The carrot at the end of the stick

Why do we PF bloggers do what we do? What is YOUR ultimate goal with all this torture (is it torture?) of cutting expenses, frugality and paying down our debts aggressively? Some days I doubt what I am doing and other days I feel strong. Today it feels like this is a never ending hole that I can’t wait to get out of.

I always say that if I got the chance on a do-over on my life I would make the same choices because I like how I turned out, what I learned and where I ended up. But would I really?

What is your debt-free date?

My ultimate goal is FI:Financial Independence. Remember how good it felt when you didn’t have any bills to pay when you were a teenager, just a cellphone and the rest your money was yours? I do remember that and I’m sick of sending off my hard-earned money to everyone else. I want to pay myself.

The only way to do that is to get out of debt and never ever get into debt again. I know that FI for me is a loooong way off, I’ve got a bunch off stuff left to do before I reach that day. For now, my immediate plan is to get rid of my Student loan and once that is done to keep throwing extra bits of money to my mortgage, my only remaining debt. Once I’m done with my student loan I will have about $1,350 a month in ‘disposable’ dollars at my current income. I will be able to use this to pay down my mortgage, save a bigger e-fund, renovate my house… travel. Whatever I want to do! Except go back in debt, of course. It is only that vision that keeps me going because frankly. This stuff gets booooring and it’s hard to keep giving my money away to my past self. It honestly sucks. The only thing that keeps me doing is the carrot at the end of the stick; to get my money back.

I’ve calculated that my debt-free date could be December 2015, including my current mortgage on my current path. What’s your debt-free date?

Check out this awesome snowball debt calculator and see what the difference is when you pay just a few dollars extra here and there; What’s the cost? and for further reading consider David Bachs’ book The Automatic Millionaire.

Ps; IMG source here.

Published by Renée

I write about my life, travel and my financial up and downs on my blog, Nickel By Nickel, while contradicting myself daily. ;)

8 thoughts on “The carrot at the end of the stick

  1. I dont have a set plan to pay off my debt, so my debt free date is undetermined 🙂
    But yes, it’s torture. I think that’s torture even more so, is the lack of money – i have such little hope that i’ll be able to afford my dreams, & it’s such a downer!


    1. I know! While I’m enoying budgeting and gaining more control it really sucks to not be able to ‘innocently’ spend money because I just don’t have it… realizing you don’t have the money when before for a long time I thought I did… sucks. We’re all going to be rich though in ten years, right!?! 😀


  2. Ha! I like that “(is it torture?)” I often post similar things on GRB – calling it torture or painful, when in reality I wouldn’t change very much from where I’m at now.

    December 2015 is great! Especially since that date includes your mortgage! 😀 Congrats! My date is June 2012, and I am so ready to get there.


    1. I can imagine, sometimes I wish I would have clued in a few years earlier. You’re… 22 right? Makes me pull out my hair thinking about what if I clued ‘when I was your age’ I wouldnt’ have the student loan any more and I’d be half way done with mymortgage by now. I’m only a couple of years older than you (I think) but that would have made such a big difference… You live you learn! Good luck on your midterms and papers


  3. I’ve been slowly plugging along paying off our debt AND trying to save to build a new house.

    MY husband on the other hand is another story- he currently wants an iPad. It seems like when we are doing great and not buying extra stuff, something happens and he wants to BLOW money.

    I also look back and think how easy it used to be all through college and before marriage when I had no debt at all. No student loans, no credit card debt, no car payment. And then I got married to a man who loves to buy on credit (a lot).

    Good luck! Keep up the hard work- it WILL be worth it all in the end. I know it was worth not being in debt when I was younger (and someday it will be again for me!)


    1. Thank you, that must be hard having a husband who is so opposite…

      After breaking up with my ex of 5 years in 2007 I decided I would never ever split my finances again with someone until the day I am married. I hope to be able to be on the same page with my future husband financially but ultimately we don’t choose who we love by their aptitude financially I guess. 🙂

      And thanks, good luck to you as well. Like I said to Daisy earlier we’re working hard now and we’re all going to be so much better off compared to our peers later in life, it’s going to be AWESOME!


  4. It is torture, but its definitely worth it. Even though I’m only halfway through my journey, I can already feel the benefits of it. I’m also seeking financial independence, and I just want to say “Im debt free” for once – it will be the first time since I was like 20 or so…it will be awesome!


  5. Pingback: Frugal carrots vs thrifty sticks – Guest post by Anne from The Year of Shopping Detox « Nickel By Nickel

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