bar tabs on the weekends with my friends. Amazingly, cutting the 'nights out' on the weekends really helped my performance at work during the week. I am actually a morning person now!
Since I lived so close to work and it was the summer, I bought a bicycle and decided to ride over one day. I loved it! I had to splash my face off when I got to work, but it was only 4 miles and I felt refreshed afterwards. Also, I was getting an hour of exercise a day without touching the gym.
It transformed my life. I rode past gas stations posting $4.00+/gal gas, and while everyone was panicking, I felt unaffected. Since I was so frugal with what I spent, I didn't accumulate so much crap in the house, and now my place is always clean. I took a new respect toward life. I no longer go shopping mindlessly, I stick to only what I need. And since I buy only what I need, I have the extra money to buy something quality that will last longer, or is somewhat sustainable. I shop organic, made in the US, recycled, etc.
Now for the best part? That debt...it is down to $4,000 total. I will be debt free coming in February, and I can't wait! My next goal is to save up for a house. Now that I don't have all these monthly payments, and I buy less but buy quality, I feel like I'm doing very well! My advice about this recession, perhaps what doesn't kill you only makes you stronger.
Well congrats. Interestly, I took the exact opposite route. I got a job and discovered that I loved eating out, buying toys, and whatever I wanted. However, my finanaces couldn't match my spendin. I quit my job and started my own company over 13 years ago. I drove constantly to make for money and increase my expendable income. I now have RV, three trucks, 4wheelers, motorcycles and virtually everything else a man could want. I eat out nearly daily and really am not wealthy, but not wanting either. I will retire at the age of 40. So my point is there are actually two options, one to cut spending, or the other to increase your personal revenue. Both can help you with finances, but the latter is much more fun.
Amen to every word you wrote! As a lifelong proponent of "enjoying life more by spending/consuming less," I couldn't have said it better myself. As I'm fond of saying these days, "I hope the current market corrections will trigger some long overdue lifestyle corrections for a lot of Americans." Frugality is not about sacrifice, it's about choices, and the ironinc thing is that most of the time spending/consuming less makes you happier.
Excellent post, OP!! Enjoyed reading the others posts, also.
It has made me seek ways to others more since I see that we are all in the same boat.
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Both can help you with finances, but the latter is much more fun.
