Overcoming Debt

 

What resources do you have that you can employ today to overcome your debt?

You have more resources than you think you do. It can be daunting to take on a new way of living, and it’s easy to get bogged down in the overwhelming aspects of change versus focusing on the resources you have to make your goals easier to achieve.

Before you get frustrated with your goal, take stock of the resources you have on hand to get you started on your journey.

Do you have access to the internet where you live? If you have access to the internet you have access to tons of free entertainment. Transitioning away from streaming services is a big step. You will get used to not having HBO, Disney, or Netflix really quickly.

Free entertainment comes from the following resources-

• Libby the library app

• Kanopy and Hoopla library streaming app

• YouTube

• Tubi

You can consolidate your errands-

If you drive to work take time to run errands before, after, or during your lunch break. Consolidating errands will save gas money. I almost never run out for a one off errand, and with gas prices as they are, wow, this could save you a lot of money over the year, especially if you are already heading off to work, just combine everything. This can also work if you go to a track to run, go after work. Do you want to participate in an in person meet up; find one that meets after work so you can go there directly on your way home.

Cook you meals-

You can save up to $2,300.00 per person, per year if you learn to cook.

Opt for a plant based diet you can save an extra $750.00 per person, per year.

Entertain at home versus getting together at a local eatery, or meet up for a walk in the park, or a hike in the woods. This is a great way to engage in lively conversation with no time limits. You won’t have a server pressuring you to vacate your table, you’ll get fresh air and exercise, and you’ll not spend money on a restaurant meal which will likely be unhealthy to boot.

Find a spreadsheet template on the internet for free and use it to help you better understand the scope of the debt free living project you are working towards.

A quick search will allow you to download a document that you can use as is or modify to meet your needs.

Buy a needle and thread, mend your socks-

This is an example of a task we should all aim for. Maintain your items, versus viewing them as disposable. These days there is a whole movement of disposable fashion or “fast fashion”. Fast fashion is problematic for many reasons, with the worst offense being the exploitation of workers, poor wages and poor working conditions. Many of the individuals working in the fast fashion industry live in developing economies, and the wages are horrendously low. For example in Ethiopia a garment worker can expect to earn between $32.00 and $122.00 per month depending on their experience level. Even in the United States where wages are higher, many garment workers will earn well under the minimum wage due to exploitive practices that go unchecked.

There is also an environmental cost to disposable “everything”. I’m sure you can imagine a land fill…anything you toss will end up in a landfill. You can save money by keeping everything you purchase in good working order, either by mending your socks, or taking you car in for a regular oil change.

Learn to go without-

This is harder for some than others, but ultimately learning to restrict your consumption will save you money. As well I find that I get a bump of satisfaction when I use self control. I realize this might be a weird personality trait and not a reflection of my awesome willpower, I’m okay with this.

In this day and age we can all sit on our couch, or in bed, and view items to purchase that will arrive within a few days to our doorstep. Imagine how odd this ability would be for any one from even 25 years back. We can reliably have anything we want delivered often within 2 or 3 days. Years back I heard Brock Winstead read his essay “Living in the Future” and what he has to say sums it up well. He begins by talking about his robot vacuum and his entire perspective is delightful and a fun reminder of our good fortune. In his perspective he states that he lives like a magical space emperor, a term I have pasted on my computer to remind myself how lucky I am to exist in this time of excellent health care, access to all the knowledge of the world on my phone, a way to get to and from the market place with no more effort than getting in my car and driving. I can speak with my loved ones regardless of their location in the world. In fact I can speak with them on a video call. That is truly living like a magical space emperor.

Having the power of a magical space emperor comes with great responsibility and we have to exert control over our impulses otherwise we will be commanded by instant gratification versus being respectful of our circumstances.

I control my impulse buying by adding items to my cart on Amazon or other shopping sites, but I don’t head to the check out right away. I wait a few days then relook at my cart. More often than not, I don’t need or even really want what would have been an impulse buy had I checked out immediately. I expand this effort to include impulsive buying of takeout meals, candy, or other impulse buys that come up.

I understand from my long history with myself that often my impulse buys have more to do with my state of mind than my need for the item I’m considering. When I’m tired, I make poor choices. When my self esteem is down I make poor choices. If I’m feeling sad, which is almost always due to being overly tired, I make poor choices. This is a good time to sort out your impulses so you can strategize a way to avoid making bad choices. Once you have your triggers identified you can create a method to manage well, and not plunge into a habit of impulse spending.

Want more? I have a book, Never Worry About Money Again: Gain Financial Freedom By Becoming Better At Managing The Money You Have

Not ready to commit to reading my book, check out my podcast on Spotify