1. I hated the idea of owing money so I tried to pay them off as soon as possible. I went through undergrad without loans but took out loans for business school. I attacked the principal as much as possible.
2. Books. Although I do try to buy them used or when there is a Kindle deal going on.
3. As somoene who has had them, 1. They are disgusting.
Thanks so much for these insights, Chris! I used to work in the administration at as a business school, and was *always* impressed by the investment the MBA students were making in themselves.
Books are the best bang-for-your-buck splurge around. Where else can you get a lifetime's worth of someone's distilled insights (or, in the case of fiction, their creativity) for less than twenty bucks?!
Kimberly, your and Chris's houseplants are great listeners because you have miraculously kept them alive; the same cannot be said for mine, may they rest in peace. I bet your house is filled with vitality, though...they make a space feel so homey!
I’ve had two types of debt: 1) a car loan to build credit at 4.99% and 2) a mortgage, varying from 2.625% to 4.125% over the last ~11 years. I hated the idea of owing so much that I paid down a 2.5% mortgage really aggressively. I really didn’t understand the stock market well at that time!
Can I pick a house cleaner for the splurge? I honestly don’t know that I can go back.
Back to the debt privilege...I’ve never lived in a place with cockroaches. My first post-undergrad apartment was ~$1,400/month. Living by myself was a really delightful splurge!
Jamie, it's so fun to hear about your own history and choices around debt! And the gift to yourself of a clean house is *everything.* I've only hired folks to do this once, but it was glorious. I remember walking around for weeks after, marveling at how sparkly my floors were.
And I fully endorse skipping past the "infested apartment" phase directly into the "living alone in a beautiful space" phase! After this early experience with bugs and nice-but-aloof Craiglist roommates, that was my next big splurge, too. It felt borderline unaffordable, and I had zero regrets.
Ah yes, graduating during the financial crisis, living in an apartment with cockroaches in an unaffordable city. Swap out DC for Boston and that was also my experience!
This post really brought me back to 2009, making less than 40K and reading A Little Ginger on my Google Reader! (RIP Google Reader). What a time to be navigating through life!
And also, famously, when you introduced the timeless concept of Doing Well to the canon! For what it's worth, I think that PG Rated could *absolutely* be relaunched on Substack...
Thank you so much for the kind mention, Maddie. 🥰 I never came across Mr. Ramsey's work (luckily; had enough baggage on my own!), but I, too, did the snowball payoff method. Sadly, not with my student loans (still paying that sweetheart off), but with credit cards (my first student loans, life rafts). It's so satisfying to see that balance go down, and then on to the next for more success! Finally, when I got the last balance down to something I knew I could pay off in a year, I transferred that balance to an interest-free card offer (which I think makes up for not paying off the highest interest card first). That was when I started putting everything possible on one credit card, and paying off the balance in full each payday. Those points racked up, which became cash transfers to my savings account. My credit score is now "exceptional".
It was actually my second apartment (first on my own) that had the little brown "German" roaches. When I asked the landlord about that, he reminded me that the building was constructed in the 1920s, so these were basically prehistoric. I got those little bait traps and, whenever I'd see one, I knew it was time to get more. I don't think I saw more than 3 at once (shortly after I moved in), but zero is the only good number in that regard.
I used to be an emotional shopper (side effect of a deep state of lack), so the non-negotiable would be whatever I "needed" (shoes, clothes, dinner out...clothes and shoes were always on sale, though). Right now, I just paid bills and wow. A little tight this pay period. But, that's not stopping me from getting a massage today. That is truly non-negotiable. It is *required* for survival. Fantastic post, Maddie. xo
Thanks so much for sharing your story here, Sandra! The way you describe the paydown process sounds laser-focused and super savvy. What an amazing accomplishment!
And you're so introspective about how emerging from a "deep state of lack" drove previous spending behavior—not everyone understands their impulses so well (it's taken me years, and there's more work to do).
Your splurge of choice is forcing to face a shameful spending truth of my own: I've *never* had a massage! (Cockroaches, yes, massages, no...clearly something is awry here.) Time to fix that little issue ASAP!
Hah! The last question made me chuckle, as I was on a girls trip recently and a huge roach showed up on the bedroom door. The masses lost their minds. I tried to “be the hero” and take a shoe to it, only to cause it to scatter under the pull out couch one of us inevitably would have to sleep on. A very nice man came to our aid, the actual hero, and found it.
I also graduated with student loan debt, upwards of 30K from undergrad, then when I went back to NP school, another 10K? (Rough #s, I’ve lived a lot of life since then 🤪).
After starting my first NP job, my spouse and I realized how much $$ per month we were paying towards for debt payments -- over 1G for student loans alone. And with the projected pay off date over ten years away?! Yuck.
I also found Dave Ramsey at that time and we got quite “gazelle-ish”, and paid off our loans within a year and a half or so, with minor tweaks of our own.
It’s tough for me to reconcile using “some” of his plan and integrating what we think works best for ourselves but personal finance is just that, deeply personal to what is happening in our lives. So I get where it makes sense to deviate at times but with a basic goal in mind.
Non-negotiable splurges... hmmmm... 5 Guys Burger and Fries! And sometimes we really do need to get away to a new environment (aka a trip that maaaaay be stretching the pockets too much) to help shift perspectives. But I’ve found books also help me to do this too, and they tend to be kinder to the purse strings 😄.
Bethany, there's so much good stuff to dig into here! "Personal finance is just that, deeply personal to what is happening in our lives." 100% this: increasingly, I've begun to believe that feeling solid about our money decisions does require technical financial knowledge, to one degree or another, but also a foundation of really, truly understanding ourselves: our values, priorities, psychology, and relationship dynamics. I so appreciate you sharing your own Dave Ramsey story—it's a very impressive one!
Best splurges ever: travel, travel via a good book, and (do I want to die on this hill?) possibly the best burgers and fries around. I lived in the mid-Atlantic just as they were starting to expand and franchise, so I kinda feel like I got in on the Five Guys ground floor.
In my book, you get *a lot* of brownie points for trying to be the cockroach hero, FWIW!!
Okay, time for your hot takes! 🔥
✳️ If you have experience with debt, how have you approached yours?
✳️ What splurges are non-negotiable, even when your income’s constrained?
✳️ When it comes to your first apartment, how many cockroaches is too many?
I also realize I never answered your questions.
1. I hated the idea of owing money so I tried to pay them off as soon as possible. I went through undergrad without loans but took out loans for business school. I attacked the principal as much as possible.
2. Books. Although I do try to buy them used or when there is a Kindle deal going on.
3. As somoene who has had them, 1. They are disgusting.
Thanks so much for these insights, Chris! I used to work in the administration at as a business school, and was *always* impressed by the investment the MBA students were making in themselves.
Books are the best bang-for-your-buck splurge around. Where else can you get a lifetime's worth of someone's distilled insights (or, in the case of fiction, their creativity) for less than twenty bucks?!
Books have been a better investment than business school. Although I probably didn't go for the right reasons. At least I made some great friends.
It does seem like a great place to create lasting friendships...which is worth a lot.
"Here for the right reasons" always makes me think of this, FWIW: https://www.youtube.com/watch?v=tGvZDlZWlxU
Non-negotiable splurge - house plants! They make me so very happy and they don’t eat much.:)
They are also great listeners!
Absolutely!
Kimberly, your and Chris's houseplants are great listeners because you have miraculously kept them alive; the same cannot be said for mine, may they rest in peace. I bet your house is filled with vitality, though...they make a space feel so homey!
RIP friends! I can't say all mine have survived, and I always feel a pang of guilt when I send them to the compost pile to return to their origins. :)
I’ve had two types of debt: 1) a car loan to build credit at 4.99% and 2) a mortgage, varying from 2.625% to 4.125% over the last ~11 years. I hated the idea of owing so much that I paid down a 2.5% mortgage really aggressively. I really didn’t understand the stock market well at that time!
Can I pick a house cleaner for the splurge? I honestly don’t know that I can go back.
Back to the debt privilege...I’ve never lived in a place with cockroaches. My first post-undergrad apartment was ~$1,400/month. Living by myself was a really delightful splurge!
Jamie, it's so fun to hear about your own history and choices around debt! And the gift to yourself of a clean house is *everything.* I've only hired folks to do this once, but it was glorious. I remember walking around for weeks after, marveling at how sparkly my floors were.
And I fully endorse skipping past the "infested apartment" phase directly into the "living alone in a beautiful space" phase! After this early experience with bugs and nice-but-aloof Craiglist roommates, that was my next big splurge, too. It felt borderline unaffordable, and I had zero regrets.
Ah yes, graduating during the financial crisis, living in an apartment with cockroaches in an unaffordable city. Swap out DC for Boston and that was also my experience!
When you told me you graduated in '08, I immediately knew we shared at least *some* of the same bleak post-grad experiences!
This post really brought me back to 2009, making less than 40K and reading A Little Ginger on my Google Reader! (RIP Google Reader). What a time to be navigating through life!
And also, famously, when you introduced the timeless concept of Doing Well to the canon! For what it's worth, I think that PG Rated could *absolutely* be relaunched on Substack...
Wise words
Thank you so much, my friend!
Thank you so much for the kind mention, Maddie. 🥰 I never came across Mr. Ramsey's work (luckily; had enough baggage on my own!), but I, too, did the snowball payoff method. Sadly, not with my student loans (still paying that sweetheart off), but with credit cards (my first student loans, life rafts). It's so satisfying to see that balance go down, and then on to the next for more success! Finally, when I got the last balance down to something I knew I could pay off in a year, I transferred that balance to an interest-free card offer (which I think makes up for not paying off the highest interest card first). That was when I started putting everything possible on one credit card, and paying off the balance in full each payday. Those points racked up, which became cash transfers to my savings account. My credit score is now "exceptional".
It was actually my second apartment (first on my own) that had the little brown "German" roaches. When I asked the landlord about that, he reminded me that the building was constructed in the 1920s, so these were basically prehistoric. I got those little bait traps and, whenever I'd see one, I knew it was time to get more. I don't think I saw more than 3 at once (shortly after I moved in), but zero is the only good number in that regard.
I used to be an emotional shopper (side effect of a deep state of lack), so the non-negotiable would be whatever I "needed" (shoes, clothes, dinner out...clothes and shoes were always on sale, though). Right now, I just paid bills and wow. A little tight this pay period. But, that's not stopping me from getting a massage today. That is truly non-negotiable. It is *required* for survival. Fantastic post, Maddie. xo
Thanks so much for sharing your story here, Sandra! The way you describe the paydown process sounds laser-focused and super savvy. What an amazing accomplishment!
And you're so introspective about how emerging from a "deep state of lack" drove previous spending behavior—not everyone understands their impulses so well (it's taken me years, and there's more work to do).
Your splurge of choice is forcing to face a shameful spending truth of my own: I've *never* had a massage! (Cockroaches, yes, massages, no...clearly something is awry here.) Time to fix that little issue ASAP!
Holy sh!t, Maddie! That must be fixed! Get a good rec, though. There's nothing worse than a bad massage. It's not pizza. xo
I just did a spit-take! Duly noted. Signed, a frequent Domino's customer.
😘🍕🙌🏼 xo
Hah! The last question made me chuckle, as I was on a girls trip recently and a huge roach showed up on the bedroom door. The masses lost their minds. I tried to “be the hero” and take a shoe to it, only to cause it to scatter under the pull out couch one of us inevitably would have to sleep on. A very nice man came to our aid, the actual hero, and found it.
I also graduated with student loan debt, upwards of 30K from undergrad, then when I went back to NP school, another 10K? (Rough #s, I’ve lived a lot of life since then 🤪).
After starting my first NP job, my spouse and I realized how much $$ per month we were paying towards for debt payments -- over 1G for student loans alone. And with the projected pay off date over ten years away?! Yuck.
I also found Dave Ramsey at that time and we got quite “gazelle-ish”, and paid off our loans within a year and a half or so, with minor tweaks of our own.
It’s tough for me to reconcile using “some” of his plan and integrating what we think works best for ourselves but personal finance is just that, deeply personal to what is happening in our lives. So I get where it makes sense to deviate at times but with a basic goal in mind.
Non-negotiable splurges... hmmmm... 5 Guys Burger and Fries! And sometimes we really do need to get away to a new environment (aka a trip that maaaaay be stretching the pockets too much) to help shift perspectives. But I’ve found books also help me to do this too, and they tend to be kinder to the purse strings 😄.
Thanks for the article, Maddie!
Bethany, there's so much good stuff to dig into here! "Personal finance is just that, deeply personal to what is happening in our lives." 100% this: increasingly, I've begun to believe that feeling solid about our money decisions does require technical financial knowledge, to one degree or another, but also a foundation of really, truly understanding ourselves: our values, priorities, psychology, and relationship dynamics. I so appreciate you sharing your own Dave Ramsey story—it's a very impressive one!
Best splurges ever: travel, travel via a good book, and (do I want to die on this hill?) possibly the best burgers and fries around. I lived in the mid-Atlantic just as they were starting to expand and franchise, so I kinda feel like I got in on the Five Guys ground floor.
In my book, you get *a lot* of brownie points for trying to be the cockroach hero, FWIW!!