Savings/Debt Payoff Burn Out

[Permanent Temp]

Do you ever get burnt out and if so what do you do about it? Right now I'm stressing a bit. I've done well since my first post here last year: http://www.savingadvice.com/forums/p...als-money.html

I am about to pay off my car on Friday, I paid off all my revolving credit card balances and I have more the 3 months expenses as savings in the bank. (I'll have to recalc on Friday to see if its more than that.)

I have been putting away 10% in my Roth IRA which is nice but not nearly where I should be but better than nothing for now.

The only thing I have left to pay off after my car are Student Loans and a $400 balance on my 0% credit card that I recently charged.

I've been scrimping by in many other areas though and its starting to wear on me. I'd like to have a little extra maybe 50 a paycheck that I can save for fun stuff again. I may or may not do that if I get word that my contract is being extended. Right now 30% of my paycheck goes to savings, 10% goes to retirement, and from what's left over I am able to take out bills, extra debt payments and a small amount for spending money. While paying off debt was there a point where you started to let yourself have a little more breathing room in the spending department or as I want to do set aside a little more money from your paycheck to save toward fun things?

[hehateme000]

This might not be the best advice but this is the way I look at it (although I am in no position to give advice)

1) You can look at something 100% financially and logically. In that way, no you do not need spending money. You need to pay off debt.

However, you can live more frugal if you wanted to. You could live in your car to save money. You could ride a bike. You dont need a phone or internet. BUt at some point you need to find a balance. The problem I have is that a lot of people look at something and give advice based on 100% logic. But like you said, it wears on you.

I say you take maybe 25 a week instead of 50. Yea its not a lot but you can still do some stuff. You gotta have a positive mindset and you gotta have SOMETHING for yourself. Thats how I would look at it. You are so close anyway.

[Petunia 100]

Do you ever get burnt out and if so what do you do about it? Right now I'm stressing a bit. I've done well since my first post here last year: http://www.savingadvice.com/forums/p...als-money.html

I am about to pay off my car on Friday, I paid off all my revolving credit card balances and I have more the 3 months expenses as savings in the bank. (I'll have to recalc on Friday to see if its more than that.)

I have been putting away 10% in my Roth IRA which is nice but not nearly where I should be but better than nothing for now.

The only thing I have left to pay off after my car are Student Loans and a $400 balance on my 0% credit card that I recently charged.

I've been scrimping by in many other areas though and its starting to wear on me. I'd like to have a little extra maybe 50 a paycheck that I can save for fun stuff again. I may or may not do that if I get word that my contract is being extended. Right now 30% of my paycheck goes to savings, 10% goes to retirement, and from what's left over I am able to take out bills, extra debt payments and a small amount for spending money. While paying off debt was there a point where you started to let yourself have a little more breathing room in the spending department or as I want to do set aside a little more money from your paycheck to save toward fun things?

Yes, there certainly was. It was when I got out from under that toxic consumer debt and was left with only mortgage debt.

A happy life is about balance. If you need some fun money to keep you happy, and you are not failing to meet your obligations, then give yourself some fun money.

[bjl584]

Free up a little money if it helps keep you motivated and happy. Life is more than money. Remember to live a little too.

[Weird Tolkienish Figure]

Do you ever get burnt out and if so what do you do about it? Right now I'm stressing a bit. I've done well since my first post here last year: http://www.savingadvice.com/forums/p...als-money.html

I am about to pay off my car on Friday, I paid off all my revolving credit card balances and I have more the 3 months expenses as savings in the bank. (I'll have to recalc on Friday to see if its more than that.)

I have been putting away 10% in my Roth IRA which is nice but not nearly where I should be but better than nothing for now.

The only thing I have left to pay off after my car are Student Loans and a $400 balance on my 0% credit card that I recently charged.

I've been scrimping by in many other areas though and its starting to wear on me. I'd like to have a little extra maybe 50 a paycheck that I can save for fun stuff again. I may or may not do that if I get word that my contract is being extended. Right now 30% of my paycheck goes to savings, 10% goes to retirement, and from what's left over I am able to take out bills, extra debt payments and a small amount for spending money. While paying off debt was there a point where you started to let yourself have a little more breathing room in the spending department or as I want to do set aside a little more money from your paycheck to save toward fun things?

Yeah I always caution against too much thrift. You never know what day will be your last after all. Some people who save for retirement might not even make it to retirement. Happens all the time.

Prepare for the future but live in the present. The other advice about balance was good as well.

[Randomsaver]

The solution to finances is known but not easy. Get married.

Suddenly, the source of income becomes 2x. If I can only find a wife who earns for example $45K a year, then that will be a net of around $30K -- half ($15K) of which we can put on mortgage. Suddenly, mortgage of 10 years becomes 5 years. Not only that -- tax on married status is lower % than single status. Heck, I'd want to get married just for that alone.

[Kircheis]

I think this is why I like the budgeting method mentioned in All Your Worth by Elizabeth Warren and her daughter. They talk about a budget where 50% of net income goes to needs, 30% to wants (and fun stuff) and 20% to savings (and debt pay off). They point out that you need to have some fun to be able to maintain your budget.

[HappySaver]

The solution to finances is known but not easy. Get married.

Until you get divorced, of course.

[And yes, I recognize that I shouldn't even be responding to this nutty post.]

[Randomsaver]

Until you get divorced, of course.

[And yes, I recognize that I shouldn't even be responding to this nutty post.]

It's not marriage that is the problem then.

[Singuy]

I would say the trick to paying off debt while not getting burnt out is to stay consistant.

Say you were living like a college student accumulating 50k of debt and now you have a new job paying 60k/year. Instead of living like you have 60k/year to spend, just continue to live the same as before. You wouldn't know what's missing if you are not missing it

I graduated almost 7 years ago from making 0 to making 110k/year. Decided to get a house and continue to live like a college student the past 7 years. I don't feel like I'm missing anything therefore I never got burnt out. My result now is an almost paid off house and 320k in equilty.

The wife came out of school accumulating 170k worth of debt. She lived a simple life before, she's living a simple life now..even though she's almost making 200k/year. Again, for the past 1.5 years, she didn't change her behavior. Now she has 34k left to pay off.

[Brandon216]

I usually drink tea and try to watch a movie. Distracting my mind with music or a good movie usually helps me function. I too have made positive steps since joining the forum, and even though I've saved more than I ever have in my life, I can't help but feel like it's not enough. Anyways I wish you the best and hope you too find your balance!

[jamiesmoneyadvice]

Reward Yourself for Saving

First of all pat yourself on the back for saving and investing towards retirement while paying off debt. Not many people have the stamina to do what you've described here. Keep up the good work. My only advice is to buy yourself something nice once in awhile to reward yourself for your efforts and keep you motivated to stay the coarse. Otherwise, as you say it can get boring and you might want to quit cold turkey.