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How Badly Do You Want the Money?

Serious question. Most people reading this blog are interested in personal finance, budgeting, getting out of debt, or something of that sort. I’d say that most of the blogs I subscribe too are PF-related. And today’s selection (along with some older ones) has raised that question for me.

If we’re looking to get out of debt, one of the best ways to do that (besides cutting spending) is to make more money and put it towards repayment.

Money Makeover guru Dave Ramsey suggests that people take on a part-time job or two as part of their debt snowball. Other people work 50-60 hours per week to hang onto a high-paying job or get overtime. Some supplement their income with things like E-bay, Etsy, and the like. Some blog for money or participate in other online money-making ventures. Or write novels (which don’t guarantee any return).

The trick is in finding balance. I don’t think the part-time thing would work out for me. Mr. Micah and I are recently married; I think it’s important to spend time together in the evenings, as we do. More importantly, perhaps, we suffer from depression so we need the mental health break.

On the other hand, the online options work better for me, since I love to write and blog.

Debt repayment is a tricky business, as is wealth accumulation. Sometimes the debt seems so overwhelming that we’re willing to sacrifice happiness and even well-being for it. Whether by keeping a bad job, taking to many jobs, or just thinking about it too much. That sort of thing might work for a few months, maybe a year or two, but without breathing time, it’s not worth it in the long run.

Here’s how a number of bloggers reflect on earning money and the balancing act of having a happy life while working and paying off debt:

John, from Queercents, wonders if he sacrificed too much and reflects on what he would have done differently.

Nina, also from Queercents, writes on the art of simultaneous professions.

Kimber, of No Limits Ladies, explains the psychological earnings threshold and how she wishes she’d known about it sooner.

Plus an expose of the world of young magazine subscription sellers (NYT). Earning money really costs these young people!

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Year-End Roundup - Best of the Blogosphere |
December 29, 2007 at 7:02 am

{ 4 comments… read them below or add one }

Anonymous September 26, 2007 at 12:55 am

Good points, Mrs. M. I used to be a highly, highly concerned girl in the financial region and thought about taking on part-time jobs to make what I deemed was “enough” (and what exactly is “enough” anyway??) I’ve settled down now (largely due to the fact that I have literally no time to think about or spend money anymore!) but I appreciate the point you make about the trade off – yes, you could get another job or find another source of income, but then there would be the valuable time lost with Mr. M that you could never buy back. And I personally remember snuggles much more readily than the stress of bills. 🙂

Question for you though – you talk a lot about your debt and my question for you is what type of debt is this? Are they all just student loans? Low interest? High interest? (you may have explained this on a post I missed – I’ve tried to keep up) With our loans (which are currently just Nathan’s from MC) we realized that paying them back faster than the loan companies required them really wasn’t going to save us that much money in interest in the end since the interest rates are both fixed and quite low. Is this a possibility for you?

I’ve also heard about all sorts of service possibilities (Peace Corps, Teach for America, etc.) which I believe forgive at least some debts. I know even some public high schools do that – I wonder if public universities might do something similar. Could that be a viable option? Nathan and I considered those things back in the day.

Alright, I’ve rambled on for far too long and given way more than the two cents I meant to offer. 🙂 I hope all is well with the Micahs. Much love,

Queercents September 26, 2007 at 1:03 am

You say it best when you write, “The trick is finding balance.”

Balance… when it comes to spending, saving and even how you earn it! Extremes in any direction can rob your life of its joy.

Anonymous September 26, 2007 at 1:09 am

I was reading Frugal Upstate and read if you are on any medicines such as anti-depressants you can use any coupons from other pharmacies such as free gift card transfers at Shopko. They accept any and all coupons. That is cool!! You could use a gift card for a splurge for free. Money is not everything. People are more important. Debt is a constant thing. Money can never buy true happines. We all just need to do our best. I try so hard to get out of debt but, it always finds me. Take care. Annette

SavingDiva September 26, 2007 at 5:14 pm

I agree that people are more important that money…I’m glad to see that you’re able to balance your job and developing marriage.

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