Although our becoming debt free journey is a new journey, we are still finding ourselves in a dire need to stay motivated. Of course, we had to pick the start of our budgeting journey at possibly the worst time of the year to start..the Holidays. This is especially hard for us, considering that we are pretty bad at controlling our spending to begin with.
We are what you may call "Spending Enablers". Yes, that kind of couple whom you may have met in your lives as always justifying each other's way of spending money on frivolous things. It's almost like an addiction for us.
"You want that gaming computer? Do we really Need it? Ok, I think we do NEED it because *insert lame excuses".
I would like to say that we are no longer that couple. I would be lying....
We are still that couple and we have fallen off the budgeting wagon already. But it does not mean that we are not getting back on it. We are allowing ourselves to forgive and move on with the budgeting journey. We are putting effort into being more conscious of what we do buy, which is more than what we can say a few months ago about ourselves.
I wish I can say that we are a perfect couple or near perfect, at least...with a strong debt discipline and no epic fails. We are definitely not that couple.
Since I started this blog to hold ourselves accountable for our actions, we are also airing out our EPIC FAILS.
DECEMBER 2019 DEBT FREE JOURNEY FAIL #1: We bought a computer to replace our 13 year old computer....and it's a gaming computer...AND it was done on credit; an interest free Best Buy credit card.
Cost: $ 1,000.00
DECEMBER 2019 DEBT FREE JOURNEY FAIL #2: A 4K Smart Television. To replace our 13 year old television (actually, this might be older). Again, it was done on credit on an interest free Best Buy Credit Card.
Cost: $ 800.00
DECEMBER 2019 DEBT FREE JOURNEY FAIL #3: $1,100 in a small loan to cover unexpected vehicle expenses that were more than we had been putting aside for in our rainy day budget category. We needed this cash asap and ended up having to transfer out our emergency savings money (which was at a balance of $700) as well as take $1,100 small loan. We aim to pay off this $1,100 as soon as we can and we will be throwing everything we have left over after bills to this debt. Since the interest rate on this loan is so high at 26% apr, we are going to stop contributing $100/month toward emergency savings account for the time being. We need to get rid of this new debt asap.
Total New Debt: $2,900.
($700 taken from savings account was not counted)
It is depressing to write this out but at the same time, writing out this post does its ultimate purpose....it's kicking our butts into action again. Time to get back onto our debt free journey!