I have a new plan for saving money, and that is to not give myself access to my money. I am going to forgo my debit card. I have not had a credit card in years and that certainly won’t change. Not having a debit card has to be one of the biggest challenges one could face in their day to day lives. I already have figured out how to live without a car. This weekend will be one year without a vehicle. Amazing that I can go one year without a vehicle and still maintain a job, have a girlfriend, shop, and do whatever I need to. If I can go one year without one, I can certainly continue to go without one. Not having a vehicle has shown me what is important in life. If something is important enough, I will find a way to get to where I need to go, or someone will take me if they think it is important enough.
And now the same with the Debit card. If something is important enough for me to get, I will budget for it. I am going to pull out a set amount of money for my pay period and live off of it. If I run out, well that is too bad. I don’t drive so I don’t have to worry about gas money… only thing I have to worry about is eating, and I will make sure I have plenty of food at home. Heck, I have enough food at home to eat on for a VERY long time. Seems to be a hobby of mine to shop for groceries.
So, for now I am going to pay things with cash. I am looking for a good alternative in a reloadable debit card that I can put my fixed amount into but for now it is cash. This will help me value my money more. Right now, I spend money like it is water, probably because it seems as free as water but it isn’t. There are bigger things in life I want. I want to get into a house again, and this is the first steps of attaining that goal.
My goal is if all things go as planned, is to move in with Crystal next March. This will cut the money we spend on housing by $1000 a month (my current rent). After a year of that, we should have saved enough money to put a 20-30% down payment on a condo. That will give us an ever cheaper monthly living cost, as I estimate the monthly mortgage will be around $500/month. Then, after 2-3 years of more saving, we will have accumulated enough money to put a sizable down payment on a house between $250,000 and $300,000 and still keep our small $500/month house payment. If all goes according to plan this will allow us to choose between living in a ~$150,000 mortgage free, a ~$300,000 house for 500/month, or go so crazy as investing in an half million dollar home and still be able to live comfortably.
So today is the start of a long journey. But, 4 years in the grand scope of things is nothing really. I have told myself after this most recent financial collapse that I want to be back in a house at 35. This will more than surpass my goal… so keep your fingers crossed!
So back to the debit card. As I said, I spend it if I got it. By giving myself only the money I need, I will be able to save. And honestly, I will be giving myself plenty of money… probably more than most people consider as spending money so it is not like I will be in a bind. It just means that I won’t be able to go out and buy a new laptop or ipod, or decide to go spend a hundred or two dollars in an evening. This is a good thing… and Lord willing is something that will pay off in the end.
More on the moving in with Crystal thing in the future…
Permalink
0 Comments
Reader Comments:
Post a Comment
<< Home