Most personal finance experts tell you not to buy anything you dont need when youre paying off debt. And thats where I think we get it wrong.
Who wants to give up all the fun of spending and have nothing to look forward to? Not me.
When I was knocking out my debt, I considered the scrimp-and-save method, which severely restricts buying anything except essentials so you can squeeze a little extra into your payoff.
But constantly tracking every penny and slapping myself on the wrist when I went over budget didnt make me want to spend less — it just made me feel worse when I did. Plus, limiting my spending actually made me want to spend more, trapping me in a spend-and-restrict cycle. Now that Im a money coach, I understand why. T…
Read the full article at: https://www.cnet.com/personal-finance/banking/advice/i-ditched-debt-and-retired-early-by-following-the-1-dollar-rule-and-it-can-help-you-too/