My husband and I are nearing retirement (ten years for him, more for me) and we are paying for colleges right now for two, and living in a very costly big house (it wasn't this expensive to heat when we bought it though, ugh, fuel costs!.) This week we decided to begin looking for a smaller home (less prop. taxes, less heating costs) and we plan to move in a year or two while my son is still at home (his sisters are in college). It feels so great to take control.

About the family friendly approach to debt eradication - I hear you! This year, for the first time, I started making lunches for school every day. It has saved us an enormous amount of money. Another move I made was to just not hand over money to the children so they can pick up a sub on the way to work, or spend dollars on an energy drink because it's friday and they need a treat. I do provide the lunch meat, cheese, and sub rolls they like so they have reluctantly learn to make their own after-school snacks. And we have plenty of water and juice to drink. This has been my huge success with the family - provide what they want to snack on and they won't walk down the street to the sub shop or convenience store...as much.

 Keep up the good work everyone! It's good to sleep at night, not worrying about losing a home, or having to deal with those endless collection calls, doesn't it?

best,

Pam

I compare it with "losing weight".  It is hard to get started and it is still hard to manage once you reach your goal.  I remember the years where every penny went to debt reduction, it seemed like a long way to go, but as got out of debt the extra cash makes life easier but it is still a challenge to live frugally and not splurge. 

Comparing "debt elimination" to "weight loss" is an interesting observation. The top two New Year's resolutions year in and year out are:

1. Lose Weight
2. Reduce Debt

They change position periodically, but they're always 1 & 2.

This would indicate little success in either.

I think this is because of these goals are too easy to achieve!

Skip the Big Macs for a month and watch a pound or two fall off. "Lose Weight" goal achieved.

Send in an extra $10 to your debt-card and voila, "Debt Reduced."

Of course, the following month, things revert to the norm.

True success with either goal requires a fundamental internal change. I don't care much for the concept of diets because the implication is that it's a temporary change -- until a goal is achieved. Likewise, I don't care much for the concept of debt reduction because the implication is some debt remains. Reduction is not the same as elimination.

The internal changes required for healthy living are likely to persist longer than a diet, just as the internal changes for living a Debt-Free life leave you allergic to personal debt. When you make the change, and discover you're more free than you've ever been, it ceases being a struggle.