Should you keep spending money while buried in debt? Here’s a dive into that question:
Being deeply in debt can feel like you’re shackled, but that doesn’t mean you can’t enjoy life. The trick is balancing financial recovery with personal happiness. Even while struggling with losses over $300,000, I avoided major purchases and instead, immersed myself in writing, which was both healing and cost-effective. During the 2008-2009 financial crisis, I didn’t buy anything over $200 but focused on enriching my blog and connecting with others in similar situations. As the economy recovered in 2010, I finally treated myself to some tailored clothes—spending cautiously on wants felt oddly thrilling after such restraint.
Even if my financial decisions led to personal losses, I was careful not to harm others. Overpaying for a car might benefit the salesperson, but it doesn’t help the community. If I defaulted on my mortgage or racked up credit card debt, it could increase costs or decrease property values for everyone around me. So while I managed my finances poorly at times, at least I didn’t drag others down with me.
Living beyond your means is common, but not inevitable. The personal finance community introduced me to many who are openly fighting their debt. This exposure has changed my perspective on spending and debt management. Perhaps extreme measures like implanting a financial restraint chip that releases anti-dopamine might sound ludicrous, but they highlight the lengths we might consider to enforce better financial habits.
Ultimately, whether or not you choose to spend while in debt is a personal decision. However, indulging in expensive pleasures isn’t wise if it means ignoring mounting debts. Living within your means might not be glamorous, but it can lead to financial freedom and peace of mind. Remember, you can find joy in life without spending excessively—sometimes, the best things in life truly are free.
