Cutting the Cord on Cable & Subscriptions
When my wife and I first started dating we were both young and in college. We were friends who quickly fell in love and have been together ever since. Many of our dates consisted of simply hanging out in our dorm rooms, watching Netflix. I’m sure many millennials can relate. Which makes me wonder why more people haven’t been cutting the cord on cable and other subscriptions.
Today is day FOUR of our No Spend Challenge and we are thinking about our bills. Each month we talk about which bills we have and consider which expenditures are necessary and which aren’t. As we told you before, even though we are completing an NSC, we will still be paying all of our monthly bills. We were looking at some of our subscriptions and realizing that there are a few that we thought we needed, but that would be pretty easy to cut out so that we can put more money toward our debt – which is the ultimate goal.
It can be truly disheartening to look at your budget and then look at your debt and realize that it will be years upon years before it will be paid off in its entirety. I know how it is, I go through it every month when we plan our budgeting. We put aside money for needs, money for bills, and the rest goes to debt. Even so, we are looking at over 10 YEARS of debt payments (at the rate we’re at now) before we finally pay off that last loan.
I read an article yesterday that stated over 75% of millennials are putting off the normal adult milestones because of the amount of debt they have incurred. In fact, student loan debts have increased a whopping 84% since 2008 – it’s the only consumer debt that continues to rise! Millennials avoid purchasing big items (such as houses, cars, etc.) and starting families based on the normal timeline in our society.
Now, I’m not saying that the government owes me money or they should pay off my loans. No. I know that, as an adult, I signed the papers to take on these loans myself – I made that decision. The biggest struggle is the fact that as an 18 year old, I didn’t realize that these loans would affect my decision to start a family, buy a home, or prepare for my retirement.
Of people in my generation, over 25% can’t even afford daily living needs, let alone dreams of having a baby. In the article listed above, one person stated that they hadn’t realized that the decision as to whether they would have a child would be based on a paper they signed as a teenager. My wife and I agree completely. And the thing is: we aren’t the only ones. Over THREE QUARTERS of our generation is suffering from this exact same thing.
Well, anyway, my wife and I have made the decision to work as hard as we can to pay off our debt as soon as possible and start living the life we’ve always wanted. Even if that means getting rid of subscriptions and cutting the cord on cable.
If you are new to our NSC Series, start here!
-If not, you can skip this section-
As some of you may know, we are in the midst of our first ever No Spend Challenge (NSC), which started January 1.
The short story is that my wife and I racked up a ton of debt (read how HERE) and want to pay it off as quickly as possible so that we can live our dream lives (read about our goals HERE). This challenge will help us learn about living frugal, saving money, and paying off our debt faster.
Visit our post, Frugal Living at its Finest: the No Spend Challenge, to view why we are doing the challenge, what the challenge entails, and the rules.
The hardest thing about budgeting and frugal living is doing it alone and that’s why we want to invite you all to join us on our NSC. Sign up below to opt-in to our email community, filled with exclusive tips and tricks for saving money to survive living frugal during your NSC month.
Follow our rules or make your own! Join for one week or the entire month! We know that not everyone is in the same situation we are in. Stick with the No Spend Challenge for as much or as little as you are able in your situation and don’t be afraid to hop on after the starting date (it’s never too late to join in on the fun!).
We’ll be taking the challenge right alongside you – with daily blog posts, encouragements, and exclusive email information and communication: this will be the single, greatest choice you make to jump start the New Year.