The Bare Bones Budget – How to Climb Out of Debt
I am embarrassed to admit how many times I have had to reset my credit card and bank account passwords. I avoided checking those like the plague because I didn’t want to look at the $90.00 fish taco date or the countless subscriptions to newspapers, steaming services and hair loss treatments on my statement. When forced to pull that up, I would spend 5 minutes trying different variations of my college passwords until I was locked out of the account. I would make that uncomfortable call and explain that i’m not a nefarious hacker trying to make a quick buck. I was just a forgetful millennial that didn’t like to think about my irresponsible spending habits.
Fortunately, I had what many call a religious experience. My friend introduced me to a Tim Ferriss podcast with blogger Mr. Money Mustache. This is a blogger that retired at the age of 30 by focusing on joy. He made a conscious effort to recognize the aspects of his life that produced healthy happiness and quickly recognized that consumerism had nothing to do with that. I learned that cutting the fat of bad spending habits is more than an antidote to a problem, but rather a liberating lifestyle. This empowered me to face my demons, remember my password and make a plan.
Addressing your spending habits can be even scarier when you are in debt. It’s hard to know where to start and scary to find that it is worse than you thought. Before resetting your password to take a look, it is important to know that you always have options. If you find that cutting the fat will barely make a dent, you have legal alternatives that protect you from creditor harassment and a life of indebtedness.
I came across the bare bones budget on another favorite financial blog of mine, The Simple Dollar. This post lays it out for you step by step. If you find that the bare bones budget is not enough, reach out to a Jumpstart attorney for a free consultation to explore your legal options.