Financial Fatigue
Posted on September 29, 2006 by Him and tagged motivation
We're paying off our credit card debt aggressively, snowballing $600.00 on top of minimum payments.
We're paying more than the minimum on student loans.
We don't go out for dinner or drinks as much.
We have one car that we seldom drive.
We clip coupons.
We put up plastic on our windows in the winter.
We're using a 7 year old Dell desktop as our primary computer.
These things do not make us rock stars. This is not what I envisioned my post-college life to be like. Taking care of finances isn't a hobby, nor is it particularly enjoyable for me. A necessary evil.
I seriously want to go on a huge binge. Nikon D200? Want. Nintendo Wii? Want.
It gets really old, being on top of everything. Knowing where every cent goes. Being financially responsible.
Then I say to myself, "Shut up, you brat. Your life is a cakewalk compared to the family of the kid who you tutor. Just a few more years and you'll be debt free. This isn't easy. It's not supposed to be easy."
Ah, thanks.
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In Your Pool but Swimmin' Solo | Sep 29, 2006
I can understand your financial fatigue, I get those feelings too. You both are doing a great job and all that stuff should be paid off soon enough. I'm sure its somewhere but I just missed it - what is your interest rate on your student loans? If its below 4% you could just set it to the quickest pay off option and invest that extra money you are now paying on it. Or you could have a little splurge one month (it may prevent a HUGE splurge). BTW I also find Suze Orman's Young, Fabulous and Broke book is really great and helps those of us in this situation just starting off.
Kim | Sep 29, 2006
You have positively changed your financial situation by more than $17,000 in the last seven months. That's awesome! Keep up the good work.
I totally understand. Sometimes I think "maybe ignorance is bliss", but I know that is faulty thinking...
Just keep reminding yourself, in concrete terms, how far you've come, and what your goals are (wedding, home ownership), and how sticking to your plan will help you get to the good stuff that much faster!
Avila | Sep 29, 2006
A random thing I came across which might help you get what you want without having to cough up cash... Yahoo is taking applications for a new web-based show called Hook Me Up. The premise: with the holidays coming up, people would like to “hook up” a loved one to the latest technological gadget but can't afford to. Maybe mom and dad need a new computer to see the grandkid's photos; or your boyfriend wants a new HD plasma TV. Yahoo will select three people who will be given their holiday wishes with whatever device they desire. For more information and to fill out an application visit www.embassyrow.com.
James | Sep 29, 2006
I'm in my thirties now with a positive net worth (your blog takes me back about 10 years). Let me tell you, the fatigue doesn't wear off. Even when you have a substantial savings built up, you still will catch yourself 'wanting' this or that, things you could easily purchase, but you will continue to ask yourself, "Do I really need this widget or can I go without it until my birthday/christmas/next bonus?" It's the right attitude to have. Continually watching your progress is helpful in chosing what items are really important and which ones aren't. I've been tracking my net worth like you guys have for about 10 years now. I think it's best to have one or two areas where you and your spouse agree that it's important to spend (splurge). For me it's cars, for my wife, a yearly tropical vacation. For others, it's THE address and designer furnishings, or every electronic gizmo when first available. Just know you can't have it all. It's so much easier to prioritize your wants when you know how it will impact your long-term financial situation. Tracking your progress like you are makes this process much easier.
Thanks for the post.
11 years ago when we got married we had a ton of debt and very little savings. Now we are about 6 months away from ZERO debt. Student loans are all paid off, cars are paid off, credit card balances are gone. We are looking to do a mortgage burning party around March of 2007.
There have been many times when it is two steps up and slide back three. Like when we found out the house needed a new well, $12,000, ouch. But we keep trudging along. It DOES pay off. Quite well too. Four years ago we both were able to switch to working part time.
I would suggest that you do something nice for yourself, like make an ice cream sundae, or a batch of cookies. Then enjoy your treat with a fresh cup of coffee. Sit back, look at your charts and pat yourself on the back. You are on the right track, and have already come a long way.
Diana | Sep 30, 2006
Hang in there - you are doing the right thing. I agree, it's hard - I'm agressively paying off about $10K in cc debt, on a zero percent card and the rate expires in May '07. It's ok to treat yourself every once in a while - not crazy like a Nikon camera, but while you're saving and paying down, have a small fund for little splurges. If you have a birthday or with the holidays coming up, maybe ask your family to pitch in on that "want". Don't completely deny yourself, but on those tough days, remember the end goal. I keep telling my DH how great it will be when we're cc debt free - I was ecstatic when I paid off my student loans 6 months early. Keep on going ... you'll be glad you did!
Jen | Sep 30, 2006
A D200 is pretty swanky. Unless you are a skilled amateur photographer, you don't need all that power. A D50 is less expensive, a little less swanky (but not enough to be noticed by 90% of amateurs), and still impressive to those who don't know. Might want to investigate ebay for one of those :)
Beeble | Sep 30, 2006
I feel your pain too. I just started my new job and paying off my student loans in addition to rent and other expenses. I bring in my own lunch, have no spend days, and save as much as I can per pay period and deny myself certain desires too. I feel the same fatigue too sometimes. The fatigue gets better than I see that my bag lunches full of fruit are helping me lose weight (four pounds or so far) and my earned interest on my money market and cd's grow nicely. Also, all of the fatigue will pay off when my bf and I buy a condo. Hang in there guys. I love the blog and keep up the work!!!
I know exactly how you feel :) But there are ways to combat financial fatigue without getting yourselves off track. Living in/near a large city means that there are tons of opportunites to have fun without spending much (if any) money. Check out the websites of local colleges and universities and high schools, the local classical music radio station (they usually have info on all sorts of arts events from plays to art shows, even if you aren't a fan of classical music), the community events section of the local newspaper(s), and keep your eyes peeled when you're riding public transit (or just walking around) for advertisements from small art galleries, community theatre groups, etc.
Jill | Oct 1, 2006
Yup- I feel your pain. You are doing the right thing: ignorance is not bliss. Go out for a moderately priced dinner once in a while for a treat! Your fatigue will dissolve a bit.
I got the same feelings right now - unfortunetly I haven't figured out what to do. I don't feel like I am getting anywhere fast. I figure as long as I don't go on a buying binge I will be ok.
Sigh. I feel like this sometimes too. What gets me is that this state of self-denial is PERMANENT. I am denying myself now so I can continue to deny myself for years and years so I can have an comfortable but not extravaggant retirement, still laced with daily self denial. I know that's a glass-half-empty way to look at it, but some days it's how I feel.
I don't want to be rich. I really don't. But I wish I could just give myself a year off of being responsible and spend whatever I wanted. Then I'd be good again. But I sometimes want a break.
Beyond Broke | Sep 29, 2006
I know what you mean. Sometimes I catch myself feeling sorry for myself, then I sit down in front of my charts and realise how much I'm accomplishing.
I love reading your blog, thanks for keeping it honest. I think everyone with debt feels that way from time to time.
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