HELP ! I fell off the Debt Reduction Wagon !
I thought I was doing so well—but then the bills came in.
What happened? How did the debt load increase? Where did I go wrong? What impulse buying did I do? HELP !!
I’ve seen other bloggers sum up debt reduction as step-by-step plans that seem easy and reasonable enough and their lives look so much simpler because of it. (I’ve even got my own techniques that have worked for me in the past).
But, I live in the real world of hard knocks and I suspect you do too. So let’s be real with each other—I’m struggling at tackling debt–
How are you doing ??
What are my struggles ?? Many. Where do I start ?
Well, for one, my husband and I don’t have a clearly defined budget and ever since we had a bad rental tenant that landed us into $9,000 added debt—we seem to be caught in a losing battle of increasing debt with 2 mortgages, line of credit, and 2 credit cards. The only shining light is that by consistently making the mortgage payments—that debt is being reduced annually—in fact at the rate we’re going we’ll have this paid off and outright own our home by the time my husband turns 71 years of age. Yeah! Not quite the freedom plan I had in mind though.
We have a joint line of credit and we each have a credit card. I have no access to cash or debit—only the credit card to do grocery and personal shopping.
I was doing so well on reducing my spending on my credit card until our cat turned severely ill in December, 2015 and before we knew it—another $3,000 was increased on my card—now in another few short months it has ballooned another $3,000 as my husband has me write cash-advance cheques to pay bills. Grrr !! I feel frustrated that we’re going backwards.
In desperation this year I’m trying to rein things for spending—but I’m losing the battle.
Helping You, Helping Others
How are you doing your financial battle? Let me know in the comments below—let’s help each other.
I’ve restricted the groceries to $200 a month but after my husband throws snack foods into the cart—the grocery bill has maintained a $400 monthly amount.
I’m doing a lot of online budgeting research, reviving my own once successful budgeting practices from my single parenting days, coupon sites, getting paid for doing surveys, and now I’m looking at blogging. I even try to restrict my spending by buying prepaid gift cards (yes, on the credit card) to restrict how much is spent on groceries, gas, or even dining out.
We do not have:
We already do a lot of other cost cutting measures most people recommend. For instance, we DO NOT have:
We shower once a week and only do laundry once a month.
Electricity Bill Reduction Program
We conserve electric energy by keeping in mind time of day usage rates. We’ve also applied for a $30/month hydro bill reduction through ontarioelectricitysupport.ca and due to our low income level, we’ve been approved for this reduction for the next 27 months before being reviewed again.
Use FREE Internet
To access the free Wi-Fi internet, we use McDonald’s restaurants not only because we can get senior priced coffees—but also because of the coffee loyalty cards—buy 7 and get 1 free—and they give us free refills too.
Recently, we also discovered FREE Wi-Fi usage at our local library–all you have to do is present your library card to access the code of the day. (Psssst, it is also faster internet service as opposed to the summer increased internet usage at McDonalds)
So I admit that although in many ways we are good at cutting costs, I’m also confessing to you that in other ways—we are not good at cutting costs.
One way we fail is that my husband likes to eat dinner out sometimes 2-3 times a week. He says
it is to give me a break because we’ve worked long into the day—
or the dishes are all dirty and need to be washed first—
the kitchen is overrun with the day’s donations of household items that need to be tested, cleaned, and then put away,
or it’s too hot to cook,
I love my husband and I know he means well, but the stress of rising debts is depressing me. I’d rather stay home and put my creative, economical, cooking skills into play. I love to cook and be creative with little.
Another way we fail is that maybe it would be cheaper to have the internet at home instead of having to go for a coffee to access free Wi-Fi—not so free—is it?
Thanks for listening–share with me too
Thank you for listening to me spell out my financial battle—although I’ve faltered, I’m determined to stand back up, dig my heels in, re-examine my spending and do what needs to be done to conquer this beast of debt that is trying to swallow us up.
How is your battle? How can I come alongside you and encourage you today? Leave your comments below and let’s talk. Stay tuned as I share with you our successes, because you might find that encouragement to continue your battle with debt too. Today might be a case of “HELP ! I’ve fallen off of the Debt Reduction Wagon!” but I will conquer and succeed !! Join me.