Month One Progress: 7 Things We Have Learned

Although we wrote our first official article for this blog in February, the month of March marks the first full month of our new financial journey. We have had some highs and some lows over the past 31 days. We have had days when we felt overwhelmed and days when we felt unstoppable. We have made great strides but still have a long way to go.

Here are a few bits of wisdom we picked up on in our first month of this Love vs. Debt project: 

1. Vicious Cycle of Debt- this may seem like common sense but, as it turns out, debt leads to more debt which leads to even MORE debt. It doesn't take a genius to figure out the cycle: you have no money so you rely on credit cards to buy things, which racks up huge credit card payments that drain your paycheck, so then you are left with no money and you end up relying on a credit card to buy things...Don't let denial facilitate this cycle. Figure out what the cause of the problem is, then kill it.
2. We Are Not Our "Stuff"- It is easy to get caught up in the idea that you are defined by what you have. We are taught to believe that "things" are important. That being successful means having a giant mansion. Then, when you achieve that mansion, you of course have to then fill it with tons of expensive stuff that others will envy, right? Well, here's the thing: when all that stuff is gone, you won't miss it. At least not if your value system is still intact.
3. Two Heads Are Better Than One- Sometimes it takes another opinion to put things into perspective. Do you think you are so far in debt that it is hopeless? Share your fears with someone else and let them offer some support. You'd be surprised how many people can relate to how you're feeling. Don't be afraid to ask for help.
4. Like a Band-Aid- Getting rid of stuff is scary at first but we recommend picking one big item you don't need anymore and sell it. The bigger the item the better since it is that sudden windfall that will totally motivate you. Once you realize that you are still the same person with or without it, and perhaps maybe even a happier person, letting go gets much easier. As an example, Kyle's "band-aid" was his most expensive gun. He decided to "go big or go home" so to speak and sold it as a sacrifice for the Love vs. Debt cause. It was tough to part with, however, the $500 in his pocket made it a bit easier to cope.
5. Take Small Steps When You're Overwhelmed- This whole process is not easy. Sometimes it feels overwhelming. When this happens, it's important to stay away from the big picture. Pick something small to focus on instead. Clean out one junk drawer, cut up one credit card, list one item on Craigslist. You don't have to do it all at once.
6. Take Big Leaps When You're Ready- on the other hand, if you are not overwhelmed and are confident, secure, and ready to make huge strides, DO IT! Don't second-guess yourself or you'll never follow through. For example, at the end of the month, when Megan knew she did not have anymore upcoming bills that needed covered and that she had some extra money in her bank account, she paid $400 toward her credit card. Kyle took his tax refund and immediately applied it directly to his credit card debt, managing to pay off two of them completely. If he had waited, he may have found excuses to use it on other things and would not have been able to make such great progress.
7. Lead By Example- When we first started this blog, we knew we wanted to make it accessible to the general public. Letting total strangers get a glimpse of your financial blunders is scary, but exhilarating. It would be this vulnerability that would also hold us accountable. If we were to look solely at the number of documented "followers" our blog has (currently a grand total of 4) we may feel unimportant. However, what we never could have anticipated is the number of people who have told us directly that we have inspired them to make positive changes in their lives. From random texts that read, "I just disputed an overdraft charge because of your article! Thanks!" to simple "I love your blog" and "I can totally relate" comments at parties, we are blown away by how the simple act of sharing our experience can make others take action as well. 

All in all, the past month has been amazing! We have managed to change our perspective on money and possessions, make connections with other people who are in the same financial boat that we are, and pay down over $6000 of our debt. We continue to be motivated not only by our own successes but by the successes of our readers, fans, and friends and we encourage you all to continue to share them with us. It is through sharing and connecting with others that we are able to accomplish our goals.

"If your actions inspire others to dream more, learn more, do more and become more, you are a leader.”  -- John Quincy Adams