Canadian Personal Finance Blog

November 24th, 2006

Debt Reduction Lifestyle

Let’s wrap up this week’s topic of the essential and permanent lifestyle changes that are going to be needed to be successful in your debt reduction plan.

In hindsight, you’ll thank yourself for making these changes, but during it, you most likely are going to really hate what you are doing, and it is going to be annoying at best, if not painful at times too. Remember how long it took you to build up this debt, it is not just going to evaporate like the morning dew, you are going to have to work at it, every day, and some days are going to be better than others, but it is a journey, not an end point. Your goals are what you must keep in mind, every time you grumble about how you wanted your morning cappucino, or not buying your wife the diamond pendant for Christmas for $1000 (and instead putting that money on your line of credit).

Keep at it, you can do it, if you give yourself a chance, but remember if it was easy, then nobody would be in debt, now would they? -C8j

3 Responses to “Debt Reduction Lifestyle”

Monty Loree Says:
November 26th, 2006 at 5:15 am

As an entrepreneur, my logic is, Yes, become a little more frugal with your lifestyle etc. It’s nice to enjoy everything and have a full life.

It’s not healthy to live under the strains of debt all the time.

At the same time, if people want to spend like there’s no tomorrow, they should be willing to increase their value as people economically.

This means that people should take the time to be worth more at their jobs or businesses. This is extremely difficult to do however.

There should be a correlation there:
Spend more on your credit cards at the same rate that you are increasing your personal economic value.
Big Cajun Man Says:
November 26th, 2006 at 9:39 am

I hear what you are saying, but I’m not sure I buy it. People keep spending because they think they “deserve” it, um, why not just live within your means? Does your daugher need a new car? Do you need to drive that BMW? Don’t know, all I view it as, is Debt is a dangerous thing to carry, and it can break you, if you aren’t careful. -C8j
Anonymous Says:
November 27th, 2006 at 10:39 am

hey cajun..

I agree 100%..
I’ve spoken with many people whose debt has destroyed them physically, emotionally, etc.

Debt is something to not be messed with.

My comment was a little more tongue in cheek. ie.. if you want to boldly spend with your credit cards, you should be willing to put in the time to increase your value as an employee or entrepreneur so as to be able to properly pay off your debts.

People are very excited about instant gratification, but not paying off the bills when they come in.

I do have a concern about paying off debts as a contractionary policy. sometimes people get so niggly about their spending etc, that they get very conservative with their earning ability.

While it’s good to be fiscally responsible, this shouldn’t be a disincentive to people to growing as people and earning more.

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