I’m currently in Tampa, FL visiting family and trying really hard not to spend indiscriminately! You know how it is, you are on vacation and eat out and get your nails done, not wanting to think about budgeting. At first I felt guilty about not budgeting for this trip and spending money on items/services that I wouldn’t normally purchase. But then I thought that beating myself up over it is not worth it. I just finished my taxes and will have extra money this month and will be back on track this week. It led me to think about how important balance is on this journey. When you are laser focused on accomplishing the goal of paying off debt, at times we can be too hard on ourselves when we seemingly “slip up”. Financial guru Dave Ramsey’s philosophy is to pay off debt nearly to the exclusion of everything else. He even encourages his followers to eat rice and beans in order to throw all money at the debt. I definitely don’t encourage this as keeping our mental and physical health in shape will empower us to earn income to pay off debt. And at the end of the day , is it really that serious? Some of my musings on this topic is below.
- Health is wealth. Now I don’t know if Dave Ramsey is serious about the rice and beans thing but as you know health is wealth. Having a balanced fruits and veggie diet keeps us feeling good and from excessive doctor’s visits. Sometimes that requires opening up the budget to accommodate better quality foods. Another area to show caution is your work hours. Overtime in moderation will definitely help you reach those financial goals quicker but neglecting sleep and skipping spending time with loved ones just for the sake of paying off a credit card bill quick can prove to be more of a detriment than a help.
- Emotional well-being on a money management journey is also important . As long as you are sending as much money as you can to get those debt balances down , take the rest of your hard earned money and enjoy yourself. Sometimes our debt loads are so big it may feel that we will NEVER pay them off and that thought can be pretty depressing. But all things come to end, and knowing that people have paid off $30K, $100K even $200K debts is proof that that could be your future as well and that it can be done. Take time to take care of yourself to mitigate stress. If you want to budget $50 or $100 to go to the spa and unwind, do it!
How do you manage emotions on this journey? Comment below!