Each and every one of us are unique, right? That’s something we’ve heard since we were in elementary school and at different times in our ives we we are taught to embrace that uniqueness. To live our best lives.
So why is it then that we are all too often a little too critical of how others spend their money just because that’s not what we would have chosen to do?? It’s fascinating to me that we can accept people for who they are but how dare they spend money in ways I wouldn’t or you wouldn’t.
If there is one thing I’ve come to learn, understand, and appreciate is that we all have our own priorities and interests that cause us to spend money in different ways. And that’s okay! Ramit Sethi talked a lot about this in his book, ‘I Will Teach You To Be Rich’, when he introduced the concept of conscious spending.
What Is Conscious Spending?
Conscious spending is that you spend money on the things that are important to you, but that you’re actively cutting back on other things that aren’t. For example, if you’re someone who loves to eat out all the time, then you need to budget the money you need for that. On the flip side, you’ll probably have a really small grocery budget.
Another example would be the kind of car you drive. Some people are more than okay driving something that is paid off and barely hanging onto its four wheels. Other people, love leasing brand new cars every 3 years. Whatever that looks like for you each month, that’s fine, but you have to be willing to sacrifice in another area to make up for the extra your spending on your priorities.
If you’re interested in reading Ramit’s book, you can check it out on Amazon here:
Can I Spend Money Like This And Still Get Out Of Debt?
Maxing out your budget and putting all your eggs in one basket, so to speak, will detract from how fast you’re able to make progress on your goal of getting out of debt. You’ll find it rather difficult coming up with extra money to put towards your loans if you’re not wiling to compromise for the time being.
Getting out of debt can be as much of a short term process as it can be a long term process. It’s entirely up to you, but remember that it’s not a forever process. Making sacrifices now to get out of debt means the faster you can resume your preferred interests and hobbies guilt free.
Finding free, or more affordable, alternatives can go a long ways in still being able to engage in the things you love while putting that extra towards your loans.
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