Lessons I Learned on My Journey to Becoming Debt-Free

Photo by Aditya Saxena on Unsplash

My journey to becoming debt-free was filled with many ups and downs as well as twists and turns. I want to share the many lessons I learned along the way.

1. I learned that money management is an emotional process. I wasn’t just buying things because I liked them and I wanted them. I was buying things because I felt a void in my life and I felt like I could fill that void with the material items that I was buying. It turns out that no amount of “things” can fill that void of insecurity and loneliness that I was feeling deep down inside.
2. I learned that I would spend money on myself because I felt that I deserved to. Yes, I may have worked very hard to have earned that money but I wasn’t really doing myself any favors if I was buying things I couldn’t afford and if I was just racking up credit card debt to make myself feel better!
3. I used the excuse “I’m too tired” so I spent money on dinners out or on convenience items because I simply WAS too tired to cook! The excuse, “I’m too tired” may be a valid reason that I didn’t want to spend the time or the effort on cooking at home BUT when I couldn’t afford it, I shouldn’t have been spending money on those types of expenses!
4. I’ve also caught myself in the “Oh, it’s on sale so it MUST be a good deal!” thought process. These items, I kinda sorta liked and since they were on sale, I convinced myself that it was “too good of a deal to pass up”. You wanna know the best way to save money? DON’T SPEND MONEY THAT YOU DON’T HAVE!
5. As I became more aware of my spending habits I began to notice certain patterns emerge. For example, I’ve noticed that when I was bored, I would get the urge to go shopping. It didn’t matter if it was in a brick and mortar store or online, it was just something I wanted to do. Another example, after a nice dinner out, I wanted to go shopping! It’s crazy and I don’t understand it but these are patterns I’ve learned about myself.
6. I’ve learned to stop and ask myself “Is this item a want or a need?” If it’s a want, then I take a day or two (or longer sometimes!) to think about whether or not I still want it. If, after several days I still want it and I’ve budgeted for it, then I buy it! Full disclosure: asking myself this one question has truly helped curb my impulsive, self-indulgent spending habits, thus saving me more money!
7. I’ve also learned to ask myself WHY do I want this item? Is it because I’m bored or lonely? Do I simply want to splurge on a pretty thing? When I ask myself this question, it seems to trigger the logical part of my brain so that I can make a wise, rational decision instead of an impulsive, emotional one.
8. Failing to plan is planning to fail. The best example of this is food preparation/grocery shopping. There are going to be nights when you’re just too tired to cook! By making sure you have fast, convenient items in your house when this time comes will help to save you time and money. For example, you know that at the end of your workweek, all you will feel like doing is going home and relaxing. If you plan earlier in the week, you can buy a frozen pizza or some other fast item and have it at home so you’re not tempted to stop somewhere or get expensive take out. Preparation is key to saving money!
9. Last but not least, money management 10% head knowledge and 90% behavior change. Just like we all “know” that a healthy diet consists of fresh fruits and veggies and an appropriate amount of healthy fats. If we don’t put into practice what we “know” then the changes that we desire through a healthy diet will not come to pass. This same concept applies to money management. If we “know” that we should create a monthly budget but we never do it then our financial goals will not be met.

As with any significant change we make in life, it is hard at first. There is a learning curve and obstacles along the way. The best way to obtain success on the journey to becoming debt-free is to just START and remain consistent! When you experience fallbacks, which you WILL, have self-compassion and grace on yourself and get back up again! Like any long term goal, there will be setbacks. The key to true change is to accept the setback, learn from the experience, and continue forging ahead. Stopping or giving up are sure ways to never meet your financial goals but if you persevere, don’t stop, and don’t give up, I promise you can become debt-free! If you’re ready to make a change and are committed to the process of improving your situation, you will be starting a journey that will lead to financial success, happiness, and peace of mind!

To learn more details on my journey to becoming debt-free see https://medium.com/@landystewartmiyake/how-i-dug-myself-out-of-25k-of-debt-in-17-months-working-a-minimum-wage-job-96565429a261