Most people have some form of debt, from a lot of consumer debt to a mortgage, its become an accepted fact that everyone had some. Typically we make an effort to pay this debt down and keep moving forward. Take for example my situation I’ve got about 12K in credit card debt which I can slowly pay down over the next few years without altering my lifestyle at all. I don’t have to make any sacrifice to keep everything going the way that it is and I believe that a lot of people fall into this category.
A couple days ago I read a post over at Money Crush about Getting out of ‘Survival Mode’ and this got me thinking about this so called Survival Mode. For me being in survival mode means you do anything and everything you can in order to save money, presumably to survive. Thankfully I haven’t been that situation for a while now but I have been there before and I know that you act totally differently towards money when it really matters. The thought that came to mind was how quickly would I be able to get rid of my debts if I were able to get into survival mode and stay there until EVERYTHING was paid off?
As much as I like to muse about questions like this the reality is I probably wouldn’t be able to stay there very long. I enjoy my lifestyle even if it means that I’m going to carry debt for a while. Each day I spend money on things that I don’t really need like a candy bar or coffee and I could easily do without these little temptations. Even if I didn’t enter a true survival mode I think it might be possible to enter a pseudo survival mode where you question each purchase with: do I need this purchase to survive. I think that by questioning each purchase like this and really focusing on survival elements you can save yourself a great deal of money.
Being in the situation where you have to stretch every dollar just to survive not a fun situation to be in but it does give you an appreciation for what you do and don’t have and what really matters. In the grand scheme of things if you’re floating credit card debt because you like your $5 a day latte it equates to being pretty dumb and not something that you should be complaining about.