At one point in time, we made a HUGE decision that enough was enough – we managed to pay off $90,000 in Student Loans in 3 years.
We paid off $23,000 in Consumer Debt in that SAME time frame. It’s a great feeling, when you can commit to getting BETTER … making decisions that will help your family later on.
There are MANY people out there who have made that commitment to pay off their debt. It’s more of an emotional commitment than it is a physical commitment.
As the holiday season approaches … and companies are marketing everything and anything they can to get you to open your wallet, it’s so important to have your goals in mind. Don’t get carried away by the stuff that comes with the holidays, instead focus on the things that actually matter – like spending time with each other and doing things that don’t cost much of anything, as those can be the most rewarding AND gratifying of all.
Making sacrifices now, will allow you to have more mobility to enjoy the things you may have said “no” to, and will essentially help you enjoy them even MORE when you can afford them.
Thinking back to that timeframe, there were SEVERAL characteristics that stuck with us that allowed us the diligence to reach our goal – we find that many others who choose to take that route also share the same characteristics –
Patience
It’s so easy to buy things on impulse… especially when you see something you need. But those who are committed to getting out of debt (or, those who have!) are able to resist those impulse purchases.
Willing to Set Goals
Getting out of debt is a goal. For some, it’s a LONG term goal – but it’s not just about the overall goal. It also means that you are able to map out the steps required to GET to that end goal.
A bunch of small goals can eventually lead to ONE GIANT goal – but you have to be committed, patient, and driven to GET there.
Willing to Make Sacrifices
Staying committed to paying off your debt OR… actually reaching your goal OF paying it off, requires sacrifices ~ while others go out and enjoy dinner at restaurants, enjoy cable TV and boxing matches, and going on trips or possibly even to the movies, you are willing to MAKE that sacrifice to pay off debt.
Those cuts in your budget are ONLY temporary – you can still enjoy them, once you have reached your goal. But until you do that, being motivated to reach that goal means making those tough choices.
They are NOT Materialistic
You don’t care about what others are driving, buying for their kids, or where they are going – you are far distanced from “stuff”. At this time of the year when everyone is loading up on gifts, you instead would prefer to give handmade gifts or even forego gifts altogether.
If your family knows your goals, they will be FINE with your choice. If they aren’t, you may want to reconsider your relationship with them – getting better financially is far more important than loading up on unnecessary gifts.
They are CONTENT
Being content means being thankful for what you have. Expressing gratitude for the the small things in life – and being able to look at those around you and NOT be affected by the thing sthey have, trips they take, or the life they lead on social media.
Stop comparing yourself to others.
I always tell my kids… “anyone can get a loan. To drive any car that’s out there. Anyone can take out credit for things that they feel like they need, but may not be a necessity. NOT everyone can commit to saving up to make those big purchases until they can afford them.”
Willing to Work
This sounds like such an easy characteristics but for some it can be SO hard!
If you are cutting your expenses, and making those sacrifices, and still NOT able to make headway to pay off your debt, or even your loans, getting a second job is always an option.
That second income could come from Delivering Pizzas, working a night shift at Fry’s stocking shelves, or even working weekends at a retailer here in town. Sure, it’s hard to work a second job when you have been working all week, but if you want to get ahead BAD enough then you will do what it takes to rake in some extra cash.
It can be HARD to do!
Bigger is NOT always better… you should be able to enjoy the things you HAVE instead of looking for the next best anything. With a shift in focus, and a reevaluation of your wants versus needs, it’s really easy to commit to paying off your debt – including your loans, in a timeframe that is MUCH shorter than those who aren’t able to make that same commitment.
that is $113,000 paid off in 3 years,it would take me 6 years to make that much in take home pay, and once you figure in living expenses, you must have a huge income to pay off that much debt and still pay living expenses, just saying… I am debt free (no credit card debt or car payment or school loans)…but that kind of goal for most people I know is not even possible (it would take them much longer)