The other day I read with great awe and envy as a fellow blogger told a story of how she was able to use cheap payday loans to meet her long-term financial needs. While many people are nervous about such loans, this particular writer explained that she used a payday loan to get cash at a time when she needed it. She used that money to pay off some other debts before their deadline, hence saving a bundle in fees (overdraft fees, late fees, and increased interest rates). Prior to making the decision so weighed the pros and cons and expenses involved and made a wise and informed decision. I admit I actually felt a little jealous that this writer was able to take a problem, think outside of the box to find a solution, and come out of the deal a few bucks richer than she would have been otherwise. I envied her situation where she could tackle a problem in a creative way. Yep... I was actually a little jealous.
I have been unmotivated to blog much lately here at The Single Saver. In some ways I have felt like a hypocrite and just couldn't bring myself to write about my life. This blog started out as a site to share tips for living frugally. I lived frugally so I could pay off my mortgage, pay off my car, and put a healthy amount into my savings. Big goals indeed, but I always work best when I am aiming for something big.
My savings over the last decade or so have multiplied faster than I could have ever imagined considering I have a pretty average salary. Making extra payments helped me to pay off my car early (and save for a new car), cut my mortgage in half (plus some) in just four years, and I was making good contributions to my retirement and investment accounts. My frugal tricks were working to help me set my goals and I felt like I could offer good advice to others.
Then a close relative passed away and I was giving a generous inheritance. With the inheritance I paid off the rest of my mortgage, bought my first investment property, and beefed up my investments and retirement accounts even more. And while my frugal ways certainly have been a big contributor to my success, I would be amiss to not acknowledge that I also have had some lucky breaks along the way (parents who taught me about money management at an early age, a good education, and the inheritance... Just to name a few).
In short, I am now financially comfortable and while I still live by my frugal ways, it is by choice and not by necessity. So sometimes I get lazy and do things in a less frugal way... And then I feel like a failure as a financial blogger who offers tips for living frugal!!!
DEBT ENVY
I think I am suffering from "debt envy." I read other financial bloggers with big debts and follow along in their journey as they formulate plans to get rid of the debt. I am excited for their journey and sad that I don't have a similar goal to plan for and work towards. I truly get excited when a blogger updates their debt/savings numbers and has gotten $100 closer to their goal. I've actually cried with happiness as I have read about how one blogger managed to hit their goals during a particularly difficult month. I live for reading about these successes... But I also get jealous that I am no longer part of that "lifestyle."
Don't get me wrong - being debt-free is awesome, but there is also a certain thrill in the journey to get there. When the journey ends, you feel let down. (Sort of like how sometimes the 'chase' of getting a special boy/girl to like you is better than the resulting relationship!)
I have realized that while I don't miss having debt, I do miss having a purpose (which for so many years was to reduce debt and increase savings). I still hope to increase savings, of course, but it isn't as urgent of a situation as it was in the past. And so, I need to find a new big goal to accomplish. More on that in an upcoming post.
Am I insane here to have "debt envy." Has anyone else hit a major goal, only to be disappointed that the journey was then finished? Is the chase really better than the catch?
Debt Envy
10 comments:
I have a serious case of debt fatigue so I find myself a little bit envious of your problem.
Envious but not lacking in empathy. You need a goal. Perhaps that goal could include mentoring someone in your community who needs financial guidance.
A lower income single mom who needs to learn about managing on a budget or a soup kitchen that need help making the best purchases with their money.
There is a group of people in my city who do tax returns for free for lower income people, seniors and people with physical or mental challenges that make filling out a simple Canadian tax return difficult.
A local church is running community cooking nights in their big kitchen. Low income familes pay a small amount of money to come and batch cook together and they get to take home an assortment of meals to put in the freezer. Imagine if a person who was very frugal did all the shopping or meal planning? How many extra meals would the lower income families get to take home for their small contribution?
First time here. Found you at Prarie Eco-Thrifter
When I started Bucksome Boomer it was to keep focused on paying off my debt. When I accomplished that goal, I didn't know what to do. I like that you write about the other side of debt; concerns on managing money when it's not committed to repayment.
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I hate debts. I think debts are headaches. I have a few debts but just enough for me to know I can pay them and won't be having headaches in the future.
As someone who is just starting my debt reduction journey, let me say how much I envy where you are at!! It sounds like you are quite goal oriented, so why don't you set some ambitious savings goal to work towards and to share your successes with the blogging world. Maybe that will get rid of that debt envy!
Well, the chase is definitely worth the catch, especially if you are being chased by the creditors!! I personally don’t think that indulging in new debts to pay off the old ones makes much sense. I have seen friends doing the same and I have seen them failing in the attempt. Initially, it all seems to be bliss, but later on, it gets you into the debt trap. Besides, you’ll need to put in additional effort to get rid of it all by yourself. Resisting temptations need a lot of practice. Living frugally and sticking to a budget helps undeniably. But, one should also leave a little room for entertainment, and maintain a moderately flexible budget. I have seen that individuals who save dollars by day, end up spending thousands in one swipe.
Debt envy is natural. It can motivate us further to achieve that debt-free goal. Begin this journey and start generating substantial savings. Living frugally or rationally can also help us. Your piece is a good help for those who want to achieve a so-called debt-free life.
The first line caught my eyes and I liked the part how the lady was smart enough to take ouy payday loans. There are many myths about such loans but it's true that same day cash loans can be of great help when taken after proper market research.
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Like anything, if you spend all of your time and energy on it, eventually you will become burnt out. I'm trying to focus on paying down all my debts and beefing up my retirement savings. I'm doing pretty well right now, but I accept at some point I will splurge and buy something I really don't need. I'll feel bad, but realize that it was probably needed after having been focused for so long.
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