WEEK 26: PERSONAL CONFESSIONS ~ DEBT IS NO SMALL MATTER 8

“debt is no small matter

Hi there and welcome to another debt is no small matter confession, next week Friday would mark 2 months since I last shared my progress so far on this road to being debt free. I will start by saying it has not been easy but it also has not been hard, I have said this before but I thought I say it again. The easy part is that I have had a new motto since I started ‘if you do not have it, you do not spend it’, this has honestly worked better than I could have imagined over the last 12+ months since I took the plunge to be debt free. The hard part is having the self control and the determination to not fall off the wagon and go back into debt to satisfy a short term craving.

I mentioned in debt is no small matter 7 that I had just over £2000 left to pay off and I also explained my reason for not rushing to pay this off in one lump sump and instead start to enjoy life a bit more. I am not sure about you but for almost 3 years now I had worked to pay off my bills not to live a life and honestly that I think contributed to me putting myself into debt. I would work all waking days and when I got paid all the money was spoken for and nothing was in my name everything either belong to the landlord, the home bills or the debt agency nothing had my name and I was the one going 8-8 busting my backside off.

I have just over a £1000 left to pay off and I honestly feel very happy about it and if not a bit sad, I know you wondering why I am feeling sad. Over the last year or saw I had developed big time on how to manage the debt that I had and not so much how not to get back into it. I am not saying I will be jumping right back into it I am saying it will or might be just a little bit harder to stay off it. I am going to stick to my motto but I also acknowledge I am human and might fall off but for my better future I hope I do not.

 Have you ever been in debt? How did you get out of it or planning to get out?

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  • I think that is a great approach and I am hoping to continue to live by that motto

  • I know what you mean, when unexpected expenses turn up it's the worst

  • Sorry to hear about that but hope you will both find something that can help with the debt, its never easy but its nice once you have a working plan in place

  • Thanks Echo, it's not easy but making small steps helps. I can not wait to be debt free

  • Glad to know you're out of debt and yes it's not just spending that can get us into debt but necessities too.

  • You are doing a great job. A little more and we are also on our way to being debt free. It is difficult especially during the times when unexpected expenses also happens. It felt like we would never get out of it.

  • Good for you! I used to feel just like the little guy in your photo. I found debt to be a very heavy burden and I will do everything possible not to go back there. After I married my husband, he got me out of debt. He's a firm believer in not purchasing anything unless you have the cash to pay for it. Aside from a house or car, of course. Then he feels if you have enough in the bank to make the payments for year, then you can purchase it. I have to say his approach to debt works. If it is not in Paypal or in the bank, I won't purchase it! 🙂

  • I have been in debt before due to my husband being injured at work. It seemed like we would never get out of debt but when we had I was so happy! I hope to never be in debt again but I know these things can happen, not just from frivolous spending but real life situations that are unexpected. I love your philosophy, if you don't have it, don't spend it. Great advice!

  • Debt can be a really hard thing to break free of. We are currently paying off our debts and it is not a small task. However, we have managed to keep our debt a lot lower than others in our demographic. I also follow the "If I don't have it, I don't spend it!" motto! Congrats on being half way done!

  • Great job on your progress! I am on my way with my husband to being debt free but it became very hard when he lost his job then took a 20% pay cut along with me leaving my job right before he was terminated. We are working on a bill consolidation program, had to let go of a car, and we budget very tight. We hope in 4-5yrs to be in a much better place and be able to buy a home!

    • Thanks and wishing you good luck on your debt journey