Unlike many people, I’m in the fortunate position of not having any consumer debt. I often use my credit card, but it gets paid off in full every month. I have student loans, but at the interest rate they are on, it makes more financial sense to pay them off as slowly as possible. I’ve never had a problem with overspending so a subscribing to a completely debt free lifestyle doesn’t have major psychological benefits.
With that said, I often feel that its easier to get out of debt than it is to start with a little over zero and just try to grow it. When you’re in debt, you have that initial target that you can motivate yourself for, getting to the stage where you have no debt. This means that you have an end in sight and when you’re struggling you can convince yourself that this is just temporary. By the time you get to being debt free, you are in the more frugal mindset.
In contrast, I don’t have any immediate goals for my money. I only want to be rich eventually so that I don’t have to stack shelves in my old age. Its hard to motivate myself when my net worth is so small. I’m trying to maintain a balance between saving and spending, but I don’t make a huge salary and what I can contribute seems pitiful, yet I feel slightly poor.
In short, it feels like I’m getting nowhere fast and I’m hideously tempted to put myself into debt buying stuff that I would love to have and then work my way out of it. I don’t do this, because doing this deliberately would rank as one of the stupidest and most ridiculous financial mistakes of all time. Still, at least I’d have a goal to aim for.
- what motivates you?
- motivation – and where to find it – a guest post
- what motivates you financially?