Getting burnt out...help me get back on track!

[riverwed070707]

DH and I have paid off more than $20k in debt over the last year and a half. For a while it was like an addiction -- where else can we cut to pay this off faster?! Now we're getting *really* close to being debt free and we're starting to get burnt out on it. We're missing doing things with our friends, getting a little more comfortable with our financial situation and we've started to be a little more lax with our spending (took a vacation this year for the first time since I was pregnant with DD 3 years ago and some other small weekend trips, etc).

After not balancing my budget for almost 4 months (something that would have been unthinkable to me a year ago!) I realize we're not doing too bad becuase through all this we've formed better spending habbits in general, but it's like the finish line is so close and we've lost the motivation to keep going. When you get in a lull, how do you pull yourself out?

Despite DH being a full time student and only working one day a week, currently we're down to 1 0% interest card with a balance of $3200 (rate expires in December) and a car loan of $2500 (6% interest). We have some student loans too but don't intend to snowball those until DH is done with school. The 0% will definitely be paid by December but the car loan I've realized is only going to save me maybe $100 in interest to pay ahead on it instead of just paying it on schedule...hardly seems worth the stress and extra hours I'm putting in to get this stuff paid off.

Motivate me

[bjl584]

Sounds like you need a little fun money built into your budget so that you can reward yourself along the way to being debt free. Budget for a night out, a mini vacation, or an impulse buy every now and then, and it should help you stay on track.

[disneysteve]

I think one way to help is what you've already done - ease up on the reins and throw in a treat here and there. Maybe that's a dinner out or a weekend get-away or going to the movies. Whatever you guys enjoy.

As for the car loan and the interest savings, you may be right that it won't save a whole lot but you know that really isn't the point of getting debt-free. Plus, don't blow off those student loans. How much are they? Why do you have to wait until he is done school to start dealing with them? The sooner you start paying on them, the better you'll be. Get rid of the car loan and then start paying on those.

[thomsoad]

I was in your situation and I know exactly what you are saying... I was following the DR plan and he was right. You are on mile 18 of a marathon. You have "hit the wall" and are saying to yourself that you have done "good enough". I honestly just grit my teeth and stuck it out for that final 3 months. And when I did ... it was worth it.

You have gone so far already. Dont quit at the tail end. Its not about the saving money on interest. Its completing that task that seemed so daunting when you first started.

[riverwed070707]

Originally Posted by disneysteve

As for the car loan and the interest savings, you may be right that it won't save a whole lot but you know that really isn't the point of getting debt-free. Plus, don't blow off those student loans. How much are they? Why do you have to wait until he is done school to start dealing with them? The sooner you start paying on them, the better you'll be. Get rid of the car loan and then start paying on those.

I don't have to wait til he's done with school, but I really wanted to take a break from the debt snowball to build savings. Our contract with our contract buyers on our second home will be up in December 2012 and I intended to take 2012 as a savings year to prep us for the possibility of having to make two payments while trying to sell the home since all of our other debt will be gone. I am paying on them now, but just minimum payments. They are about $10k. DH will also be done with school around that same time so we will have second income to pay them off quickly -- potentially within a few months if we just keep our same budget and put all of his income toward them once he lands a job. Maybe not a perfect plan, but it seemed to be the less riskier due to the circumstances with the other house.

Originally Posted by thomsoad

I was in your situation and I know exactly what you are saying... I was following the DR plan and he was right. You are on mile 18 of a marathon. You have "hit the wall" and are saying to yourself that you have done "good enough". I honestly just grit my teeth and stuck it out for that final 3 months. And when I did ... it was worth it.

You have gone so far already. Dont quit at the tail end. Its not about the saving money on interest. Its completing that task that seemed so daunting when you first started.

Thanks -- so true. and congrats on paying off all your debt!

[GREENBACK]

Keep in mind that once you're debt free you can really become "a little more lax with your spending". You seem to have developed the tools to know where your money is going so no worries there. The bottom line, as has been mentioned countless times here, is spend less than you earn and have your savings properly allocated and enjoy your life with the rest.

Freedom from debt is like a ball and chain being removed from both ankles so hang in there.

[disneysteve]

Originally Posted by riverwed070707

I don't have to wait til he's done with school, but I really wanted to take a break from the debt snowball to build savings. Our contract with our contract buyers on our second home will be up in December 2012 and I intended to take 2012 as a savings year to prep us for the possibility of having to make two payments while trying to sell the home since all of our other debt will be gone.

That makes sense. If you anticipate some major expense on the horizon, you should stop your snowball and build up cash. Then, if the expense occurs, you are ready. If the expense never materializes, take the cash you saved up and put it toward the debt.

[Cassius King]

I agree with others that you need to tweak your "fun" money to help keep from getting burnt out.

However, knowing that I had those student loans hanging over my head, I would still be motivated. Knowing that I can't properly fund my retirement and I'm losing tax free space every year (Roth IRA) is all I need to keep me motivated.

You've done well and have accomplished a lot. However, the bigger prize is well worth the hard work. Keep it up.

[jpg7n16]

When was the last time your family did something to reward yourself for making it this far?

How close are you to finishing?


If you're truly burnt out, you could try going back $20k in debt. See how that feels again.

(the last one was sarcastic, obv)

[riverwed070707]

Originally Posted by jpg7n16

When was the last time your family did something to reward yourself for making it this far? Well we splurged on Cirque du Soleil tickets for valentines day, spent 4 days in NYC in March (on the tail end of a business trip so my airfare was free), weekend in Chicago in May, joined a couple of sports teams for the summer (previously wasn't in the budget), and bought tickets for a concert coming up in June...certainly hasn't been a lack of rewards as of lately and now I'm just feeling a little guilty for it even though we can afford it

How close are you to finishing? Everything but my student loans will be paid off before December. Depending on a couple of moving factors, it may be much sooner. Then we have a year of efund building and finally about a year of paying SLs (or less depending on DHs job situation)


If you're truly burnt out, you could try going back $20k in debt. See how that feels again. (the last one was sarcastic, obv)

That's a terrifying thought! haha

[maat55]

Don't listen to the rest of them, bare down and cross the line. Your too close to back down now. You can go on cruise controll after you cross the finish line.

[jpg7n16]

So what you're saying is that your options are between:

1) suck it up for 6 more months and be done with debt forever, or
2) not go back in debt, and just stagnate with $20k debt sitting out there, feeling guilty about your purchases

Is that right? You obv don't want to go backwards, but you're tired of moving forwards... where else is there to go?? Nowhere?

You are very close, almost done. So why not finish it out?

[crazyskunk82]

I agree with JPG. I struggle with keeping motivated often, especially if I don't see progress for a month or two. Patience and perseverance seem to be the last two attributes I would describe myself with. Press on! You're almost there!

The alternative will just delay your final goal. And you don't want that.