we're in the middle of taking on a huge debtload, dh just started school, complete with student loans, and we bought a house yesterday, but i've never owed anyone anything before this. i've been VERY low income all my life, but i've never really felt poor, just stinkin' frugal. i fully intend to pay off the loan and mortgage early, i don't like this feeling of owing and having interest building against me.
here's what i do to prevent debt/ save money. when i'm out, unless i'm on a designated 'shopping trip' i only carry cash. if i have my debit or credit cards i'm more likely to spend. also, i forbit dh to carry cards, he's a compulsive spender. he paid off HUGE credit card debts because i wouldn't marry him until he was debt free.
when i'm out and i want a 'little treat', a snack or a coffee or that cute shirt, i stop and think, 'what would i rather, that mocha or 4$ less owing on the mortgage?' and usually the financial goal is the bigger priority. sometimes not, but i am only human.
after i get home if i didn't spend a penny i didn't have to then i reward myself with a hot bath with a good book while ds naps, instead of doing dishes or whatever.
another thing that helps is this: i've done math and called mortgage specialists. it turns out that with my mortgage, every dollar i owe ends up costing me FOUR dollars if i pay just the regular payments for the whole 25 years. if you figure out how much each dollar of debt is costing you it's a great motivator to eat beans & rice for the 5th night in a row.
i'll stop after this last thing, i swear.
for groceries - once a month i get a friend to take me to the big box discount grocery store and i stock up on all the staples. lots of legumes and dried things, very few cans. dried milk powder. so i fill my cupboards with all this just once a month. then if i need anything else i have to walk to the local grocery store. it's a huge motivator to not buy much if i'm going to have to carry it all home. ds is heavy enough without tons of food.
and we don't drive.
that's all i can think of just now, i'll probably come back and write another book another day.
. Most libraries have a copy. It really put things in perspective for me & had me look to see what I really wanted and what my time was worth.
