There has been nothing more inspiring and more frustrating to me than reading other finance blogs. I love the community and support groups out there for people who are really working at becoming debt free. I don’t care what method you use. It can be Dave Ramsey, or Suze Orman or Billyjo Bob’s blog, if the method works for you, that is GREAT. IF IT WORKS FOR YOU.
However, far too often I see so many people who are trying to be the perfect blogger instead of being the best get out of debt person you can be. If you want to be the perfect blogger, that is awesome! I wish you well, but me, I want to be DEBT FREE. Let me give you some examples, in my slightly biased opinion *cough* of what makes the difference between the get out of debt person and the perfect finance blogger.
1. Everything is about numbers
The Perfect Finance Blogger says: I have figured everything down to a tiny fraction of a percentage and decided I am going to pay down on (insert debt here) because it will save me $.23 over a 10 year period. Ok, OK, I am exaggerating a little bit here, (It’s $1.25…hahaha) but you get the point. These people are trying in every way to scrape every penny out of their budget in order to make the best financial decision. The debt plan can change from month to month and the focus on a certain bill can change as well.
The Get Out of Debt Blogger says: I’ve had my game plan in place for months. Sure, I might get thrown a curve ball on occasion, but here is how my plan handles it, and nothing is going to derail this locomotive!
2. Sinking Funds
The Perfect Finance Blogger says: I have a sinking fund that I pay X amount of dollars into each month so that I can pay my car insurance in full, I’m prepared for an emergency, my deductibles are covered and if I need a new lawn mower or repair I have the money there to handle it. I also have an emergency fund.
The Get Out of Debt Blogger says: A sinking fund is money that I can use to pay off my debt. Why would I put $100.00 a month into another savings account when I have an Emergency Fund? I’ll deal with paying $2.00 a month in installment fees on my car insurance because $24.00 a year is not going to move the needle much, but that extra $100 a month will get me out of debt faster!
3. Emotional Money Issues
The Perfect Fiance Blogger says: I just paid a huge chunk of a bill that’s annoying me because it’s big. Yes, I could have paid off two bills with that one payment, but I feel better now because that larger bill is not staring me in the face.
The Get Out of Debt Blogger says: WOOOHOOO! I just paid off 3 bills with one check. Now that those minimum payments are gone, I can add those to my next bill and it will be gone soon too! I know there is a big bill at the end, but once all this other junk is gone I can knock that sucker out like ROCKY! ADDDDDDDDDDDDDDDRRRRRRRRIANNNNNNN! Oh yeah. I went there.
4. Credit Cards
The Perfect Finance Blogger says: Credit cards build good credit when used responsibly. I need good credit for a home loan or something else I want to buy in the future with DEBT.
The Get Out of Debt Blogger says: Credit cards are evil. If I could use them well I wouldn’t be writing a blog on how to get out of debt. I don’t EVER want those people to get another penny from me again and I don’t ever want to be in debt again!
The Perfect Finance Blogger says: I have a general budget in place, and I have plans for all my money. I’m going to make the best decision I can each month to pay of my debt. I know how much I owe and where I owe it. If something comes along I need, I’ll work it in and pay less elsewhere.
The Get Out of Debt Blogger says: I know exactly how much I plan to pay on every bill I owe. I’ve made my budget so I can pay a minimum amount due even in a worse case scenario. The only thing I NEED is to get out of debt and I’ll coupon, live on ramen noodles and whatever else it takes to get there!
So, which one ARE YOU?