Consumerism: Spend less

This morning I logged into my Wells Fargo account and did something I like to do with my "my money" week income: I paid down my bills and transferred money to my credit card.

I know this is something one should do all of the time but it took me longer than most to really build up a head of steam. You see, for most of my adult life, I have been in love with the trappings of making money rather than the eventual having of money for a future expenditure.

It all started when I bought my most extravagant purchase in my adult life: My television. Forty-two inches diagonal, 1080p and having all the bells and whistles one could ask for, I struggled for weeks with the intention of purchasing an LCD television. One day, on a whim, now it seems, I went to the store and took out an interest-free, three-year loan to buy an $1,800 television (including warranty and DVD player). But that's when it hit me.

Most of the last couple of years, finally achieving constant employment and a steady income, I finally realized I made a big mistake. I didn't need this television. And, if the television lasts for 10 years, it cost nearly $200/year to own it. What the hell was I thinking?

Compounding it with my recent love of cycling, another $2,000 spent this summer, and gambling, $3,500/year on average, and it's no wonder that I am debt-laden and pondering the life of minimalist.

What it all comes down to is that, after years of bad habits, I realize I got caught up in an expensive lifestyle. Thank goodness I make enough money to have this lifestyle but it has buried me. I owe more money, at present, than I make in a year (including student loans). I realize that, at minimum payments, I could only knock my debt down by $3,000 in the next year. Only $3,000! Meanwhile I would be paying $2,400 in interest over that time!

Most people who find themselves in over their heads try to change when it is too late. Not me. I started a couple of months ago. Any extra money I have in a month is going to be broken up as such: Additional $10/month to television, $50 extra to credit card, $50 to savings and changing the minimum payment to student loan by $25. Hopefully, in a year (or less) I have no television payment, cut my credit card by 1/3 and, finally, got my total debt below my annual pre-tax income.

Let's just hope I don't want some new toy. So far, so good.

Peace.