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How to Combat Frugal Fatigue when Being Gazelle Intense

October 26, 2020 By MelissaB 11 Comments

My husband and I recently added up our student loan and credit card debt.  Imagine our shock when we discovered we have $58,000 in debt!  What was this debt comprised of?  It is made up of nearly $38,000 in student loans, $6,500 on a business credit card for a business that failed and $13,500 of personal credit card debt spread over two cards (the smallest balance at $1,000).  The latter debt is largely due to our current low income and some not so wise purchases.  We’ve recently become gazelle intense.  However, we’re being careful to combat frugal fatigue since we know we’ll need to live this lifestyle for quite some time.

Gazelle Intense

What a Gazelle Intense Day Looks Like for Us

At the urging of everyone around us, we began to follow Dave Ramsey.  Because we do not yet own a house but would like to in the next three to five years, we decided to become gazelle intense, as Dave Ramsey says.

What does gazelle intense look like for us?  My husband works away from the house for 10 hours a day.  After spending an hour with the kids when he comes home, he works on his dissertation and articles for publication for a few hours a night.

I stay home with the kids all day and blog, do virtual assistant work and freelance writing when the kids are napping and after they go to bed.  On the weekend, I typically leave the house for about four hours on both Saturday and Sunday to get more freelance work done.  I estimate that I am working 25 hours a week from home.  My husband is putting in another 20 hours a week at home doing work that will further his career and hopefully lead to a high paying, tenure track job in a few years.

Being Gazelle Intense Works!

Our hard work is paying off.  In just two weeks, we “found” an additional $701 to apply to our debt beyond our regular debt repayment schedule.  We found this money several ways.  First, we returned a few items we bought but hadn’t used before becoming gazelle intense.  Then, we also got an unexpected check that we put toward the debt.  We just paid off our first credit card with the lowest balance.  Next on our plan is to pay off the credit card with $6,500 within the next four weeks.

Getting Used to a New Lifestyle Takes Time

Gazelle Intense
Photo by Louis Hansel @shotsoflouis on Unsplash

As anyone who has become gazelle intense knows, there is a period of adjustment when you have to get used to the austere lifestyle that is required.  Let’s be honest—most people who have credit card debt have at least some of it because of a lack of impulse control and planning.

Was all of our credit card debt due to that?  No, we had a very low income for awhile when my husband’s graduate student teaching stipend was our only income, and we relied on credit to make ends meet.  However, we also ate out more than we needed to.  (Do you ever need to eat out?)  Our debt likely would be lower if we practiced more self-control with ourselves and our finances.  Since we weren’t stringent with ourselves then, we’re having to be now.

How to Maintain Gazelle Intensity for Months (and Years)

Gazelle intensity works with no break if you have a relatively short amount of time you must be laser focused.  If you can get your debt paid off in 12 to 18 months, you shouldn’t need a break.  However, if you’re looking at several years to pay down your debt, you will likely need to give yourself an occassional break to avoid frugal fatigue.

Take a Break After Each Debt

Because there is such an adjustment, to maintain your gazelle intensity and avoid frugal fatigue, consider rewarding yourself for each debt that you pay off or at a milestone you set.  If you have one large debt to pay off, maybe you will reward yourself for every $5,000 you pay off.

For us, since we love to eat out and now no longer eat out at all, we have decided that we will have one meal out every time we pay off a debt.  To maintain your drive, pick one thing you used to enjoy spending money on in your old, less frugal lifestyle, and commit to enjoying that activity once when you achieve your assigned goal in your debt snowball.  Keep it reasonable, less than $50, so you don’t derail your snowball, but give yourself that leeway to maintain your intensity.

Gazelle Intensity Interval Training

Another option is to do gazelle intensity interval training.  If you have a lot to pay off like we do, you may need a different strategy to keep up your motivation.  For instance, maybe you can commit to three months of intensely working and paying down your debt.  Then, you will take a break for one month.  Or, maybe you decide on an amount that you’ll pay down, and then you’ll take a break.  Maybe you decide to pay down $15,000 and then slow down in intensity for a bit. As you become invigorated again, set another goal that you’ll pay down before you rest.

Final Thoughts

Being gazelle intense definitely has rewards.  You put yourself in a painful place for an intense while until the debt is paid off.  Then, you begin to reap the rewards of all your hard work.  You can live like no one else, as Dave Ramsey says.

Yet, be careful not to become so strict with yourself that you give in to frugal fatigue and derail your debt snowball.  A small, planned out treat is often all it takes to keep you motivated and ultimately debt free.  If you’re confronting a large amount of debt, consider instead to be gazelle intense for a few months and then take a break.

Read More

A Review of Dave Ramsey’s Revised Financial Peace University & New Speakers

How to Save More Money Every Month

How to Get Out and Stay Out of Debt

MelissaB
MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.

www.momsplans.com/

Filed Under: Debt Reduction, Frugality, Married Money, Saving, ShareMe Tagged With: dave ramsey, Debt Reduction, frugal, gazelle intensity, Saving

How to Survive Being Broke

July 20, 2020 By MelissaB 3 Comments

Many of us have been broke.  It’s not a fun place to be.  You may feel depressed and desperate, but recognizing that you won’t always be in this position is imperative.  There are steps you can take to live a more comfortable life financially.  Until then, here’s a primer on how to survive being broke.

How to Survive Being Broke

How to Survive Being Broke

If you’re broke, you must take care of your immediate needs first.

Short Term Action to Take

Maintain a Positive Attitude

Many people who are broke become depressed.  They don’t see any way out of their situation and can’t imagine a future where they’ll be in a better position.

To successfully beat being broke, you need a positive attitude.  Research stories of people who were broke and went on to become successful and much more comfortable financially such as Erin Brockovich (played by Julia Roberts in the movie Erin Brockovich) or Chris Gardner (played by Will Smith in the movie, The Pursuit of Happyness).

Remember that life can change quickly.  You may be broke now, but you likely won’t be in the same position in five years or even two years.

Live on Beans & Rice

How to Survive Being Broke
Photo by Paul Hanaoka on Unsplash

The next step is to trim your expenses as much as possible.  Since food is often the largest monthly expense behind rent, that’s the best place to start.  You may love to eat salmon and steak, but now is not the time to do so.  Now is the time to eat the proverbial beans and rice.  For instance, when my mom and dad were first married and broke, my mom would buy one pork chop, pound it flat, and then split it between the two of them.  Once they had two kids, she would buy two pork chops and pound them flat to make four servings.  Now is the time to stretch your food as much as possible and buy the least expensive food you can.

Choose Your Friends Carefully

What financial position are your friends in?  You’ll want to find friends who are mindful of their money and not spendthrifts.  When my husband and I were first married, we were broke.

Some of my coworkers invited us to go with them out to eat.  The other two couples were both financially comfortable, and they chose a Mexican restaurant.  To my dismay, there were no prices on the menu.  We ended up spending too much that night, even though we tried to make frugal choices.  It was just an expensive restaurant.  We couldn’t go out with my coworkers again because we couldn’t afford their lifestyle.

If you try to maintain friends who are in a better financial position than you, you may never become financially comfortable.

Entertain at Home

How to Survive Being Broke
Photo by Johanna Dahlberg on Unsplash

Just because you’re broke, you don’t have to give up your social life.  Instead, change the way that you socialize.  Instead of going to a bar or restaurant and spending a lot of money, invite friends to your home.  Have a potluck at your house or have a game night.  Once a month my parents used to have their friends over in the summer for a volleyball night.  Be creative.  You’ll find there are plenty of ways to socialize without spending a lot of money.

Find a Hobby That Pays

Sometimes when people are broke, they have a lot of time, but not much money.  If that’s your circumstance, find a hobby that pays.  For instance, my uncle started a small side business for athletes at his former high school.  He would comb through micro fiche to find all of the articles for a particular year about the high school football team.  He’d print these out and bind them all together and sell them to the athletes.  He made some money on the side, and the former athletes had a scrap book of all the old newspaper clippings from their glory days.

Other ideas might include gardening, crafting and selling the product on Etsy, doing genealogy research for someone, building web sites for others, etc.  You’re only limited by your imagination in what you can do.

Long Term

When you’re broke, you may immediately think just of the short-term, but you must also think of the long-term.  How will you get out of this situation so you’re not broke your entire life?

There are several important steps you should take.

Earn a Degree

Photo by Juan Ramos on Unsplash

If a degree would help you secure a better job, than look into taking college classes.  When you’re already broke, you may feel like you have you have no time or money to do so.  However, if you don’t take steps to improve your situation, you’ll remain broke for much of your life.

I had a friend, Becca, who was raising her niece and nephew.  Money was tight, but she prioritized her education.  She took one or two classes a semester, putting in much of her study time early in the morning or at night when the kids were asleep.  It took her many years to get her degree, but she did.  Now, she lives a comfortable, middle class life and has a professional job.

Learn about Finance

If you don’t already have a solid background on personal finance, now is the time to learn.  This doesn’t have to cost any money.  You can borrow books from the library, take free finance classes online, and read blogs.  Learn all you can about managing money.  I’m not just talking about ways to save money, but ways to build your emergency fund and invest so you don’t end up broke again once you get out of your current situation.

Final Thoughts

How to survive being broke is a challenge for many people.  However, the first step is a mental one.  Realize that you’re currently broke, but you won’t be broke for the rest of your life.  You can make both short-term and long-term changes to improve your life and vastly improve your financial situation.  Many, many other people have done so.  Learn about those people and take concrete action to improve your current situation.

MelissaB
MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.

www.momsplans.com/

Filed Under: budget, Debt Reduction, Married Money Tagged With: beating broke, budget, education, tight budget

4 More Ways to Save on Medical Bills

May 18, 2020 By MelissaB Leave a Comment

Previously, we talked about four ways to save on medical bills.  Most of those techniques involved ways to delay or forego medical expenditures.  However, sometimes medical care is necessary, and in the case of a major injury or mental health crisis, the amount you spend on medical care can be large and sudden.  When faced with large medical bills, you may feel discouraged and overwhelmed, but there are still 4 more ways to save on medical bills.

4 More Ways to Save on Medical Bills

Offer to Pay Cash for a Discount

If your large medical expense is not the result of an emergency that requires immediate attention, you may be able to offer to pay cash for the procedure in exchange for a discount.

When a woman is planning to have a baby at a certain hospital or birthing center, she can often negotiate for this type of discount, for instance.  By paying cash, she saves the hospital the trouble of going back and forth with insurance.  Therefore, the hospital may gladly give a discount.

Negotiate with the Provider

Another option is to negotiate with the provider.  Julie’s insurance didn’t cover psychologist appointments, so when her son needed therapy, she negotiated with the provider.  While the rate to see a more experienced psychologist was $125 per hour, she was offered the chance to have her son see an intern for $50 per hour.  The intern was supervised by one of the experienced psychologists.  This helped Julie feel comfortable going this route.

Create a Payment Plan with the Provider

4 More Ways to Save on Medical Bills
Photo by H Shaw on Unsplash

If you are facing medical bills in the thousands or tens of thousands of dollars, make sure to not only negotiate with the provider, but also to ask to go on a payment plan.  When my children had orthodontic work done, I paid a down payment and then took advantage of the orthodontist’s payment plan.  I paid the same amount for 18 months, and the orthodontist charged me no interest.

Hospitals and other medical providers may offer you a similar type of payment plan.  Many will provide these payment plans free of interest, while others do charge some interest.  Make sure to get your payment plan in writing.  If your financial situation changes, contact the medical provider so the arrangement can remain in good faith.

Seek Assistance

If you or a loved one is facing long-term medical expenses, research, research, research.  You may find organizations that can help you pay for the services you need.

One of our children was diagnosed with high functioning autism a year ago.  We have literally paid thousands of dollars out of pocket for services.  However, even after spending that much money and seriously straining our budget, there were services like occupational and speech therapy that we could not afford.  A friend told us about an organization that helps families like ours.  We went through a lengthy application process and were approved.  Now our child is receiving speech and occupational therapy at no charge to us.

Similarly, a family friend’s husband had a catastrophic stroke from which he’ll never recover.  She found an organization that will help her pay for her husband’s long-term care.  This is something she desperately needed because her husband will be institutionalized for the rest of his life.

High medical bills can be overwhelming.  However, there are 4 more ways to save on medical bills that you can use to get the help you need and to reduce the amount that you need to pay.

Have you faced high medical bills?  If so, what strategies did you use to remain financially solvent while paying your medical bill obligations?

MelissaB
MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.

www.momsplans.com/

Filed Under: Debt Reduction, Frugality, Saving Tagged With: Frugality, medical bills

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