“Can We Ever Step Off the Gas With Our Finances?” That’s a question I asked just over a year ago on this blog. That post looked at when it might be appropriate to loosen the reins on the budget and relax the tightfisted control we have over our spending as we pursue certain financial goals.
My answer left open a great deal of room for debate. I concluded that “it depends” on many factors, such as:
…the depth of the person’s dreams.
…the levels of debt still to pay off.
…if a person is facing an expensive medical issue.
…if there is some form of crisis on the horizon.
…how large the bank account/investments have become.
…how old a person may be.
To reach any financial goal requires intense focus and discipline. The debt payoff journey may be the hardest of them all. When you are waist deep in it, the finish line may as well be half a world away.
With perseverance the day will eventually come when all the debt is gone. When that happens so many choices open up. One of the biggest is how to spend all the freed up money that was going towards debt.
Having recently paid off our mortgage early, I can attest that the “no debt world” is a great place to be. However, something else is at work that was totally unexpected.
I’m finding it difficult to relax my spending.
The Fear of Spending Again