I want to have enough so that I can send my kids to college, retire, enjoy my old age, and live out my years in relative comfort. I also want a new HDTV, faster computer, newer car, nicer furniture, and steak for supper.
If you are going to create change, you must be willing to sacrifice. Plain and simple, habits must be changed and ideas about ‘comfort’ must be adjusted.
By reducing (or eliminating) unnecessary expenses, you can free up more cash for savings and debt reduction. (Spend less… save more…) This sounds easy, but when faced with real life decisions to make, it can be difficult.
Think about why you buy the things you buy. I’m convinced that you will find out, like I did, that you are motivated more by the external opinions of others than you are by the internal plan you have for yourself. This must be reversed.
I reduced (or eliminated) the following items / hobbies / services from my life while I was getting out of debt:
Dry cleaning, golf, DVDs, Netflix, CDs, movies, purchased books, eating out, new clothes, new electronics, new power tools…
Each person’s ‘list’ will be different, depending on the amount of income you have, the lifestyle that you are accustomed to living, and the intensity with which you choose to attack your debt.
Bottom line: Are you willing to sacrifice some of the things that you have, some of the things you like to do, some of the places you like to go, and some of the conveniences that you’ve been using – so that you can get out of debt and focus on improving your financial future?
What have you been willing to sacrifice, so that you can get out of debt? What have you been unwilling to sacrifice?. Leave a comment and let us know. If you are a blogger, write a post about sacrifice and contact me. I’ll be more than happy to link to your post.
Resource associated with this tip:
Click here for the online Savings Calculator to calculate how much you could save if you invested this money instead of spending it on unnecessary goods or services.