Debt Free In '23 Challenge.

[CountryGent]

We've been totally debt free for many years now, including our mortgage. No real magic to it; living below one's means, disciplined plan for every pay cycle, pay a good deal more than the minimum, then done. With the mortgage I did a combo of paying more each month, but building up a small group of investments with an eye to (and later did) taking out what was left. And, of course, the best way to be debt free is to avoid it like the plague to begin with, unless there is good reason.

Sounds like the OP is on a journey of self-improvement, which is always very rewarding.

 

[Alexx1401]

I have no time left to take on large debts so basically I am kinda debt free. The cost of daily living is a debt and you would have to be homeless to get away from that.

Good luck on your journey.

Not sure how everyone else defines "debt" but to me? The cost of daily living, if I am paying as I go, is not debt. That is me spending the money that's mine. Now if someone is borrowing to pay their daily "needs"? So they are building up a larger balance each month? That is debt to me. When they give out info on how massive the credit card debt is I suspect a LOT of that is people putting their daily needs on plastic and not paying it off.

 

[Longwalkhome]

Not sure how everyone else defines "debt" but to me? The cost of daily living, if I am paying as I go, is not debt. That is me spending the money that's mine. Now if someone is borrowing to pay their daily "needs"? So they are building up a larger balance each month? That is debt to me. When they give out info on how massive the credit card debt is I suspect a LOT of that is people putting their daily needs on plastic and not paying it off.

I have living expenses that I use a credit card for. Sometimes I have no choice but to use that card. I am having a new security fence built so I had to go out of town to find a contractor. The one third down was paid with a credit card because I didn't want to use a check. No sense waiting for a check to clear when the need was right now.

By the end of next week my new fence will be done. Steel post in concrete already and it's because I caught the contractor at the right time and money talked.

So I have a debt and will pay it next month and get my card to zero balance as normal.

 

[Alexx1401]

I have living expenses that I use a credit card for. Sometimes I have no choice but to use that card. I am having a new security fence built so I had to go out of town to find a contractor. The one third down was paid with a credit card because I didn't want to use a check. No sense waiting for a check to clear when the need was right now.

By the end of next week my new fence will be done. Steel post in concrete already and it's because I caught the contractor at the right time and money talked.

So I have a debt and will pay it next month and get my card to zero balance as normal.

Now that is smart! I have not had my checkbook out of the safe in so many years I can't remember when I last used it. I use cards and which card is based on who is giving me the best points that month. Use it like a checking account. Bill comes due I pay it and I use the points. To me this is just smart not debt. Cards of course do this hoping people will not pay it off but they make money on every sale too so they love me. Hell a couple of the cards have such a high limit I could go buy a car with the damn things if I wanted to.
Now that there is a new grocery store near me that so far I love, that does not take CC's, I will have to hit the ATM now and then to get some cash just for shopping at that store. Every place else I use the card.

 

[Kruel J]

Ditch the debt and stack the savings. Been doing it for a few years now.

 

[monkeybutler]

Yup. I put away more than I spend every month. Good way to do things if you can.

 

[arakboss]

My debt free challenge has not started out very well.

I added to my credit card debt and added a new sizable debt to an NWFA member for some firearm related purchases.

The NWFA member debt will be paid off by end of June as agreed to in advance of purchase.

I submitted a balance transfer form today to switch my cc balance from a 10% apr rate to a 2%apr rate card. That 2% rate will be good for 12 months. I am moving out my debt free goal to the end of September 2023.

Since my shopping addiction seems insurmountable at the moment, I am going to talk to the wife about taking control of my finances until I am debt free.

I am very thankful that Measure 114 restrictions are being blocked but it has supercharged my binge firearm purchases.

 

[Kruel J]

My debt free challenge has not started out very well.

I added to my credit card debt and added a new sizable debt to an NWFA member for some firearm related purchases.

The NWFA member debt will be paid off by end of June as agreed to in advance of purchase.

I submitted a balance transfer form today to switch my cc balance from a 10% apr rate to a 2%apr rate card. That 2% rate will be good for 12 months. I am moving out my debt free goal to the end of September 2023.

Since my shopping addiction seems insurmountable at the moment, I am going to talk to the wife about taking control of my finances until I am debt free.

I am very thankful that Measure 114 restrictions are being blocked but it has supercharged my binge firearm purchases.

Sounds like an unhealthy obsession. I have been free of CC debt (and most others, only have my truck) for a few years now. There is NOTHING I need or want to buy that will make me rack of debt.

 

[arakboss]

Sounds like an unhealthy obsession. I have been free of CC debt (and most others, only have my truck) for a few years now. There is NOTHING I need or want to buy that will make me rack of debt.

Lots of those (unhealthy obsessions) out there. Congrats on staying free of CC debt.

 

[Kruel J]

Lots of those out there.

Sure, but buying up firearms and continuing to do so with debt/credit doesn't seem to be working out real well for you.

 

[Alexx1401]

Lots of those (unhealthy obsessions) out there. Congrats on staying free of CC debt.

Credit can be a cruel master. Having credit is VERY important but, it can also be a monster hard to tame. There are times when having some VERY good credit is a great thing. Some unexpected thing happens and needs to be addressed. This is where having credit is nice. Now using it to buy a gun or two? If someone has none I would be all in on doing so. When its just to buy "toys"? Now you are not using it wisely.

 

[Kruel J]

I would suggest sitting down with your family and really figuring out the "needs" vs. "wants".

I don't know nor need to know about your firearms collection. But do you NEED those extra guns on payment to a NWFA member? Is it really worth the carried debt or is it just some more hardware to scratch your everlasting gun itch?

 

[arakboss]

Credit can be a cruel master. Having credit is VERY important but, it can also be a monster hard to tame. There are times when having some VERY good credit is a great thing. Some unexpected thing happens and needs to be addressed. This is where having credit is nice. Now using it to buy a gun or two? If someone has none I would be all in on doing so. When its just to buy "toys"? Now you are not using it wisely.

Agreed.

Unfortunately my shopping "obsession" goes beyond utilizing credit. It's the thrill of the hunt for a bargain that entraps me. I guess it could be worse, I could be addicted to video poker or model trains.

 

[CountryGent]

Yup. I put away more than I spend every month. Good way to do things if you can.

Agreed, completely. Live well below one's means, stay out of debt, and sock as much as possible into savings and investment.

 

[arakboss]

I would suggest sitting down with your family and really figuring out the "needs" vs. "wants".

I don't know nor need to know about your firearms collection. But do you NEED those extra guns on payment to a NWFA member? Is it really worth the carried debt or is it just some more hardware to scratch your everlasting gun itch?

Probably 95% of the stuff I buy is a want versus a need. I would be in much better shape if I enjoyed saving for retirement as much as I love finding bargains.

 

[Kruel J]

Agreed.

Unfortunately my shopping "obsession" goes beyond utilizing credit. It's the thrill of the hunt for a bargain that entraps me. I guess it could be worse, I could be addicted to video poker or model trains.

Instant gratification. Sounds like you'll never be happy no matter what you buy.

 

[CountryGent]

Unfortunately my shopping "obsession" goes beyond utilizing credit. It's the thrill of the hunt for a bargain that entraps me. I guess it could be worse, I could be addicted to video poker or model trains.

Saying this in a spirit of friendship and concern: maybe it is time to address this with someone? I don't know who that would be (physician, counselor, spouse, clergy, et al.), but it may be worth doing so if it is causing you hardship or relationship issues. We all, myself included, struggle at times with some habit or life issue. Sometimes it is an easy fix, sometimes it means a more difficult struggle to change habits. But I know for a fact positive, healthy changes can be made and life is so much better. Wishing you the best in your journey.

 

[arakboss]

If I could make money finding bargains that would be a great solution but that solution has escaped me.

 

[Kruel J]

Saying this in a spirit of friendship and concern: maybe it is time to address this with someone? I don't know who that would be (physician, counselor, spouse, clergy, et al.), but it may be worth doing so if it is causing you hardship or relationship issues. We all, myself included, struggle at times with some habit or life issue. Sometimes it is an easy fix, sometimes it means a more difficult struggle to change habits. But I know for a fact positive, healthy changes can be made and life is so much better. Wishing you the best in your journey.

I was just going to suggest that. It's not healthy to have such and obsession with firearms. Really anything for that matter.

 

[arakboss]

Maybe it's time for a 3rd job. At some point there shouldn't be any hours left to shop.