Don’t be like the Joneses – Stick to your plan for debt freedom

September 7, 2018 0 By Cris

 

 

I know you all are probably wondering again where I’ve been. It has been SUPER busy for me. My biggest challenge has been finding time to make sure I keep you all posted on our progress….it has been easy for me not to give updates because it makes it easy not to be held accountable. That defeats the entire purpose of this blog so I know that has to change.

So have I made any progress on my financial goal?

The simple answer to this is NOPE….and we are probably actually worse off than when we started.

Although we are close to paying off a couple of debts we have accumulated more in the process…..

Yeah yeah yeah I know it seemed like a good and solid plan that we had……I know we sat down and mapped out everything, however a few things have come up which have not only put a little hold on our plan but also have caused us to rake up a little more debt. (trust me….I have promised myself that THIS IS IT!) There is no way I can dig myself deeper into this already deep hole that I am in.

So what had happened was……

No excuses here….I take full accountability for being so far behind. The truth is:

  • I didn’t stick to the budget
  • I haven’t been focused since I left my old job
  • I haven’t been smart about spending so I’m racking up unnecessary bank fees
  • I didn’t plan for my friend’s destination wedding like I should have….which hit my pockets HARD
  • I haven’t scaled back on the many things that are not included in my budget

Speaking of bank fees….did y’all know that banks made over $15 BILLION in Overdraft fees in one year???. I said earlier this year that I was not contributing to that number for 2018 but I did…..renewing that promise so they won’t be getting anymore.

It is small things like this that fake rich people like me don’t realize is killing their budget. If this is one thing you have had issues with I challenge you to pull up your online banking transactions and add up your overdraft fees for the past year.

 

If that number is anything more than $1 it is too much….but I bet it is WAY more than you expected. Imagine what you could have done with the amount of money you gave the bank just because you didn’t budget correctly!

That brings me full circle to the point…..I GOTTA stop living like the Joneses man! Especially cuz the Joneses ain’t helping us pay these bills!

At some point I have to learn to say No and be okay with it. Too many times I have sacrificed a “few dollars” to go to THIS person’s gala or THAT person’s birthday party when in reality I AIN’T HAVE IT! Those few drinks at the bar with the 400% markup can really put a DENT in your budget!

What’s the plan now?

It ain’t changed. We are still going to bust this debt out starting with just $100 a month. We are just going to have to get serious, get dedicated, and really get started on the plan.

We also may have to get a little more creative and aggressive. At this point I have to honestly say my debt freedom is much more important to me than living like the Joneses. Hell they are part of the reason I am fake rich in the first place!

I have some plans in the works to increase our household income that I will be sharing soon. That is probably going to be one of the biggest hurdles right now. The income is not as high as the expenses, and there are still some things we just can’t or just don’t want to cut down on.

Remember I told you all in the beginning that this isn’t just going to be about telling you to get rid of your $5 latte to get out of debt…..however at some point you have to realize that you either have to get rid of that $5 latte or you have to settle for the $3 one to find some money for your budget.

Regardless it is up to you to come to that point in your plan not anyone else. You have to figure out what is going to work for you so that you can stick to it….otherwise you won’t and you will just be back to buying $5 lattes next month.

My updated Steps to Debt Freedom

This list will continue to build from here….Again nothing has changed….I still want to post everything here for transparency and accountability. So starting today my steps to debt freedom will be:

  1. Get your mind right! (the rest of these steps won’t even work until this happens)
  2. Write down your budget
  3. Stick to your budget (I am not saying you will be perfect….if your budget is perfect something may actually be wrong with it LOL….but at least look at it and follow it as much as you can)
  4. Change your budget next month to adjust to what you jacked up this month
  5. STAY IN THE GAME!

I will continue to post because I already know that we will surpass our goal one day. And what I want all of you to see is that the journey to this goal was not an easy or perfect one. I WILL make mistakes, and that is okay. But so many of us feel that means we have to give up and that is not true.

I share all of this with you so that you can see the steps to get there. Too many times we read about success stories and they seem so far-fetched to us because we don’t see the many mistakes and the hard work it took to get there.

With me you will get to see that. I know people will probably have their differing thoughts about many of the decisions I make along the way…that is fine, I hope they share their thoughts with me at least…It may help me or someone else who is going through this same journey.

So yes PLEASE if you have any thoughts, comments, concerns, questions, WHATEVER share them in the comments below. I read everyone’s feedback and welcome it even if I don’t take your advice 🙂

I will send more updates and progress very soon!

With Luv

~Cris

 

 

 

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