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-- Baby Boomers -- Family - -- Green -- Home and Auto -- -- In Critical Condition -- Lifestyle -- -- Just Starting Out -- Money -- |
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Both of our jobs were unstable, and we had high living expenses. I woke up one morning and panicked. What was I going to do? It was scary and overwhelming to face the facts at hand. We were both in denial about our financial condition. But somehow I mustered the strength to face the truth at hand - it was time to get control of this financial crisis. My first step was to log onto the internet and research everything that I could find related to paying off debt, credit card debt related issues and frugal living websites. I devoured the information and studied these subjects daily. I took inventory of the balances on all of my credit accounts and attempted to transfer some debt to another card with an introductory low interest rate. I reduced the amount of cards that we had and closed most of the accounts. The progress at this point was very slow, but I was managing to pay the debt down little by little. After a few months of simple paying down debt slowly, I started to utilize the "frugal living" tips. At first some of the money saving techniques seemed ridiculous to me but it got easier as months went by. I stopped using commercial cleaning products and switched to the basic products - vinegar & water for windows & glass, ammonia and water for walls, floors and counters, bleach and water for the bathroom. This one little change saved a lot of money for us. I also stopped going out to eat in restaurants and "brown bagged" our lunches for work. My husband had a tough time adjusting to this one, but I nagged and nagged and after awhile he agreed that home cooked food tasted better anyway. Then I discovered coupons, "loss leader" sales, and the pantry principle. I stocked up the freezer with meats bought on sale. I made it a rule that I would never pay over $1.00 a lb. for any meats I purchased. I was doing really well adjusting my lifestyle and I was determined to get out of debt. It was tough convincing my spouse that this was a priority and that I needed his cooperation and assistance to attain this goal. He continued to charge things that we could have lived without. It was very frustrating for me because I was practicing what I considered "deprivation" to get out from under this terrible burden of debt. After a few months he came around to my way of thinking and agreed to hand over his credit card and "GO CASH". This moment was a wonderful victory for me. As of this moment we have closed all of our credit card accounts and only have one credit card which is to be used in case of emergency only. It is hidden away and we do not carry plastic in our wallets any longer. I found that when you pay cash for things you aren't as apt to waste money or purchase items that you don't really need. I admit that the first 6-7 months into this plan were very difficult for me and that I struggled with feelings of helplessness, hopelessness and deprivation. There were tough times and times that I didn't feel like I had any type of support system. I really didn't (and still don't) know any frugal people. I was raised by a spendthrift single mom and we went out to dinner several times a week when I was a child. This lifestyle change seemed so unnatural to me at first. But I am happy to admit that the adjustment period is over and I am now thriving as a "Convert to Frugal Living". Gone are the days of designer haircuts, fancy cologne and expensive dinners out thanks to the credit cards. But I can sleep at night again knowing that I will be out of debt within 3 months and can start saving for an emergency fund, a retirement plan, and a home of my own. I am now 10 months into my "debt reduction" plan. As of this date I have paid off $7,100.00 in credit card debt and only have $1,400.00 left to go. This is a major victory since my spouse has been unemployed for 6 months and has only been working part time and odd jobs since he was laid off in November of 1998. Life's lessons can be difficult and one thing that I have learned from this painful process is "TO LIVE WITHIN YOUR MEANS". If you're in debt and you want to get out, don't despair. It can be done. But it requires work, planning and persistence. Don't give up ! If I can do it, anyone can. Here's to Debt - Free Living !Share your thoughts about this article with the editor: Click Here Do you have a time or money saving idea that wasn't included in this article? Please send it to tips @stretcher.com. We get the best ideas from our readers!
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