Frugal Living – Paying off Debt

As I mention frequently on my blog, I am following some of Dave Ramsey’s advice on becoming debt free. One big topic in all of his books is how and which debt you need to attack first. Thus, this brings all kinds of discussions into play.

• Option 1: Pay off your debts with the highest interest rates first because they are costing you the most money and only pay the minimum on the other debts.
• Option 2: Pay off your smaller debts first and only pay the minimum on the other debts.

I think the way you attack your debt is a personal choice. What may work well for some may not work the same for others. I personally choose the second method. It gives me some sense of accomplishment when I have a debt paid in full and I feel like I am making progress and starting to live more frugal.

I have found several frugal living tips in my research and journey in trying to save money for the future. I have made some huge mistakes that will take me a long time to overcome, but I am not discouraged. I know that I can win this battle.

Please join me on my blog and let’s take the quest together. I will share everything I have found, how it works (or didn’t work) for me and maybe you can apply some of it to your own life and being frugal living and saving money. If you are already a frugal person, maybe you can share your tips and we can all get out of debt together.

Frugal Living… A choice or a force!

It seems that more and more people are trying to learn how to be more frugal lately. Frugal living is among the top words searched for on the major search engines. Is this because people just want to learn how to save money, live more frugal and get out of debt or is it because they are forced to do so?

I think it is a combination of both. With our current economic crisis we are seeing increasing job loss, the real estate market is not where it used to be and credit card companies are aggressively cutting credit lines. This is forcing many people to become more conservative and live a frugal life.

Those who are forced to become more frugal – myself included are probably finding this is a rather painful process. The learning curve is steep and the price for failure is high. Overspending in one area will cost you in several others. Many things that were taken for granted have now become luxuries.

On the flip-side, if you were already living a frugal lifestyle you are enjoying this recession in many ways. Retailers have cut their prices and the frugal living people are stocking up.

So, the million dollar question is Will it last? Will people like myself realize that living on less is easier than we think? Can we learn to enjoy saving money and live simpler?

Only time will tell.