Getting out of debt is not easy or quick.
But if it was easy, everyone would be doing it…am I right?
With an average household debt sitting pretty at $15,950, most Americans AREN’T getting out of debt. But I like to be different, and hopefully if you’re here you do to!
Every day, I give up things to get out of debt. Most of them are small, not really missed, like brand-name groceries, most new clothes, and new vehicles. But, some of them are big things that I really, really want.
Today, I’ve rounded up 5 things I’m giving up to get out of debt, in hopes that you will understand that there is a bright side to everything.
How does this list help you see the bright side?
It’s simple: Because even though I’m giving up expensive versions of these 5 things, I’m not giving them up completely. Instead, I’ve come up with some pretty cool ways to save $1,000’s and still enjoy things like vacations, a data plan, a new kitchen, and more!
With this list, plus resources that I’ve linked to below, you can continue paying off debt without sacrificing too much!
A New Kitchen
My kitchen is small. I have exactly 5 square feet of counter space. But, it is functional. I have a fridge, stove, cupboards, and even a dishwasher.
Would I like a bigger, better kitchen?
Absolutely!
But as it stands, my kitchen is safe, healthy, and I can cook food in it. Really, I can more than cook food in it. What I have is much better than many people have, and for that I am thankful. In less than 3 years we will be out of debt, and you better believe that I’m going to get a new kitchen.
Until then, I will be happy with the one I have.
Update: We finally redid our kitchen, because we scored an amazing deal that allowed us to knock down 3 walls, put down new tile, new cabinets, granite countertops, new lighting, an island w/cooktop, and wall ovens for less than $3,000! Post coming soon to detail exactly how we did our $25,000 kitchen remodel for less than $3,000 – plus, how you can do it too!
A Vacation
I need a vacation.
Don’t we all?
But, without some serious cost-saving strategies, a tropical vacation in some exotic location is pretty far out of reach while we’re paying off debt. So, even though I would love a new bikini, a flight to somewhere luxurious, and outrageously expensive (but great) food, that just isn’t possible if we want to hit our debt payoff goals.
So in the meantime, we’re taking staycations, we bought season passes to our local Six Flags, and are going camping often. We usually go at least once a month with a group of our friends who like camping, and who also have kids. Plus, we bought a pop-up camper so I can work on the road and generally be a little happier while we camp.
If staycations and camping aren’t your thing, then you should look into ways to use credit card rewards to fund them, use Digit to save for them, and use any of these strategies to save money on food while you’re there. Or, if timeshares are your thing, check out this cool way to save.
A Data Plan
You could argue that a cell phone isn’t necessary, but I’m here to tell you that in this day and age, it is. But, I don’t need some crazy expensive data plan. Or even an expensive talk and text plan. I use republic wireless where I pay $10.00 a month (plus taxes). Of course, they have an pretty affordable $25 a month data plan, but I just established that I don’t NEED it, so why would I spend the extra $15 a month?
Of course, when we’re REALLY cutting expenses, or just living large, I can add or get rid of my data plan with the click of a button!
{How We Save $2,100/year with Republic Wireless}
My Free Time
Case in point: this blog. I am a freelance writer, Pinterest Marketer, take on dog sitting, and even make money from this blog. (is this really a surprise?)
I don’t really see it as giving anything up, because I really love blogging, but it does require a significant time commitment. Something that I struggle with continually is balancing family with this blog and other money-making activities (Sometimes known as a “side hustle”)
However you view it, exchanging some of your free time in exchange for a side hustle (which you ultimately earn money from) is a great example of something viable that you too can give up to get out of debt faster. Many, many bloggers do it, and publish their income reports, but if that’s not for you, check out my Pinterest Board: Making Money for thousands of ideas
A bit of my moral compass
Some of you know that I was fired from my job after being there for ten months when I went out on maternity leave. I went back to the job after, but all of my time at the job started over.
It’s crappy and I could literally write for days about it, but I have since lost all respect for the company. After I came back to work, several people were given FMLA leave who had not been with the company for a year – after the reasoning I had been given was “If we do it for one, we have to do it for everyone.”
Yeah.
But, this company pays me better than any other company I’ve found yet. Of course, I’m always keeping an eye out for something better, but for the time being I’m sucking it up and being happy that I’m paying off debt.
Bonus:
6. BACON. Just Kidding. No one would ever give up bacon :-)
Like I said before, if it was easy, everyone would be doing it. If you are in payoffdebtasfastasyoucan mode you’re going to have to give things up. There is no way around that. Also, you know that delayed gratification will help you to reap long-term rewards.
{Read About How We Paid Off $24,000 of debt on a $30,000 Salary in 2015}
Paying off debt isn’t easy. In fact, it’s downright hard. But you can do it!
If you need more inspiration for your Get Out Of Debt Journey, check out the following resources:
- 21 Ways To Make Christmas Affordable
- How We Ditched Our Budget & Started Communicating
- Our Favorite Savings Hack (+ 5 Free Tools That Will Do It For You)
- How We Paid Off $24,000 of Debt on a $30,000 Salary
- Our Net Worth Updates
- Our Budget Updates
- Resources to make extra money
P.S. Make sure to read the other half of this post, “5 Things I Won’t Give Up To Get Out of Debt”
*This post may contain affiliate links. See my disclosures for more information.
Richard says
Hi Gretchen – I have been through a similar situation to you so I know very well what it feels like to make compromises in order to pay off debt. I went for several *years* without a vacation in order to save money but I’m glad I did. A vacation is a very temporary pleasure – no matter how enjoyable – while debt can live with forever! And once you’re debt free, you can take a guilt-free vacation without it having a negative impact on your future finances.
Gretchen says
I just keep reminding myself that it will be worth it in the long run. It is much easier to pay off debt now while my daughter is young than when she’s older :-)
Hayley @ Disease Called Debt says
Like you I’ve made similar sacrifices, but getting out of debt is something I NEED to do. Good on you for postponing the things you want. Doing that will ensure that you get out of debt once and for all. And you’ll be able to enjoy those things you’re giving up now then (if you still want them then).
Gretchen says
Right back at you! I’ve been following your debt journey and I’m jealous of how close you are to your goals! I’m happy for you too, just to clarify :-)
Elisabeth says
We’re not great on giving things up. We have, however, postponed or been creative in the ways we think about things so that we feel there is less that we’re giving up.
Gretchen says
It’s all about how you look at it, I’ve found :-)
Kim says
We went through our debt repayment when our daughter was very young. It sucked because you do give up all your free time and kind of feel like a slave, but honestly, it’s better than if she was older and used to having all the crap we used to buy. Now we do take awesome vacations, and I can take off time to go on school field trips and stuff like that. She did spend lots of time in day care or with sitters when she was little, but she doesn’t remember it. I still suffer from Mommy guilt, but it was the best decision we’ve ever made to get out of debt and deflate our lifestyle.
Gretchen says
That’s what I keep telling myself. right now she’s so young she won’t remember that I’m never home and even when I’m home I’m working. Just keep swimming, just keep swimming….. I literally tell myself that every single day! Looking forward to the day when I have the freedom that you do!
Holly@ClubThrifty says
The fact that we don’t have mandated maternity leave in this country is a national disgrace. My employer paid me 6 weeks at half-pay and acted like they had done me some huge favor. They also had to hire a temp to work in my position while I was gone and made sure I knew what an imposition it was. Sorry you had to go through that. It’s weird being discriminated against just for having a baby!
Gretchen says
It’s completely ridiculous! For a country that is so focused on women’s right we’re sorely lacking on the maternity leave front! And you’re employer was such a jerk!
Broke Millennial says
The maternity leave bit makes my blood boil. I understand the vacation one, but I don’t think I could do that myself. Granted, I’m not digging out of red so I’d probably be singing a different tune. Especially if I got OT every day. My old company used to be incredibly stingy about OT and you had to really fight your case in order to get it.
Gretchen says
Yeah….you’re preaching to the choir :-) Luckily OT is super easy to come by since I actually do 2 people’s jobs…when the other staff accountant left, I told my boss I would do both jobs if they gave me a raise and llowed me overtime :_)
Alexis says
All of the things you are giving up will lead you that much closer to your goal! It will be hard at certain moments but achieving the goal of getting out of debt will be very rewarding.
Mrs. 1500 says
#6!!! My sister went almost-vegetarian for a long time. Bacon kept her from being vegetarian…
As for #5, I don’t think you have given up a piece of your moral compass. In the end, you have to do what is best for you and your family, and if you have to work for a crappy company, then you have to work for a crappy company.
#1. We bought a house with the ugliest kitchen in America. We bought off-the-shelf cabinets from Home Depot, chose a less expensive color of granite that just happened to be on super-sale, chose travertine that was $2 a sq. ft and installed everything ourselves. Home Depot has a no interest for 2 years promotion pretty much all the time, so we did it that way. 2 years to pay off a $5,000 kitchen that looks absolutely stunning. Feel free to contact me for more information when the time comes.
Gretchen says
Hahah! For how much bacon gets slammed, people seem to love it! That’s true about giving up my moral compass. It’s not like I’m in love with the company or anything, and I fully intend to leave at some point. And your kitchen sounds amazing. Have I read about it on the blog. If I did and don’t remember – sorry! I’ll definitely have to reach out to you to find out exactly how you did it!
Elizabeth says
This is so true. It is hard to “give up” things to get out of debt, but there is not an easy answer. You can’t just magically make more money, or have someone pay off your debt, it is a lot of hard work and sacrifice. But, it is also so worth it not to have that debt hanging over your head. Interest never sleeps!
Gretchen says
So true! What is it the Einstein said – the most powerful force in the universe is that of compound interest! It can work for you or against you!
DC @ Young Adult Money says
Haha I loved how you ended with bacon. I actually don’t eat bacon :0 But back to your point, I’m also giving up a lot of my free time to get out of debt and build additional income streams. I spend a TON of time working on my blog, a majority of my free time for sure. We also have a small kitchen and have often been blown away by the kitchens Ikea has that would fit in our relatively small space, but we are holding out as long as we can.
Gretchen says
It’s definitely a time suck, but I love it! Plus, I finally got my first check from google, so that definitely helped my motivation!
Mrs. AOK says
Thanks for sharing! Currently, I’m trying to find freelance work to pay down our debt; I’m even going to start putting ads on my blog. I don’t want my blog to become a billboard, but I do want to get paid… ::sigh::
All the best~
XOXO
Gretchen says
It’s a tough balance, isn’t it! I just started offering ad space other than adsense and it’s already becoming tough…good luck to you!
Carie Spence says
Working on some of this myself as I have left my job of 17 years and am trying to figure out how to live simply.
Thank you for linking up to the Bloggers Brags Pinterest Party. I have pinned your post to the Bloggers Brags Pinterest board
Gretchen says
Thank you – and good luck!
Brandy @ tesolifestyle says
Hi Gretchen!
I will never have a cell phone plan again…don’t even get me started on that. I am currently on a prepaid track phone and will probably be switching to Republic Wireless after hearing so many good things about them. $10 sounds pretty great.
Brandy
P.S. I was once told that bacon is the candy of meat.
Gretchen says
hahah…bacon is good isn’t it – and republic wireless is pretty hard to beat!
Jessica says
LMAO #6 cracked me up..if you gave up bacon we could not be friends haha. I love the post and am going to look around your blog and add you to my social media :) spread the love sista!!
Gretchen says
hahaha! Thanks for stopping by!
Tara Simone says
Great list!
The cell phone idea is really smart. What kid of phone do you have with this pla? I use my Phone for everything-checkig email, blogging, etc, so I like the convenience my phone gives me. But I don’t like the price.
Tara Simone says
coming from the thatsfreshfriday linkup
Gretchen says
Republic Wireless offers two different phones, the Moto X ($299 contract-free) or the Moto G ($149 contract free). We’ve been really happy since the switch
Victoria @frugaltrial says
Ha ha, decent bacon is one sacrifice I won’t make in this debt repayment process!
Rachel G says
My husband and I are currently in a “buy nothing but the bare essentials” season–the challenge of it is both exciting and frustrating depending on the time of day, but its worth it, I know that for sure.
Laurie @thefrugalfarmer says
Awesome post, Gretchen. We are in a similar situation and yes, it’s hard to say “no” to all of the stuff, like the new kitchen and the vacation, but won’t we both be SO much happier when the debt is gone. :-)
Ben @ The Wealth Gospel says
Sorry to hear about your job. I went on a 6-week leave of absence once to work with a humanitarian group and they told me everything was good to go, and then they fired me the day after I left–emailing me while I was overseas. The good thing is that the HR Director was completely incompetent and didn’t fill out the termination paperwork properly, so when I came back there was a new guy and he let me come back.
Kristie Hill says
I don’t have data or texting! We have saved a TON of money over the last 3 years. For 2 people our cell bill is only $58 a month. People think we’re crazy, but we’re out of debt and we put money into savings every month! I can sacrifice texting for that!
Jill says
I am in awe about your cell phone plan! $10 a month?!
Thank you for stopping by the Thoughtful Spot Weekly Blog Hop this week. We hope to see you drop by our neck of the woods next week!
Mimi says
Great article. Loving the bacon comment at the end. How do you find the motivation to keep working when you can’t reward yourself with a vacation? I personally need at least 2 nice vacations a year in order to motivate myself to get stuff done! I’ve got the credit card debt to prove it.
My website has some money saving tips you might find helpful! Thanks!
Gretchen says
Haha….I have a slight love affiar with food :-) I am a really focused person, but believe me, I am counting down the days until we are able to take more vacations!
Daph says
Hi,
Thank you very much for this inspiring blog post. I’m not in any serious debt but I can relate to you in various instances on this article, specially in the job front. I’m stuck in a relatively high paying job with minimal job satisfaction only because it helps me to support my family and also in the constant lookout for something better.
Sometimes giving up things you can live without is harder even when you know that you have to , if you want to make it in this world. And I need constant reminders on that.
Wish you luck in your job search and getting that much needed vacation time.
Will definitely be tuning in for more of your posts.
Cheers!
Susan says
Don’t give up bacon, it gives life meaning! :) Congrats, you’re featured on the Inspire Us Thursday Link Party on Organized 31.
Zach @ My Military Money says
That’s a great list! My wife and I are both active duty military. I feel like we are giving up time so that we can make it to a military pension.
Ced @ Fuggingdebt says
I love Republic Wireless and their $25/month plan but I have wfi at work and at home. Therefore I will sample the $10 month plan also so I can speed up the process of debt freedom also. Great list
Gretchen says
Yeah, Republic Wireless can’t really be beat!
Michelle says
We have given up the search on looking for a larger apartment. We know, that even if we don’t want to live in a tiny apartment in the city, it was what we have to do at this point in time.
Gretchen says
That’s a hard one! But, at least you have the perspective that it takes to make short-term sacrifices :-)
Kate says
Thanks for sharing the difficult choices you’ve made. It takes great fortitude to make the kind of sacrifices that you are committed to in order to reach your goals. I hope that you are very proud of yourself!
Heather @ My Overflowing Cup says
Loved the bonus! :) It is challenging to give up the things that matter – small or large, but in the end, it is so worth it. We all know that, but the key is to keep the focus on the end goal. Thanks for encouraging us to do just that, Gretchen.
Angela Howard says
I love your ideas and even more the purposeful reasons behind it. We just did a month of zero spending a few months ago and it was a great way to reevaluate “need” vs. “want.” Thanks for writing! Visiting from Mommy Moments.
Jennifer says
Sacrifices to pay off debt, are worth it!! Thanks for joining us for Thursday Favorite things blog hop.
Cheers,
Jennifer
http://awellstyledlife.com
Janice @ Bulletproof Bookkeeping says
In my job, it always comes down to “What can we do without?” rather than “How can we save money?” and I think this applies to both business and personal finances. Asking what specific items you can do without rather than “finding ways to save” is such a helpful mindset shift, I’ve noticed :)