…when it comes to paying off my debts. But I’ve noticed a creeping sense of confusion as I decide my personal best course of action. This past weekend’s trip to Napa highlighted some of the contradictory thoughts I’ve been processing lately. Perhaps the most clear indication of this was while holding a woman’s Centurion Card (well hello, black Amex!) and wishing I had her outfit and the perks of the card (part of my trip included work, and she was purchasing something). Excuse me? Did I just think that? Why on Earth do I need a black Amex? I have set my PF goals and I’m on my way to achieving them, sans shopping sprees. I make a great salary, I pay my bills, and I live a pretty darn good life–what would a small piece of plastic really do for me? Ahh, the power of marketing and the pull to “keep up with the Jones.”
I’m battling a serious case of the “wants,” combined with a burning desire to just be. debt. free. Isn’t this the essence of why some of us choose to blog about our personal finance journeys? To figure out the balance between this & that, in a way that works for us?
So what do you do when you’re not sure what’s best for you? Sure, I am heavily committed to the process of getting rid of my student loan debt, fattening up my savings account, and paying extra on my mortgage, but I sometimes often obsess wonder how I can pay off everything ASAP while wondering if I should slow down payments and enjoy life more at the exact same time. I get wrapped up in spreadsheets, calculations, and forecasting, and I sort of lose my mind. I have ants in my pants and they’re driving me crazy. Do any of you feel this way and, if so, what strategies do you employ to plow through patches like this?
I'm really fickle when it comes to these things as well. My solution is to maintain all of my savings in one account and my checking in another. I set up sinking funds as well as monthly payments on each of my debts. Each week, a certain amount is auto deposited into my savings account. My spreadsheet keeps track of how much of this money belongs in which sinking fund. When I'm feeling particularly motivated to pay off debt, I make a payment in the amount sitting in the sinking fund. When I splurge for sanity purposes, then I just won't be able to make that sinking fund payment.The reality is that life is fickle and sometimes sanity comes before debt repayment. And that's okay, because it is personal finance and my debts are not costing anybody any money besides myself.
All the time. The best advice I got is to figure out WHY you want to be debt-free. Why do you want to pay everything off and so quickly? Once you've owned that understanding and made it personal, you may find your answer easier. I did.
I believe that we all see pretty things and get "swayed" for the moment…but then regroup and focus on our own priorities.
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