4 Things which you shouldn't sacrifice to repay debt

By: on 2018-05-31
Ask Barbara Delinsky
4 Things which you shouldn’t sacrifice to repay debt

Do you think that you have to sacrifice a lot of things to repay debt? Well, not always.

Check out what you do not have to sacrifice to repay debt.

Experiences you have gathered

Trying to pay back your debt doesn’t mean that you will have to stop every enjoyment in your life.

Yes, it is true that you may have to stop your vacation planning for some days, avoid shopping, and restrict eating outs on weekends; But, it doesn’t mean that you have to sit at home doing nothing.

You can enjoy and create new experiences in life.

Look for free classes and workshops, free museum days and concerts, and enjoy with your friends and family members.

Use this time to enjoy all these things, which you might haven't done before. Take your children to nearby parks or visit local historical sites. Also, if it’s not much driving distance, enjoy a 1-2 days beach vacation or if it’s possible, drive to the beach in the morning, spend the entire day, and come back home the same day. This way, you will save the cost of booking a hotel.

The main thing is to use the time to create fresh and enjoyable experiences, which you’ll cherish lifelong.

A good credit score which has taken years to build

A survey conducted by TransUnion.com has revealed that almost half of the baby boomers think that they don’t require a good credit score, anymore, after retirement. They will no longer buy a new house or car, or try to get a good job; so, they no longer have to try to keep a good score.

If you have to opt for debt settlement, then your credit score most likely will go down. However, not paying your debts may affect your credit score more negatively.

In the case of debt settlement, you don’t repay the balances in full; but, if you pay back the balances in full, as it happens in debt consolidation, then it may help boost your credit score.

So, if you try to pay back debts in full, you may not have to sacrifice your credit score, though it may take a little longer to repay the outstanding balances in full.

However, if your financial condition doesn’t permit you to repay the balances in full, then debt settlement may be a better option for you.

Generosity which you have been practicing

Managing your financial situation doesn’t mean that you have to give up your generosity. This is one of the things what you do not have to sacrifice to pay off debt.

At the same time, it doesn’t mean that you have to give gifts more than your financial capacity.

You might have given expensive gifts to people. Now that you’re practicing frugal lifestyle and making lifestyle changes, make sure it doesn't affect your generosity.

Now, what will you do then?

Will you overspend on gifts or avoid an invitation just to avoid giving gifts?

You shouldn't do any of these.

What you can do is think about replacing tangible gifts with services, which your friends and family members will value more.

You can make a homemade gift for your friend’s birthday or opt for spending your valuable time with the elders instead of giving material gifts on certain occasions.

Doesn't it sound good? Believe me, they will appreciate these things much more.

Precious relationships which you can cherish

Relationships should always be a priority. It takes years to build a strong bond with your near and dear ones. So, you should never let it go.

Instead, you need the support of your friends and family members to sustain your present lifestyle till you are out of debt completely.

However, you may have to avoid your friends who lead a relatively expensive lifestyle, like eating outs on every weekends, going for shopping every alternate day, and so on.

Value friendships and relations that motivate you to manage your finances in a better way and help you build a secure future financially.

Instead of going out with your friends for a movie, enjoy a free outdoor movie at a nearby park. Avoid meeting at a shopping destination and arrange a picnic or a potluck party with your friends at your home or at a nearby park.

After some years, you will value these time and the people who have helped you in your debt free journey.

What you can sacrifice for the time being to repay debt

There are certain things, which you need to sacrifice, for the time being, to repay debt.

However, this doesn’t mean that you’d have to compromise with your small enjoyments. Just that you have to make certain changes in your lifestyle and practice frugal living for some days. Ultimately it will help you have a better lifestyle after you repay your debts.

  • Do not opt for gym membership and ride a bike or walk at your nearby park
  • Keep your old car for the time being till you become debt free
  • Ditch cable if it’s of not much use and watch shows online
  • Opt for homemade food instead of eating outside

Last Updated on: Thu, 31 May 2018

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