Getting out of debt requires sacrificing the lifestyle you have become accustomed to. It’s not easy, and some people find that they are their own worst enemy when it comes to making sacrifices. It’s that lifestyle that got you into debt in the first place, after all. Having just paid off ALL our credit card debt, now we can look back on what we had to sacrifice over the last 3 years to get here.
- No using credit cards at all.
- Using our hard-earned savings to pay off credit card debt.
- Extended our engagement in order to have more time to save up.
- Living with family for a while to cut expenses.
- No new clothes except basic necessities.
- No new TV to replace our 20-year-old model.
- No vacations except to visit close family in the US.
- Taking public transit to work instead of driving.
- Expensive entertainment tickets limited to one summer concert per year.
- No classes for our hobbies (such as cooking or art classes).
- No home purchase when all our friends were doing it.
- Selling one car and not replacing it.
- Reducing contributions to our retirement accounts.
- Selling items of value on eBay and at a yard sale.
We are still going to sacrifice much of these expenses until after we’re married, so that we can pay cash for the wedding. After that we are looking forward to saving up for a home and being able to afford more fun vacations. There is light at the end of the tunnel!