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Balance Spending and Paying off Debt

April 17, 2013 By Kelly 6 Comments

Despite the fact that I write a personal finance blog, getting out of debt has not been an overnight process. I often read stories of people paying off anywhere from tens to hundreds of thousands of dollars in debt in a year or less. These stories make me scratch my head because it’s clear they have either a) a lot of hustle, or b) make a LOT more money than we do.

I knew when we started our journey to pay off our debt it wouldn’t be fast. It took us a dozen years to rack up our debt, so I knew it wouldn’t go away overnight. I’ve tried to be honest about our choices. While I don’t share every dollar and cent with you (a personal decision that our family made), my goal with the Centsible Life is to share what I’m learning and what works for our family. I know there are some things that have helped people while someone else may say it just doesn’t work for them. That’s why it’s called personal finance, it’s up to you to make decisions based on your own values, needs, and experiences.

I started this blog because I’m a sharer. I spend my time delving in and researching everything and then I want to tell everyone what I’ve learned, hear their experiences, and learn even more!

My husband encouraged me to start a blog, and it made sense. I figured if someone else didn’t know why meal planning was important to your financial bottom line, the Best Time to Buy Anything, or how to make super adorable crafts on the cheap {like LEGO friendship bracelets} then it was my duty to share what I knew.

I may have been called a know-it-all a few times, but in the end my passion is sharing what I know whether they are good ideas, money saving-tips, or how we manage this crazy thing called life. 🙂

This year my approach to money management has shifted slightly when it comes to paying off debt. In the past I would get impatient and throwing too much at our debts which left us feeling broke, and struggling to pay the everyday bills. In the end a large bill would throw me off my game and I’d lose my focus. We were still making progress, but it was always jumping two steps forward and falling one step back. Now, I’m taking smaller steps and that makes all the difference. Going backwards isn’t an option.

Let’s be honest too, those $4 lattes are an addiction of mine, so I had to find a way to balance our spending needs and debt reduction without spinning like our financial wheels were stuck in the mud all the time.

We’ve adopted adult allowances, worked hard on creating systems that work like my Bill Checklist, and I’ve been trimming back in all areas of my life to focus on the big and little wins I can contribute both at home and in my business.

It’s only mid-April but we’re well on track to reach our 2013 goals, which can be easily met with plenty of wiggle room to spare. Today I paid off another debt, and indulged in a little victory dance.

So what’s making the difference? Tracking all the big spending, not just our debt repayment. We sat down as a couple and set out goals for this year including debt reduction, increased savings, and spending.

This helps me see the balance in our spending. It’s not all jellybeans or mortgage payments, more than half our income this year has gone towards debt reduction, improving our living spaces, repairs, and even planned (and very necessary) purchases.

However, it’s not time to site on my laurels and pat myself on the back. Ok maybe for a minute. 😉 I need to keep my eyes on what’s next because there is plenty more where that came from! House repairs, debt, college funds, and more. {phew}

What advice do you have for keeping your eye on the prize? Have you found any tricks that work well for you?

Kelly

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About Kelly


Kelly Whalen is the founder and editor of the Centsible Life. She started the blog in 2008 as her family faced a mountain of debt and the fixer upper they purchased became a FIXER UPPER. The website was born out of her desire to share what was working (and what was not) on her family's journey to financial security. Kelly lives in Minneapolis with her family.

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Filed Under: Money, Musings Tagged With: debt, debt reduction, Money, Musings, personal finance


Comments

  1. mem04006 says

    July 18, 2014 at 9:33 am

    I love that bit where you say that people pay off thousands of dollars of debt in a year or less and you’re like “they must make a ton more money than I do.” LOL I ALWAYS think the same thing. They must be making big bucks. It’s not always doable for some people. I’ve BEEN THERE!! Before I got the job i’m at now, there was no way in heck I could have made “extra” payments on my debts. Now that I’m making a bit more money, I have extra to spare to pay down debts. I’m officially credit card debt-free so now just working on my car/mortgage!

    Lovely article!

  2. Kelly Whalen says

    January 31, 2014 at 7:24 pm

    Thank you!

  3. Marnie Craycroft says

    April 24, 2013 at 10:29 pm

    Kelly, love your blog…and your honesty. Big fan.

  4. Becky Elmuccio says

    April 17, 2013 at 8:18 pm

    Sounds like you guys are making good progress. We need to sit down this spring and set up a pay down strategy. I feel like we take one step forward and then two back at times.

Trackbacks

  1. How I Fight My Inner Spender - Centsible Life says:
    March 12, 2016 at 2:58 pm

    […] Learn more: Balance Spending And Paying Off Debt […]

  2. Shannon's Shout Outs: Breaking Down Mental Barriers Edition says:
    April 22, 2013 at 4:57 pm

    […] Balance Spending and Paying Off Debt (The Centsible Life) As nice as it is to drop everything until debt is paid off, it’s not always the most sustainable plan. This post talks about avoiding a crash diet for your finances and how to create balance. […]

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Hi! I'm Kelly Whalen, writer, frugality expert, debt slayer, and money nerd. Welcome to the Centsible Life, my corner of the internet, where I help women live happier, healthier, and wealthier lives. My goal is to help you save time + money, so you can spend both how you want.

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