Guest Blog: Learning Independence from Debt

Here’s another guest blog on financial independence from my friend Megan Rose.Call me crazy, but I love the smell of sun block. It makes me think back to my childhood and I remember all the fun things we used to do during the summer. My favorite time was the 4th of July. Fireworks, hot dogs and watermelon…it was the best. Obviously the whole reason we celebrate our independence day was lost on me at the time, but now that I am older, I can fully appreciate how important independence is. The definition of independence is “freedom from the control, influence, support, aid, or the like, of others.” So- this past 4th of July, I thought “what am I NOT independent from?” Debt. Grr. How did this happen to me? I have a type A personality- I am meticulous to the point of being annoying. How could I have gotten into debt? Yet, there is my looming credit card balance. So my husband and I hunkered down and put together a plan to pay it off. We realized that some major emergency purchases have made up our debt (mostly car repairs), so we put an emergency fund together, to eliminate any additional future debt. Then, we consolidated. We were blessed to have an incredible offer from Discover card of zero percent interest for the life of the balance- as long as two purchases are made each month. So, three credit card bills turned into one and we are on our way to paying down the debt. The key is, to not put any more debt on the card during this process. You mean live within my means?! What? Yeah, I know. It is hard for me too. That brings me to one of the biggest parts of our debt- our third child. I would say that about $2500 of our debt went to having the chubby little cutie pie that loves to smile and eat bananas. And of course I wouldn’t change it for the world. Our other children are 6 years old and 3 years old. I have tried to involve them in the budgeting and debt process as much as is appropriate. They help me look for good deals at the store, I ask them questions about how much things cost and now that my daughter can read and knows a little about money, we are making some head way. I recently gave my son a quarter at a garage sale and explained to him that he could pick whatever he wanted that was under 25 cents. He chose a couple things that were above his limit, but ended up finding a couple toys for 10 cents a piece. As they get older, I want them to be financially independent. I want them to control their money- not let it control them. I also want to encourage them to be entrepreneurial. My son loves to do yard work. Family members say “maybe he will become a gardener when he grows up.” Let’s go one step beyond that- maybe he can own his own landscaping company! I constantly am having ideas of cool businesses that I would like to do…most of which come out of some need or desire I have. I just haven’t taken the leap yet. It would be great to not only be out of debt, but to have my own business. Then I could really be financially independent. I have heard that being debt free feels incredible, that you can finally live in the present and not the past. I am probably still paying for things that I don’t have anymore! So, with a deep breath and a look towards the future, I continue to faithfully pay off my credit card and keep my eye on the finish line.