Author Topic: Who can be my motivational speaker?  (Read 3771 times)

Bostongirl

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Who can be my motivational speaker?
« on: April 17, 2014, 11:31:17 AM »
My fiancee and I have really embraced Mustachian-ism in the last four months or so.  I was wondering if anyone has any tips on how to stay motivated and get excited about what seem like very small incremental steps towards financial independence?  I've already slashed our grocery bill and we've stopped eating out and buying anything (clothes, etc).  We both ride our bikes to work, and rarely use our car (a 1995 Volvo, obviously fully paid off :)  So other than rent + groceries, we're just pouring everything we have into my fiancee's 6.8% loans from his MBA, which have a balance of $78,000.  After that we'll knock of my remaining grad school loans, currently $19,000 at 3.6%.  But even with throwing 80% of our earnings at the loans, the progress seems SO SLOW.  I want these gone ASAP so we can start building our 'stashe.  Just curious if anyone else had similar issues maintaining that initial elation when you make all the big changes into the actual slow, slogging work of getting out of debt.

payitoff

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Re: Who can be my motivational speaker?
« Reply #1 on: April 17, 2014, 11:39:41 AM »
i will try :)

you're doing great, you did a lot in 4 months! being motivated is one thing, but being consistent is the key i think, sometimes we get too impatient that we want things done right now which sometimes burn us out and stops altogether.  make sure to avoid getting burned out, take a steady-slow-pace, sometimes its better, this way you still keep the balance in everything.

we are also in paying debt stage, but because i am impatient too, we decided to split half in half, half pays down debt while half builds the stash, i see our debts going down at the same time our savings going up, it slows down both but were hitting both ends at the same time. it really depends on what rocks your boat. for me, this is my motivation.

La Bibliotecaria Feroz

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Re: Who can be my motivational speaker?
« Reply #2 on: April 17, 2014, 11:56:55 AM »
Welcome! I would say try using something like Mint.com. Then you can watch your net worth climbing month by month and have little contests with yourself like to set new record lows for spending.


mxt0133

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Re: Who can be my motivational speaker?
« Reply #3 on: April 17, 2014, 12:43:36 PM »
With 80% of earnings going into debt elimination and by keeping lifestyle inflation low, you will be FI in about 5-6 years after you finish off your debts.  I'm sure there are a few thing here and there that you can optimize but your ROI on them will start diminishing. 

You are pretty much on auto-pilot regarding expenses which give you free time/energy to focus on the income side or happiness side.  Start thinking about what you would like to do once you are FI and see if you can start them now as a side gig.  This will give you further motivation to stay on track and optimize.  Start discovering things that truly make you happy that don't cost too much or nothing at all.

I finished a two week staycation, I got to spend time with the family, caught up on some reading, tried out new recipes, ect.  It was one of the best use of my vacation time ever, no stress on travelling long distances, able to eat healthy by cooking most of the time, and didn't cost all that much.  Discovering things like this is what keeps me motivated and on track towards our path to FI.

renaite

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Re: Who can be my motivational speaker?
« Reply #4 on: April 18, 2014, 08:21:34 PM »
Great job so far!

My fiance isn't sold on Mustachianism but is totally on board with our shared goals - the biggest of which is to save up what we need for some pricey home repairs before we will be able to refinance my insane/hair-on-fire 7.4% mortgage. (not a typo.)

To keep us both excited, I made a slideshow of our first month's results compared to the prior three, with projections for how long it will take considering 3 different savings rates. Not only did it help us talk through our priorities together, it ended up being fun. I included lots of cat pictures and made it a little silly because he was not psyched about a "family budget meeting," but it was SO worthwhile.

frugalmom

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Re: Who can be my motivational speaker?
« Reply #5 on: April 18, 2014, 09:54:43 PM »
My fiancee and I have really embraced Mustachian-ism in the last four months or so.  I was wondering if anyone has any tips on how to stay motivated and get excited about what seem like very small incremental steps towards financial independence?  I've already slashed our grocery bill and we've stopped eating out and buying anything (clothes, etc).  We both ride our bikes to work, and rarely use our car (a 1995 Volvo, obviously fully paid off :)  So other than rent + groceries, we're just pouring everything we have into my fiancee's 6.8% loans from his MBA, which have a balance of $78,000.  After that we'll knock of my remaining grad school loans, currently $19,000 at 3.6%.  But even with throwing 80% of our earnings at the loans, the progress seems SO SLOW.  I want these gone ASAP so we can start building our 'stashe.  Just curious if anyone else had similar issues maintaining that initial elation when you make all the big changes into the actual slow, slogging work of getting out of debt.

I'm old.  I've been married for a long time.  My advise to you, stop paying your fiancee's student loans.  If I were you, I would only put money on your loans.  Yes his have a higher interest rate, but if something happens you need to protect YOU. 

If you pay off your loans with your money and he pays on his, then once your are paid you can jointly continue the attack on his loans.  If something goes wrong your still protected.

Like I said, I am old and have been married a long time.  I also know how to protect myself first.

CarDude

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Re: Who can be my motivational speaker?
« Reply #6 on: April 18, 2014, 10:19:03 PM »
My fiancee and I have really embraced Mustachian-ism in the last four months or so.  I was wondering if anyone has any tips on how to stay motivated and get excited about what seem like very small incremental steps towards financial independence?  I've already slashed our grocery bill and we've stopped eating out and buying anything (clothes, etc).  We both ride our bikes to work, and rarely use our car (a 1995 Volvo, obviously fully paid off :)  So other than rent + groceries, we're just pouring everything we have into my fiancee's 6.8% loans from his MBA, which have a balance of $78,000.  After that we'll knock of my remaining grad school loans, currently $19,000 at 3.6%.  But even with throwing 80% of our earnings at the loans, the progress seems SO SLOW.  I want these gone ASAP so we can start building our 'stashe.  Just curious if anyone else had similar issues maintaining that initial elation when you make all the big changes into the actual slow, slogging work of getting out of debt.

Keep going. You're on the right path. Make charts and graphs if that helps you; it helped me when I first started getting my finances off the ground.

NestEggChick (formerly PFgal)

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Re: Who can be my motivational speaker?
« Reply #7 on: April 19, 2014, 10:14:54 AM »
That's an impressive savings rate! For in person encouragement, come to the next meetup!

http://forum.mrmoneymustache.com/meetups-and-social-events/boston/

If you have free time, could you earn a little side income? You could either use that to pay off the loans faster, or you could use it to start a savings account so you could see that side growing. Either way, you're definitely on the right path, and you'll get there. Good luck!

ender

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Re: Who can be my motivational speaker?
« Reply #8 on: April 19, 2014, 10:21:22 AM »
Make an answer you and your fiancee can say to, "why are we doing this?"

This post in particular for me is really beneficial in addressing the short term "problems" we have with things like this as Mustachians focusing on what is often a long (5+ years) journey: http://www.mrmoneymustache.com/2013/06/04/get-rich-with-the-chaching-instinct

Quote
Saver: I just avoided a purchase, and I am richer because of it. Cha-CHING!!

socaso

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Re: Who can be my motivational speaker?
« Reply #9 on: April 19, 2014, 07:46:36 PM »
I find cheap, short term goals to be very motivating. For instance, plan a camping trip or visit to a nearby friend or relative for a month or two in the future. Figure out a cheap way to do a favorite hobby. I recycle thrift store sweaters and use the yarn in new knitting projects. Usually only costs me $1-2 for a time consuming project I enjoy. Set a goal to help you pursue something you have always wanted such as writing (write every day for a month) running, biking, etc. Have potluck dinner dates with friends, explore a new park every month. My point is, find other things to occupy your time because if you only focus on the debt reduction goal you WILL feel unmotivated. If you feel like you are living your life you will not notice the passage of time and one day you will realize you are debt free and feel like no time passed at all.