Stupid Persistant Debt!!

Although there are five of us, (two children and three adults), only Old Grump has a job.  Thus we are highly dependent on him staying employed, which some days doesn't seem too likely.  (Yikes!!)

Reviewing our finances, it occurs to us that if we could cut down some of our debt, we could survive on our savings much longer, should Old Grump ever get disgusted and part ways with his employer.  (Our version of "F--- You Money".)  Thinking about this got Old Grump excited, and he came up with this document, which he and Sweetie both agreed to and signed:

We, the undersigned, hereby agree to the following:

  

1. NO more eating out at any restaurant other than fast-food, (take-out).

2. NO vacations, other than visiting Grandma and Grandpa in Florida.

3. NO more clothes purchases, other than required clothing for Kuya or Dodong.

4. NO trips to the movie theater.  If we want to watch a movie, we will rent a DVD.

5. NO purchases of Christmas gifts.  We will MAKE gifts to give to each other for Christmas.

6. NO more use of the credit card to buy food or other items at the grocery store.  If we don’t have the cash for it, we won’t buy it!

7. ALL miscellaneous purchase will be PAID FOR IN CASH.  If we don’t have the cash for it, we won’t buy it!

Although the signed document is now taped to the bedroom wall above our desk, resistance is already beginning to bubble up.  "What about dining out for birthdays and anniversaries?"  "Are we really going to "make" Christmas gifts?"  "That watch I've been wanting to buy for several months now is on sale for 75% off at Belks!"

Sigh ..... Getting rid of debt is so simple, yet at the same time so insanely difficult.  If we don't stop making new purchases, we will never be in a position to pay off the old ones.

While I think purchasing the watch ain't gonna happen, it does appear that #5 on the list above, (no Christmas gifts other than what we make), is ridiculous and will be stricken off, and even #1 will be voided for special occasions.  (Guys, I DARE you to tell your wife that your anniversary dinner will be cancelled to meet your budget!)  But I am hoping that we will adhere to our agreement more often than we will ignore it.

I'll let y'all know how this works out for us.  Wish us luck!