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Moms Who Budget

4 Things to Prepare for Before You Start Your Debt-Free Plan

So you finish college, get a good paying job, save a lot of money, marry a financially stable man, have children, and live happily ever after. Sounds good right?

Except if you’re like me, who didn’t really follow the prescribed order and entered parenthood on the wrong foot. Not good. Not if you’re like me who got stuck in the debt cycle.

But just because we didn’t go the right way doesn’t mean that we have to suffer debt our whole lives. We can decide to be debt-free too!

I’ve been planning on this for the last 3 years, but unfortunately have been faced with roadblocks due to lack of preparation. I am sharing this 4 things to expect with you now so that you can mentally prepare before you start taking the high road of a debt-free life:

Photo by Oleg Magni from Pexels

1. It requires time and hard work: Lets get this out of the way first, it is not enough that you have the right mindset. You will have to roll your sleeves up and devote time in creating a budget that you will visit and adjust diligently (and let’s admit it, the math aspect alone is hard work in itself). And that’s just the start of it. You will also need time to cook homemade meals, to compare prices in grocery, to planning routes and itineraries that will work out cheaper, among so much more.

2. Your ‘lifestyle’ will be unpopular: in this materialistic, high-spending capacity generation, everybody just wants to have the newest and the shiniest ‘now’ – and the marketplace is not helping. Installments, layaways, plans, loans, credit cards… why should everyone wait to buy when you can have it ‘now’? And when you go against the current, you will get some detractors who will think you’re a cheapskate.

3. You will have to say ‘no’ a lot: When you start your debt-free journey, it means saying no to eat outs you cannot afford, or not going after that grand family vacation while you’re still making debt payments. It means saying no to yourself when you miss that fancy resto serving your favorite steak, or when you want that cute unicorn pen in the bookstore so bad (in my case). Tradeoffs will be needed in the start, and you should have to have the willpower when it happens.

4. It’s not gonna be easy: You will need the discipline of an athlete so you can resist temptations. You will need to sacrifice a bit at the start. You will need to change your way of living. All of these will be hard so keep your mind and your heart ready.

These are the things that I now know of which I wish I would have prepared for sooner. Is there anything else you think should be prepared aside from pen and papers? Let me know in the comments below!

-Khei

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