I'm getting close to knocking out that last student loan! A few years ago I had 4 student loans. This happened because when I was going to school the banks and government couldn't figure out who was going to take on the responsibility. I started out with one bank and then the next year a different bank had taken over. Then the next time the National Student Loan Centre took over plus the provincial and federal loans. That resulted in 4 different payments on student loans! Let me tell you, I will be glad to be done with them!!! This upcoming pay I will be dropping a $200.00 payment which will leave $412.00 owing.
Lots of times I tend to be the type of person who likes to get all the hard work done before I allow myself a break or reward. I do recall allowing myself to purchase a subway sandwich after I paid off my credit card. I'm happy with a small reward like that since spending any large sum of money on something while I still have debt would just feel very wrong.
I'm curious what you do? Do you reward yourself at your different steps or at points along the way? If you are debt free, did you reward yourself along the way? What is/was your criteria for allowing yourself a reward? How do/did your reward yourself?
When I reach a particular goal, I reward myself by spending $20.00 on whatever I want! Usually, it is a book, or a cute top. But I limit it to $20.00
ReplyDeleteI reward myself with a diet coke at Mcd's if I sew over $100.00 in a day. It is a silly motivation, but it is a buck. I know, I know I could save that. But I get up do house work, sew for several hours often teach for 3 or 4 hours and then clean a big bank. I neeeeeeeed a treat.
ReplyDeletehmm, when I paid off my credit cards I ended my clothes shopping ban and budgeted a couple hundred dollars for clothes-some needed, but some just wanted. Then I buckled down and got back to paying off my bar. When I paid off my car I was boring and just paid to have it washed instead of doing it myself. I also went on vacation the next month and enjoyed having the money to do it. I guess I went big on rewards, but I also got back on track right after, so I feel good about it.
ReplyDeleteMy husband and I have spending money that we take out every month and when its gone, its gone. But we don't go over our spending money. It keeps us in check and working hard to save and be frugal! :)
ReplyDeleteYes, we rewarded ourselves along the way. Nothing too big. Like a date night or a video game.
ReplyDeleteRewards helped us. It's just a small reminder that we don't have to spend a lot of money all the time to ejoy our life, but small splurges are okay too.
We haven't actually reached a goal yet, but we stick to our allowance, and let that be our 'treat' for the week. Save it, spend it, it's ours to do what we want with.
ReplyDeleteIts important that we don't forget to LIVE our life. Feelings of deprivation (spending OR food, haha) lead to backlash in the end (for us anyway)
When I was paying off my c.c. I was like you... I went into it full-force to get it paid off and get it out of the way. I honestly agree with you... I don't get when people owe HUGE amounts of money then take a vacation, or drop $500 on an electronic toy. I think that's insane, but that's just me.
ReplyDeleteI reward myself occasionally with sushi and bubble tea. I know it's silly but these are just so expensive!
ReplyDeleteUsually a DVD, but with a limit of $20. Half the time nothing, that in it's own way is the reward. How times can change for the better ! I remember when I would reward myself with a $500 credit card spending spree, not sure what I was rewarding myself for though !
ReplyDeleteWhen we were still in debt, we held off on pretty much all rewards till we were done paying it off.
ReplyDeleteSince then I still have some trouble rewarding myself but that's just my personality. I really don't like spending money. I want to squirrel it all away. :)
~ Makky's Mom
My rewards are clothes and food! I am going to spend the equivalent of 1 mortgage payment on diamond earrings when I am done. Extravagant and over the top - yes! But once in my life and after 19+ total years of paying a mortgage something just for me!
ReplyDelete@ Carla: I totally understand your outlook! I know your comment wasn't directed at me, but I felt compelled to reply.
ReplyDeleteMy husband and I owe a large amount of money (mainly student loan debt I've accrued), but in this past year we did take a small vacation & I bought a new camera (using gift money we received from my grandpa). I know it may seem like a silly excuse to some, but we chose to do these things because quite frankly.. 2011 has been an emotional disaster. I lost my mom, who was only 43, very unexpectedly. We took a small vacation to get away, and I bought the camera to help me develop new and constructive hobbies. We don't regret either splurges because it's provided us some comfort during this rough time.
We're paying our debts off slowly but surely, so I think personal situations sometimes warrant a special splurge or two :)