Even Worthwhile Purchases Can Be Sacrificed to Pay Off Debt
By creating a debt repayment plan, you are probably willing to give up unnecessary expenses. However, even items worth buying may be at the chopping block if it helps you pay off your debt.
As the personal finance blog The Bean Counter explains, there will always be some expense that you can justify. For example, living in a home without a couch while you pay off your debts may not be worth it. However, if abstaining from that purchase helps you stay consistent and avoid other purchases, then abstaining helps, even if you can justify that particular item:
During the move from Miami to Orlando, we set aside a separate budget for what we needed to buy for our new location and what we were willing to sacrifice. Sacrifice? Buying a sofa. I bet your next question was, “Was it worth it?”
Truth: Absolutely not.
Giving up $ 300 for a new sofa would not have a significant impact on our willingness and ability to get out of debt. But it was the same sacrificial mindset that allowed my wife and me to avoid additional costs whenever possible. Including the comfort of owning a sofa.
This does not mean that you can never justify the costs. Some things you just need. If you have back problems, buying a bed isn’t just an investment in a pleasant thing, it is preventing further health problems. You can decide your own questions yourself. However, the willingness to sacrifice some comforts, even if you can justify them, to pay off the debt is what will keep you going.
The Crazy Side of Paying $ 55,000 Debt in 14 Months | Bean Counter via Rockstar Finance