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

Allow Ourselves to Introduce... Ourselves

Hello! We are Kyle and Megan, a young couple from the Cincinnati area. We have been dating for about a year now and have big dreams for our future. We are excited for what's to come,  but we also know that carrying around a bunch of debt will get in the way. With Kyle's mortgage and car payments, along with Megan's mountains of school loans and credit card debt, it was time to get serious about cutting back, saving up, and paying things off.

Here's where we get stuck.

We have done lots of research about how to go about paying things off. We have read others' blogs, checked tons of books out at the library, and listened to the advice of those who continue to live thriftier than we do. We know how it is supposed to go, we just don't know where to begin. We both have the tendency to get very excited about an idea, followed immediately by being overwhelmed, and finally, giving up altogether.

One night recently, Megan was stressing out about finances.  She had finished her taxes early (which is a miracle, given her procrastinating tendencies), however the program she was using was experiencing glitches and kept rejecting her return. She decided to give up for a couple days, defeated after the initial thrill of an upcoming windfall had worn off. She had been sick for the past week and was unable to go to work at her nanny position and therefore, missed that week's check. She decided to check her bank account only to discover that she had overdrawn after her recent doctor visit copay and gasoline purchase. She indulged in a brief breakdown, discussed the situation with Kyle, and together they decided to start a brand new financial journey.

Here is a list of what are goals are for this blog, and what we hope to learn:

1. By keeping a log of all of our efforts, we are held accountable to ourselves and our readers. 
2. We will be more likely to follow through, if only to have something to write about that day.
3. Writing things down serves as a reminder to us to keep us on track.
4. Hopefully we can get some good feedback from readers to learn tips from you about saving, spending, budgeting, etc.
5. By sharing our experiences, maybe we can help others find their way to financial freedom.
6. We will be working toward our goals-- Together.

We hope that you continue with us on this adventure and we encourage you to leave us comments and feedback-- We would love to hear your thoughts!