If you read my financial story then you know that I’m on a mission. I’m getting out of debt. I’m not aiming to be out of debt eventually. I am going to be debt-free within the next 5 years.
This is no small feat my friends. My debt-load is heavy and it isn’t going anywhere without serious, intentional action. We do not have a comfortable income (we’re pretty young) but my hubby has a good thing going at his job. I’m committed to being a making-money-at-home mom with my side-hustles, so the income isn’t increasing there either (well, not by more than $10 or so 
), which leaves cutting back.
The dreaded … “What can we do without?”
It’s a good question, one that we’ve asked ourselves many times. Here’s the interesting thing though, the answer is always different. With changes in life, come changes in priorities. Sure, my top priorities remain the same, but how do premium razors rate? How do I rank brand-name orange juice, steak dinners and designer eyeglasses? A single catastrophic event throws the designer glasses out the window. Here’s what it comes down to:
The level of sacrifice is directly proportional to the urgency of need and degree of commitment.
I’m not going to give up something that makes me comfortable and happy for no good reason. I’m not cutting out things that I truly like for no benefit. I have a goal in mind though. I have a focus and a drive to do something great. My degree of commitment is at its peak and the urgency of need is high. Now is the time for me to breathe deep and make something happen. Right now I’m willing to do without things that I ordinarily hold on to, justify or think I deserve. We’re doing some big things right now and I’m going to let you in on a few of them in the next week or so. Here are a few smaller things we’ve cut back already:
- Haircuts – Hubby does his own. I cut my daughter’s. I get mine done very infrequently.
- Heat – We keep our home cooler than I’d prefer.
- Eating Out - Very infrequently
- Snacks – I don’t purchase nearly as many snack foods as I used to (this isn’t a bad one)
- Road trips – We don’t drive many unnecessary places (remember we live far from everything)
- Entertainment – No more pricey events (Red Sox games).
- Electricity – Became mindful of use and changed all lightbulbs (another good one!)
- Newspapers/Magazines/Coffee – Daily purchases cut out almost completely
I have a suspicion that some of you are in a similar boat. I got some great feedback when I told my financial story. A lot of you were able to identify. So, I’d love for you to share with me. Is your family having a hard time financially right now or are you getting out of debt? What things have you given up to make it work? Or have you already gone through all of this? If so, I’d love for you to share some wisdom with us. What sacrifices did you consider to be ‘worth it?’
Why I do what I do ~ My daughter had an awesome day today. It was just her and me all day, which is unusual, and she just beamed with joy and fun all day long. These days aren’t frequent. All day long I kept thinking, “I’m so happy I don’t work outside my home anymore. I’d be missing out on all of this.” I am so truly blessed.
photo credit: Andres Rueda
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{ 10 comments… read them below or add one }
GIRL! That’s insane… we wrote about the same topic. I had no idea you were on the credit card kick, too. I’ve been sporadic on reading my blogs (hope to catch up today).
Great post! And, I saw you were having problems w/ WordPress last week. Glad to see all of your posts are back! I was praying for ya
Amy’s last blog post..
It sounds like you are off to a great start.
My family has worked hard toward paying off our debts too. But since my husband and I still have some debt, we too have been trying to find ways to cut back on the unnecessary stuff.
Though it is not easy, I try to remind myself that by sacrificing for a short time, once the debt is paid, you will then have the extra to enjoy and save.
Good luck!!
Amanda’s last blog post..How to Make Your Tax Preparer Happy this Year
Hi Nic! I really like this segment of your blog b/c I’m constantly thinking about our finances. The only thing we spend extra money on right now is eating out twice a month with some of my husband’s friends. Still, that is $60! These are some things I have done recently to help lower some of our household bills: If you have a cell phone, call the company and ask them to go over your plan with you. I did this and saved $40/month by switching to a better plan (I discovered we weren’t using even half of the minutes we were paying for!) Then I called my cable company to, again, switch to a different plan and they offered me a $35 discount for the next 6 months. So I took it, and will probably end up switching again in the near future to receive an even lower-priced cable package. Like you, we keep our heat low, and turn it down even more at night right before bed. We only buy the “green” light bulbs now, too, to help save on the electric bill. I didn’t do this last summer, but this summer we are going to air dry our clothes instead of using the dryer so much.
I think the biggest part of getting out of debt is coming up with a plan, a budget, and actually STICKING to it! Sounds like you’re doing just that.
I have so much to say about this I don’t know where to start. I have cut back every place I possibly can and have done so for years. It’s so funny to hear people talking about and doing the same things I do. It’s wonderful actually because there aren’t many of us out there (at least I didn’t ‘think’ there was). Anytime I’ve ever tried to help people ‘cut back’ they don’t want to hear it, they say they want to cut back but aren’t really willing to give up anything or change their ways. Here are “some” of the things I’ve done… *Cancelled long distance provider and use calling cards for long distance calls .02 per minute w/no fees, taxes, surcharges and all that other garbage that shows up on a phone bill. *Gave up cable/satellite TV, we bought a rooftop antenna w/rotor years ago ($200) and have lived with CBS, ABC, NHPTV, VTPTV ever since. (well until this digital thing…we’ll see how THAT turns out) *We too have gone to the new lightbulbs througout the house. *Dry my clothes on lines in my basement during winter and outside in summer – only use dryer when I’m in a hurry for something. *Shut off lights (and anything else) when not being used, and unplug unused electronics especially computers. *Make absolutely everything I can from scratch, no mixes no convenience foods and fortunately no chemicals and preservatives! So glad to hear about the condensed chicken soup recipe, that is awesome! I’ll be using that one!
*Hardly ever go out to eat, if we do we go to Pizza Hut usually because the 4 of us can eat there for less than $25.00. *I cut my own hair and my family as well. *Thrift stores and yard sales first, if I can’t find what I want there then I’ll buy new. *Get movies at the library for entertainment – free, I do rent sometimes but try not to. *Make my own greeting cards, make my own gifts as much as possible. *Once a week search my fridge/freezer/pantry to see what I have, make a menu around those items, buy only the things I lack and stick to my menu for the week, using all leftovers, trying not to ever throw anything out.
Ok, I could go on forever, sorry. Hopefully something here will be useful or interesting to someone somewhere.
p.s. As for debt, we have none. That’s another story in itself but we don’t borrow, if we need something we buy it and pay our savings back, not the bank. If we use a credit card we pay the whole balance when the bill comes. HUGE savings.
@Amy – not sure why my commentluv didn’t work for you, but everyone should go check out her post today – it closely relates!
@Amanda – thanks for the refreshing perspective!
@Brie – Way to go with the cable company. Sometimes all you have to do is ask!
@Janice – Don’t apologize for going on and on. The things you are doing are great! I’m right there with you. CONGRATS on remaining debt-free!
Nicki, good luck on your debt program. I’m just ending my 5 year plan THIS MONTH and I am SO happy to be done with that. Now we can start stashing money away!
It’s been a LONG time cutting our own hair and wearing sweaters around the house and eating Top Ramon, but it was worth it.
Super Mega Dad’s last blog post..The Way It Was
@Super Mega Dad – Congrats on sticking to it! I know it will all be worth it for us too
Hi Nicki
What a great post!
My family and I have been “cutting back” for a while. It gets easier over time and we have started to enjoy the challenge of finding new ways to save/make money. We started by keeping a daily journal of EVERY cent we spend and where we spent it. We recognized some bad patterns and made a pact to cut out certain places (Dunkin Donuts, Right Aid, ect.) Then we set goals to have what we call “ZERO” days. We can not spend a single cent on these days. We also cut out the electric dryer and only heat our home with wood or pellets. Life is good. Thank you for sharing.
Thank you, I really need to know this especially at this age. Hopefully I will be able to keep myself entertainment
My husband and I are working toward living frugally since we face a ton of financial mountains. He pays child support for 3 children so we can’t really rely on his income for much more than groceries. He can’t work two jobs because of his diabetes and ulcers so its been really tough. I hope you don’t mind if I pick your brain with a few questions – most of the tips I do have already been posted by others so I don’t want to be redundant.
I just read this post as well as your financial post and found the link to the Dave Ramsey book – I am definitely going to buy the book. Do you get a finders fee if I use your link when I buy using your link? I want to make sure you get one since I found it through you. Dave also has a show that I found on hulu.com – the entire season 2 is on it. He is smart. Anyway, I don’t want to wait for the book to start practicing what he teaches – I have the general concept down – live frugal, cut extras, take a 2nd job (if you can) and pay down the debt – but my question is, does he suggest to start saving as well as paying down the debt at the same time?
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