Your Current Job Can Pay Your Debt
When people hear this, they almost always answer this way:
How?
This response tells me that we all need to be reminded that our answer to debt relief is not a bigger paycheck.
Although there is nothing wrong with making more money, this is seldom the correct answer to debt pay down. Why do you suppose that is so?
Too many times, when people get a better paying job, they upgrade their material life long before they downgrade their existing debt.
Consider this. Have you ever heard a person (include yourself) say things like this after getting a higher paying job?
“They dress better than I do, I’ve got to update my wardrobe.”
“Almost every car in that parking lot is new, how can I drive my old clunker?”
“One of the perks is a fitness center membership, I’ll have to buy some new workout clothes.”
“The people at my new job go out for lunch, I’ll need some extra money for eating out and meeting up after work.”
Whether you do it, say it, or just think it, this kind of deceptive reasoning can kill your budget and eat up the additional pay you will be receiving from your new, higher paying job.
The point I’m making here is that you do not necessarily need a higher paying position to begin paying down debt. Additionally, I want you to be aware of the kinds of deceptive reasoning that may occur when a person’s salary increases.
Here are a couple of ideas you can put into practice today:
Monitor your thoughts and feelings:
Most people want to feel accepted and appreciated by others. When thoughts of making material purchases tie themselves to other peoples’ opinion of you - let the red flag pop up. Sit down and start a self-conversation.
Ask yourself some serious questions:
What do I want to accomplish financially?
Does it make good sense for me to purchase more stuff before I knock down debt?
Can I be successful at this new job without buying anything new?
If you are still hung up, add the items you want to your wish list or vision board. Then, reconsider the purchase(s) once your debt is paid off. The beauty of this plan is getting what you want and fully paying for it.
Monitor your eyes and ears:
Many times, unnecessary impulse purchases are the result of undisciplined looking and listening. What do I mean by this?
Examples include:
Shopping as a form of entertainment.
Unrestricted online browsing to relieve boredom.
Allowing TV commercials to convince you to buy their product.
Instead, take $50 (or some pre-determined amount of money) and immediately add it to your car payment, student loan payment, or emergency fund.
Start an emergency fund:
How?
Visit your local credit union and open what is called a share account. This can often be done with only $5. Next, get this account off and running with the $20 you were going to spend at the fast-food place, or the $50 you would have spent shopping this weekend.
Each payday, add another $20, $30, or $50 to the account and forget about it. Let it grow. In time, this fund will cover an emergency.
A fat emergency fund provides peace of mind that no shopping trip ever will.
Sound harsh? Consider this:
A certain person looks the other way upon seeing a homeless person.
“I’ll never let that happen to me,” they say.
“I’ll eat and drink what I want, when I want.”
Upon passing a full-length mirror they say:
“I’m successful in business and I dress the part,”.
Life is good for this person. Until one day…it happened.
By accident, really. It was not in the plan.
It seemed improbable, if not impossible. No pity was offered.
No second chances handed out. A nightmare, to be sure.
Waking up in a grassy field surrounded by weeds and paper sacks
containing some clothes and a toothbrush, this certain person lamented,
“If only I had taken the advice to pay down debt and start an emergency fund.
I might not be here.” © Dan the Budget Man
I get it. It’s hard to understand something you haven’t gone through, so, take this thought with you:
If I am willing to implement “harsh” financial measures now, I will greatly reduce my risk of losing it all. And I can pay down debt with my current job!
Dan the Budget Man website:
https://www.BudgetingEssentials.com
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