Frugal Village Forums banner

1 - 7 of 7 Posts

·
Registered
Joined
·
29 Posts
Discussion Starter #1
It's been a long, hard climb, but I am happy to say that in less than two years, I have paid off a whopping $20K of debt!!!!:vs_OMG:

It hasn't been easy, but after a layoff in 2012 and realizing that my appearance of "having it together" was just that... an appearance followed by "losing" all of those things (bye bye BMW and big, fancy house), I decided to get my priorities in line after landing a decent paying job in my field of choice (it wasn't just for the money).

Instead of quitting the job that had gotten me through the lean times, I decided to do that part time and enjoy my full time job and much needed pay increase. I also decided to simplify my life and live within my means... on a budget. At first it was painful. I HATED cooking at home and bringing leftovers for lunch. My coworkers laughed at "Ol' Bessie" - the 2006, gas guzzling deathtrap of an SUV that I was forced to drive (no car payment), and because I worked so much, any semblance of a social life disappeared. Nevertheless, I kept plugging away.

Fast forward to 18 months later and I can honestly say, I can't be happier. I'm ecstatic to be living in a one bedroom apartment, and my work wardrobe is a rotation of about 20 pieces of clothing. I find cooking therapeutic and get interested looks when my coworkers smell me heating up my leftovers. Though I did up purchasing a car after "Ol Bessie" died, it's a reasonable used car with a low payment (and APR thanks to the debt payoff), and I'll have that paid off by the end of 2018.

I now see that things don't matter. In fact, my one bedroom apartment is hardly furnished, and I don't feel the need to clutter it with things. I could care less what people think about what I "should" have at my salary, and for once in my life, I'm at peace.

I've heard there's a name for folks like me... a minimalist. Hmmmm... is that true or have I just gotten smarter with time?
 

·
Registered
Joined
·
423 Posts
The average age of cars on U.S. roads is at a record 11.5 years, according to research firm IHS Automotive. Automakers say they are building the best cars ever, and there's proof on the road. The average age of vehicles in the U.S. has climbed to a record 11.5 years
I'm surprised at your comment about "Ol' Bessie" - the 2006 car (not just you, many others seem to have the same opinion about cars). Almost any modern car provides over 200,000 miles of trouble-free service. And they are definitely not 'deathtraps' if you perform the proper maintenance (good tires, good brakes, etc).
 

·
Registered
Joined
·
2,280 Posts
It's been a long, hard climb, but I am happy to say that in less than two years, I have paid off a whopping $20K of debt!!!!:vs_OMG:

I now see that things don't matter. In fact, my one bedroom apartment is hardly furnished, and I don't feel the need to clutter it with things. I could care less what people think about what I "should" have at my salary, and for once in my life, I'm at peace.

I've heard there's a name for folks like me... a minimalist. Hmmmm... is that true or have I just gotten smarter with time?
First congrats on paying off $20K of debt in 2 years!!!
Second...I would not call you a minimalist..I would say you have gotten smarter with time! Some folks do not like their life cluttered with alot of furnishings...and that is OK!!
 

·
Registered
Joined
·
29 Posts
Discussion Starter #4
I'm surprised at your comment about "Ol' Bessie" - the 2006 car (not just you, many others seem to have the same opinion about cars). Almost any modern car provides over 200,000 miles of trouble-free service. And they are definitely not 'deathtraps' if you perform the proper maintenance (good tires, good brakes, etc).
"Ol Bessie" conked out at just under 300K and had a major problem with the steering column and was leaking gas fumes into the cabin. I had to make a decision... spend 3 grand to fix it or just start over. They gave me $800 for Bessie, I added $2,500 for a down payment on a reliable used car, I got a 1.99% interest rate and will start tripling the payments soon. It didn't break the bank, and it's a relief to not have to pray that my car starts every morning. May not be the best situation for everyone, but considering that I have a 45 minute commute to work and need a reliable car to transport my 87 year old Dad and his mobility scooter... not a big deal...
 

·
Registered
Joined
·
2,280 Posts
"Ol Bessie" conked out at just under 300K and had a major problem with the steering column and was leaking gas fumes into the cabin. I had to make a decision... spend 3 grand to fix it or just start over. They gave me $800 for Bessie, I added $2,500 for a down payment on a reliable used car, I got a 1.99% interest rate and will start tripling the payments soon. It didn't break the bank, and it's a relief to not have to pray that my car starts every morning. May not be the best situation for everyone, but considering that I have a 45 minute commute to work and need a reliable car to transport my 87 year old Dad and his mobility scooter... not a big deal...
Well you definitely did some thing/things right to get just under 300K out of Ol Bessie...GOOD JOB!!!:vs_cool:
 

·
Registered
Joined
·
423 Posts
300K and had a major problem with the steering column and was leaking gas fumes into the cabin. I had to make a decision... spend 3 grand to fix it or just start over. They gave me $800 for Bessie, I added $2,500 for a down payment on a reliable used car,
Good job, that's "use it up, wear it out!"

I got a 1.99% interest rate and will start tripling the payments soon.
I sure wouldn't prepay on a 1.99% loan, keep it for the full term - and use your money to earn more.
 
1 - 7 of 7 Posts
Top