Beating Broke

Personal Finance from the Broke Perspective

How to Combat Frugal Fatigue when Being Gazelle Intense

By 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

10 Everyday Items You Can Save Money On Today

By Leave a Comment

saving money

Saving money is the safest way to build assets, as investing money always carries risks. That’s why the best way to take control of your finances often involves creating a flexible budget that ensures a certain amount of money will go toward savings every month. Here are ways to save on 10 everyday items.

1. Food

The best way to save money on food is to not each out as much. It doesn’t mean cut all restaurants from your budget, it means focusing more on preparing your own meals. If you can’t stop eating out, at least look for coupons or gift certificates.

Fruits and vegetables are still fairly cheap yet are high in nutrition, giving you more quality for your money. You can save hundreds of dollars per month by making your own salads and sandwiches. Mixing water with juices is an economical way to get the benefit of diverse flavors and nutrients at low costs.

2. Energy

Cutting down on dependence of electricity is important for various reasons. You never know when there may be a disaster with the electric utility company and you’ll be without power, so it’s good to prepare for such catastrophes. Conserving energy helps the environment by reducing fossil fuel emissions. Energy costs can also be unpredictable, so it’s a good idea to adopt energy conservation techniques. Smart tools are spreading to help remind consumers the amount of energy they are using. Turning off all appliances when not in use is a major key.

3. Water

Water bills can get surprisingly high in the event of a water leak. As with energy, there are now smart tools to detect water losses in piping systems. The key to adhering to values of sustainability is to simply not waste water. Use it as necessary, but don’t turn water on and forget about it. If you don’t have timers on sprinklers then be aware of when it’s time to turn the water off.

4. Transportation

A good way to save money on transportation is to walk more when it comes to short distances. If you live near a store, for example, save gas by walking. For longer distances, consider riding a bicycle or public transportation such as trains and buses. You can save money on daily rates by purchasing a monthly pass.

5. Disposable items

Part of regular expenses are often disposable items such as paper towels and tin foil. These items can be purchased cheaply at discount stores that sell items for a buck. These stores also carry a wide variety of soaps, cleansers and personal care products.

6. Entertainment

Spending money online for entertainment can add up to big bills if you watch a lot of movies. Playing Mini Lotto is a much cheaper alternative than other forms of online spending. At least with a lottery you have the satisfaction of enjoying the thrill of possible winnings until the numbers are called. Joining a lot of different streaming services can add up to a lot of money even if each one only charges $10 per month. Lotto is a fun affordable way to be in the running for expensive prizes.

7. News consumption

At one time everyone used to subscribe to newspapers delivered to their doors. Over time these papers would stack up and occupy space in the garage. Eventually online publications became the norm for keeping up with news. Ask yourself if going completely digital works for you and if there are online sources that publish the news you want for free.

8. Exercise

Instead of investing in a physical fitness gym, you can stay fit by doing exercises at home. Walking or jogging around the block is one way to stay fit for free. If you live in an apartment complex with a swimming pool, think about how swimming uses every muscle of the body. Finding a track at a nearby public school with a basketball court can also help cut fitness costs.

9. Clothing

One of the most important things to remember about saving money on clothes is that practicality often has more value than fashion. One of the reasons people buy new clothes is to keep up with the latest fashions. Then when the clothes go out of style they just take up space in a closet. Consider cleaning out your closet and selling old items to used clothing stores. Then make room for clothes you know you’ll need for every season.

10. Internet

The internet is a great tool for saving money on anything. Mobile phone users can use digital coupons offering discounts while they visit stores. Thanks to many businesses emphasizing the internet as a way to find them, there are countless promo codes and ways to learn in seconds with search tools where the best deals are online.

Image source, Pictures of Money, Via Flickr.

Healthy Foods to Buy When Broke

By Leave a Comment

You’ve cut down on your electricity use, you’ve called all of your credit card companies to reduce your interest rates, you’ve stopped going out with friends.  You’ve cut every where you can cut, but money is still tight.  Next, you take a look at your grocery money.  Luckily, there are many ways to cut corners and still eat good, nutritious food.  Consider these healthy foods to buy when broke:

Healthy Foods to Buy When Broke

Healthy Foods to Buy When Broke

You’ll want to buy food that costs relatively little but packs a nutritional punch and also fills you up.  People tend to go for carbs because they’re the cheapest, but if you’re mostly eating carbs and not rounding out your meal with protein and vegetables, you will feel hungry and you won’t be eating nutritiously. Due to this, it’s great to use a Vitamin C supplement because it is cheap and provides health benefits.

Frugal Protein Sources

There are several inexpensive protein sources.

Eggs

Eggs are cheap, typically running 10 to 20 cents per egg.  In addition, they’re versatile and can be used for many different meals.  Better yet, each egg has 6 grams of protein, helping to satiate you.

Dry Beans

Dry beans typically cost $1 a pound and can be used in a wide variety of ways.  A staple in many cultures, dry beans contain typically 6 to 8 grams of protein per half cup cooked serving.  They also supply potassium and many other vitamins and minerals.

Peanut Butter

Healthy Foods to Eat When Broke
Photo by Olia Nayda on Unsplash

Peanut butter is routinely $2 to $4 per jar, and per 2 tablespoon serving, it has 8 grams of protein.  It’s also packed with potassium and fiber.  Plus, it tastes great!

Cheap, Nutritious Vegetables

Greens

Most greens are cheap.  Usually the cheapest one is kale.  Kale is full of fiber and packed with Vitamin C and K.  You can use it in any recipe as a replacement for spinach.

Spinach is a bit more pricey to buy fresh, but if you buy it frozen, you’re likely to find it for $1 to $2.  Keep in mind, frozen spinach is already cooked, and cooked spinach is much more dense than fresh.  Frozen is the way to go when your budget is tight.

Carrots

Healthy Foods to Buy When Broke
Photo by Harshal S. Hirve on Unsplash

Carrots are full of beta-carotene, and you can usually buy them for less than $1 a pound.  Eat them raw, in soups, or spiralize them in place of noodles.

Cabbage

Cabbage is one of the most frugal vegetables in the store, typically selling for .39 to .99 cents a pound.  Like kale, it’s full of Vitamins K and C and fiber.

Healthy Starches

Rice

Brown rice typically costs around $1 to $2 a pound, but one pound can make many servings.  It can be served with almost any meal, and it has a healthy serving of fiber and B vitamins.

Potatoes

Potatoes are typically a frugal choice as they run .50 to $1 a pound.  While Russet potatoes are full of Vitamins B & C (if you eat them with the skin on), sweet potatoes are even more beneficial.  Like carrots, they are packed with beta-carotene and other vitamins, and they are full of fiber.  We love them roasted in the oven.

Oatmeal

Oatmeal contains many vitamins and fiber and tends to fill people up more than other grains.  It makes a perfect hot breakfast, or you can mix one part oats, one part milk, and a dash of maple syrup for a breakfast muesli.  Just refrigerate overnight and seve cold in the morning.

Final Thoughts

If you’re on a tight budget or looking to cut costs, rest assured that these healthy foods to buy when broke are nutritious and will keep you satiated and satisfied.