How do/did you handle severe debt?

[Thursday]

While I have no experience in terms of truly being in debt, I do notice that many little things pile up to be huge problems. Friends who are supposedly in better financial situations than my husband and I have not been able to save money for a rainy day, while we who earn only a third of their income (husband is the only earner currently) have a house of our own with no big debts. Our friends take taxis to work, buy the latest gadgets and go for expensive restaurants whenever they want. We enjoy those things in moderation.

I agree with Mia. Cooking your meals and biking to work helps. Not only does it save money, it helps keep you physically well. Hospital bills are major sources of debt and canned/fast food are both expensive and unhealthy. We don't drink coffee from Starbucks, we're content with just the run in the mill ones from the grocery. No cable subscription, we went for better internet because it doubles as a work expense.

It may not be a miracle worker, but the small things we saved up over the years has helped pay for the bills.

 

[Mia]

One of the things my husband had a handle on, and I didn't when we married, was the difference between 'wants' and 'needs.' It's something I learned over time, establishing priorities, saving, working towards goals. It was something I didn't learn growing up. Yet people I know are in debt, even in retirement. It's almost as if people fall into the trap of wants, absolutely desiring something that is often unnecessary.

Notice some people in the area I live in with lots of things. Three wheeler's, several motorcycles, pools, recreation vehicles, snowmobiles, trailers to pull their stuff around with. See cyclists with eight thousand dollar bikes, I long-distance cycle most days and my bike is well made and I saved for it. It's probably the 'thing' I enjoy the most. It was under a thousand dollars, and I'm really proud of it. I know that most people in this area maintain about a 23 % debt load, about 68% are apartment dwellers and eat out several times a week. They spend on restaurant meals, clothes and cars and two vacations per year. Much of the time they drive around, some people go out ten or so times a day on the weekends. It's likely because they have little available money for anything but gas.

 

[Crossbreed]

I do not recall at any point in school where they actually taught us how to handle money or "financial management."

I was following the teachings of my high school Consumer Ed. class, initially (having a single, joint account), but it became increasingly hard to keep track of all of its activity and requirements. With multiple accounts, I am always clear about how much that I have remaining for each purpose. If I shop at a store that has both food and non-food items, I will separate them into two different orders and pay for them differently.

Three of our four PayPal accounts are used in lieu of debit cards, because it is easier to un-load funds from PayPal than it is from conventional debit cards. And Google makes it so you don't have to create multiple email accounts to do so. (I will post a how-to on the Computers... sub-forum.)

 

[Streetwise]

@ArtisticAspie

 

[Fridgemagnetman]

One of the things my husband had a handle on, and I didn't when we married, was the difference between 'wants' and 'needs.' It's something I learned over time, establishing priorities, saving, working towards goals. It was something I didn't learn growing up. Yet many of my siblings are in debt, even in retirement. It's almost as if people fall into the trap of wants, absolutely desiring something that is often unnecessary.

Notice some people in the area I live in with lots of things. Three wheeler's, several motorcycles, pools, recreation vehicles, snowmobiles, trailers to pull their stuff around with. See cyclists with eight thousand dollar bikes, I long-distance cycle most days and my bike is well made and I saved for it. It's probably the 'thing' I care about the most. It was under a thousand dollars, and I'm really proud of it. I know that most people in my province maintain about a 23 % debt load, about 68% are apartment dwellers and eat out several times a week. They spend on restaurant meals, clothes and cars and two vacations per year. Much of the time they drive around, some people go out ten or so times a day on the weekends. It's likely because they have little available money for anything but gas.

We moved to 2 freezers years ago. Have weeks worth of food in it, pre cooked meals we make. Great for easy days.
Also a good feeling stocking up and cooking large batches.
Like a savings account really $$$ of food.

Prefer our food rather than eating out. So more money saved.

 

[Mia]

Also a good feeling stocking up and cooking large batches.
Like a savings account really $$$ of food.
Prefer our food rather than eating out

We do the same, and have a freezer. I cook almost every day, because I like to. My spouse cleans up and does the dishes. He likes the routine of that dinner meal, as I do.

Went to costco last week and stocked up on winter food supplies, and will do so several times. We eat so much better than most people we know. Quite a varied diet, find 'fast food' really hard to eat. Don't crave french fries or pizza or hamburgers all that much.

Like that we have lots of food, when were 'socked in' by a winter snow storm we don't have to worry.

 

[Fridgemagnetman]

We do the same, and have a freezer. I cook almost every day, because I like to. My spouse cleans up and does the dishes. He likes the routine of that dinner meal, as I do.

Went to costco last week and stocked up on winter food supplies, and will do so several times. We eat so much better than most people we know. Quite a varied diet, find 'fast food' really hard to eat. Don't crave french fries or pizza or hamburgers all that much.

Like that we have lots of food, when were 'socked in' by a winter snow storm we don't have to worry.

Costco is the one, ,amazon can be good.
even take a flask of coffee sometimes.

I enjoy cooking too, soda bread, biscuits, cookies
easy stuff but i like it.

 

[Mia]

I enjoy cooking too, soda bread, biscuits, cookies
easy stuff but i like it.

Made irish soda bread for many years, can only find french style white sliced or baguette type bread where I am. I hate the crust, which is too chewy for me and it becomes like cement when I toast it. Even make digestives and baking powder biscuits. The easy stuff is the best.

 

[Fridgemagnetman]

Made irish soda bread for many years, can only find french style white sliced or baguette type bread where I am. I hate the crust, which is too chewy for me and it becomes like cement when I toast it. Even make digestives and baking powder biscuits. The easy stuff is the best.

There doesnt seem to be much buttermilk around these days, i guess no one is using it.
Hate those baguettes. I mean,seriously?

Still trying to find the right flour, tried spelt before just because it was there.
But some of the wholegrain ones dont cut it.

 

[Mia]

There doesnt seem to be much buttermilk around these days, i guess no one is using it.
Hate those baguettes. I mean,seriously?

Also make my own butter, which is one of the easiest things there is to make in a food processor. It doesn't last long, becomes rancid quickly in the heat and needs to be refrigerated in small amounts or frozen. One of the advantages is that when you beat cream it becomes butter, then you wash it with water. The water cleans the butter and becomes real buttermilk, not the cultured kind that you find in stores. I freeze the buttermilk and use it in bread and other things. It's slightly more expensive to make butter, but I like its taste better.

Still trying to find the right flour, tried spelt before just because it was there.
But some of the wholegrain ones dont cut it.

Use corn flour quite a bit, and I'll grind oats, and sometimes a mixture of flakes or ground flaxseed or hemp in the coffee grinder to make bread or baked goods. Usually add about 1/4 to 1/2 to the amount of regular flour so it's not too heavy. Turns out pretty well most of the time.

 

[Fridgemagnetman]

Also make my own butter, which is one of the easiest things there is to make in a food processor. It doesn't last long, becomes rancid quickly in the heat and needs to be refrigerated in small amounts or frozen. One of the advantages is that when you beat cream it becomes butter, then you wash it with water. The water cleans the butter and becomes real buttermilk, not the cultured kind that you find in stores. I freeze the buttermilk and use it in bread and other things. It's slightly more expensive to make butter, but I like its taste better.



Use corn flour quite a bit, and I'll grind oats, and sometimes a mixture of flakes or ground flaxseed or hemp in the coffee grinder to make bread or baked goods. Usually add about 1/4 to 1/2 to the amount of regular flour so it's not too heavy. Turns out pretty well most of the time.

That's interesting,thank you. The buttermilk sounds like it may be a better method.