There are a lot of things I’m willing to do to get out of debt.
From setting aggressive repayment targets, to choosing to rent instead of buy, to trying my hand at a shopping ban, I’m open to trying different things to achieve my goal of reaching debt-free status.
But by the same token, there are things I’m not willing to do to get out of debt.
And some of those things might be a little controversial.
Things I won’t do to get out of debt faster
In truth, there are likely many things I’m not willing to do to get out of debt. But when I think about it, these are the four big ones that come to mind.
Take a second job
The biggest — and probably most controversial — thing on this list: taking on a second job is not something I’m willing to do to get out of debt.
This has nothing to do with anything other than a decision I made a long time ago to prioritize rest. I’m extremely Type A, which means, among other things, I’m not very good at slowing down when it comes to work. I throw myself into whatever I’m doing, often at the expense of things including my health and wellbeing.
A second job would help us get out of debt faster. There are a lot of people who work their full-time job and have a second job on the side. If that’s you — that’s awesome! Keep it up!
But for me, at this time in my life, I know adding another job into the mix would not be a healthy choice.
Will I always feel this way? Honestly, I don’t know. It’s entirely possible my perspective on this will change in time — and I’m open to that. But for the time being, one full-time job is enough for me, even if it means our progress with our debt is a little slower as a result.
Stop taking vacations
While a second job would run me down physically, not being able to go on vacation would hurt mentally.
That being said, when I say “going on vacation”, I’m not talking about anything too extravagant. Typically, what this entails is my once a year trip to Ontario to visit my best friend. These trips are generally pretty frugal — I sleep on an air mattress in her living room and we try to eat in as much as we can. The big costs are typically the flights and any activities we get up to while I’m there.
We have also taken a few smaller vacations, sticking mostly to Atlantic Canada.
We could get out of debt faster if we did not travel, but that sounds miserable to me.
Eat poorly
We’ve all heard the jokes about living on KD or rice and beans or whatever. And I have eaten my fair share of rice and beans on the debt-free journey — mostly because I really like rice and beans!
But I also like fruit and vegetables. And several other items included in the Canada Food Guide.
And sometimes, that means spending money.
I try to shop for good deals and I make use of cash-back apps like Checkout 51 and Caddle whenever I can.
But at the end of the day, eating well is a priority for me — and it’s way more important to me than getting out of debt fast.
Reduce our emergency fund
I’ve said it before and I will say it a thousand more times: I do not believe $1K is not enough for an emergency fund for most people.
One of the first things we did when we started our debt-free journey is beef up our emergency fund to $5K. It has not always stayed there, but it has never been lower than $3K and the goal is always to keep it at $5K.
Do I think everyone needs to have a $5K emergency fund? Not necessarily. I am sure there are people out there who can make that $1K fund work while they’re in debt. For us, $5K is a pretty solid amount to have set aside just in case, but that number is going to different depending on your circumstances.
Could we get out of debt faster if we used this money toward debt? Absolutely. But having a mid-size emergency fund has helped us more than it has ever hurt us.
Final Thoughts
Getting out of debt is a priority for us. But as I have said before, it’s not our only priority.
I firmly believe if we continue to work away at it, we will get there — even if it takes a little longer than we might like. As long as we’re making progress, I figure we’re doing OK.
What are you not willing to do to get out of debt?
Those are great core values to have and hold during your debt ridding journey. I agree- I don’t think I would do any of those things either, they are too much of a sacrifice and are not part of my own values.
I could not do rice and beans every day or KD or ramen. That would not be very healthy.
That’s how I’m looking at it — even though the clearing the debt thing is a priority, it doesn’t make sense to do things that just don’t align with my own values. I feel like while some might be OK for a period of time, it just would not be sustainable for me over the longer term.
I mean, rice and beans would be a better option than some but…I like vegetables!
I agree with all of these! I toyed with the idea of getting a second job a few years ago, or even upping my freelance hustle, but it just isn’t worth it to me to work that much. I need rest and relaxation! I also value eating well and traveling. Currently, my emergency fund is at $1,250, but I am trying to add to that whenever I have extra money. It’s not my biggest goal, but I would feel more comfortable with a $3,000 emergency fund than where I’m at right now.
I’ll be honest: there are times when I think about a second job even now. I don’t get very far with the thought — mostly because, as I said here, it’s not really in line with my values. But…every once in a while, I think man, that could be useful.
$1250 is pretty good for an EF! one of the biggest reasons I like having $5K is because of the cats, honestly. We have a cat medical sinking fund, but I know vet bills can get pricey. Our EF definitely takes into account that we have two creatures living with us who could end up with expensive medical bills lol.
It’s great you have your priorities. There’s no reason to rid yourself of every last shred of pleasure while getting out of debt. I agree you shouldn’t sacrifice your health along the way either by working yourself to death or by eating poorly – great choices! Besides, it’s possible to eat healthy on the cheap. Ever since I started dating my boyfriend, my grocery spending has increased, but I find it’s mostly from the snacks he eats and not the extra produce, etc. I buy. Snacks are EXPENSIVE!
Can you do any travel hacking with credit card points to get free flights to visit your best friend? I don’t think you should scrap this vacation. You’re already doing a great job of frugalizing it, but if you got free flights you could splurge on a nice activity or dinner out together.
See, one thing I find crazy about where we live is that produce in particular tends to be PRICEY. I think it’s because we rely a lot on imports here compared to other places, but generally, if you want fresh produce here, you’re paying for it. It’s even pricey compared to other areas of the country; when I visit my best friend in Ontario, I am always SHOCKED by how much cheaper things are. Add in that they also have a lower tax rate (ours is a whopping 15 per cent)…yeah. That being said, I have found it easier to keep the grocery bill lower lately, which I think has to do with the fact that I build our orders online so there are fewer impulse buys.
I really, really should get into travel hacking because you’re right — bringing those flights down to free would make a big difference. I’m usually pretty good about saving for my annual trek, so it’s not a big deal to pay for them but, well, I do love opportunities to spend less haha. Learning more about travel hacking with credit cards is totally on my list of things to do !