How to Keep Going When You Feel Like Giving Up

When you finally decide to take control of your financial situation, it can be tough. There are many different things you have to now know or understand within yourself and your money. It is easy to assess your status and list everything out to better understand how much debt/expenses you have, and how much income you have coming in to potentially cover it on a monthly basis. However, knowing is only part of the battle…there are many sacrifices which are needed to ensure it works.

Taking initiative to control your money and not let it control you takes courage, strong will, and dedication. When you make a choice to change, it is important to understand it is not going to be easily fixed overnight. More than likely, it will take many years. We all start our journey somewhere, but the destination timeline is not always set in stone.

My Financial Journey

My journey started shortly after the Financial Crisis of 2008. It was tough, and there were many sacrifices I had to make in order to ensure there was enough money to cover my expenses. I was making less than $20,000 a year and I was paying for college out of pocket for awhile. Scholarships were not being funded at this time due to the crisis, and student loans were difficult to qualify for due to the economy. It was a hard time for all of us, some had it much worse. Eventually, I did get some student loans to pay for college, as well as a small scholarship at a local community college. Upon finishing up my associates at the community college, the economy was just starting to make a turn. So, I wanted to take advantage of the housing market while it was still low. Shortly after leaving the community college to attend the state university, I was able to be approved for a small mortgage to buy my first house with my girlfriend. Within two days of getting the keys to the house, I proposed.

Our Financial Journey – What Was I Thinking?

We were going to be getting married! However, I was still in school, had growing student debt, and now I was adding a mortgage into the mix. What was I thinking? When it came time to plan our wedding, I quickly found out there was practically no financial support to pay for a wedding. On average, weddings cost approximately $27,000 – more than I make in a year. Knowing we had one more expense, we could only afford a small wedding (dress, rings, venue, food, honeymoon, etc.) under $10,000. I didn’t have the cash, so it all went on my credit card. The wedding was great, the honeymoon was fun, but we had to come back to the reality of it all. We were now married, which means sharing the burden of all debt and finances. Yes, just like me, she came to this holy union with student debt, car loan, and high balance credit cards.

We Survived, However Slowly…

Fast forward over the years. There were countless nights we would simply eat spaghetti. It was cheap to buy and could supply us meals for days. We didn’t have cable or top of the line internet. We barely went out to eat, unless it was our wedding anniversary or something as significant. Our cell phones and internet (for college) were our luxuries. All extra money was used gradually to pay off debt.

It was a slow process. We lived in that small house for almost three and a half years. We managed to pay off all credit cards, part of her student loans, and her car. Yes, there were added struggles along the way. Such as my car breaking down, refrigerator dying, washer/dryer shorting out, and new medical problems along the way.

There was plenty of emotions tied to this process as well. The first couple years of marriage is hard enough, adding strict budget restrictions and a mountain of debt makes it that much harder. For married individuals out there, remember your first year of marriage or living together with your spouse. Now, remember all the times you have argued about money. In each scenario, was it easy? Each is emotionally draining, and together they can destroy even the happiest of relationships.

Don’t Give Up, It Gets Better!

It took a long time to begin to catch a breath from the debt. Today, we have all credit cards paid off, no car loans, a $4,000 student loan, and our mortgage. The student loan is set to be paid off by February 2018, and we are on a ten-year plan for our mortgage to be paid off. It feels great, but my wife and I know we are not there yet. More importantly, we know we will never stop working on our financial foundation, and we shouldn’t.

I know my story may sound far better than what you are currently dealing with. Some may think they have had it much easier than we have. It doesn’t matter though. What matters is you understand we all have our struggles, and we all have our own paths to get to the kind of freedom we want. Struggling with your finances does not have to be permanent. It will be though if you are not dedicated to making a change. It is going to be hard, and it is going to suck. I promise, the anguish you trudge through, will only be for a season. Eventually, you will begin to see a glimpse of what being financially free is all about.

Best of luck to you and your journey!