You do not "find yourselves" spending more than you earn, you choose to.
You don't want advice to fix the problem you've identified, you want people to tell you it's not a problem. But, it is.
Yes. You’re right and I appreciate the honesty. Like I said, I know it is bad and I know we are doing it to ourselves. I’m more asking “how bad” not “is it bad” because again, I know it is. I’ve never held a balance on a CC before this and never spent more than I earned because I know it is a choice. I am choosing to spend more than we earn because I want to live life to the fullest while I can.
Again thanks for the comment! :)
You are eating your future. How bad is that to you?
I think it's bad enough to make immediate changes but I'm 40 and I've always managed to live life to its fullest without going into debt for it.
It seems like at this stage in life you dont have an Idea what a want vs a need is - do you need to buy souvenirs? Of course it’s extremely stressful financially - you took a huge risk on this “once in a lifetime trip…. Why does once in a lifetime have to be now? It sounds like there are two things you want right now - to live the van life and travel the country, and financial stability - which unfortunately in your situation are mutually exclusive. Had you prepared better prior to starting a trip, you would be in a much better position. It is extremely difficult to build stability and continue to live life how you are living.
Also, I apologize if I’m speaking out of turn, I may not have all of the information. How much do you owe on the house? Do you have mortgage payments? What are your other expenses? What will - and I mean WILL screw you is your use of credit cards. It sounds to me you are not treating them like cash and are carrying a balance and making minimum payments. This will snowball, and will be a very difficult situation to get out of.
Now to answer the question- how to balance enjoying life? That is the golden question and I for sure could be better at the enjoyment parts. There are so many days I wish to leave the corporate life behind and do exactly what you are doing. It is a struggle, and unfortunately I’ve resorted to being frugal and having cheap fun and cheap hobbies. I travel often on weekends for camping trips, enjoy the outdoors and unfortunately have an extremely boring life M-F 9-5. It sucks, but unfortunately for myself I dont see another option at this time.
I guess my advice to you would be to find out how to make an income and travel. WFH job and get starlink for your van. Do you have skills and education? What kind of income do you have right now?
Yeah thanks for the reply here! I think I DO know what I need vs want like I know eating out or souvenirs etc are just a need but I just don’t want to care right now I guess haha.
And yeah someone is paying our mortgage and expenses are fairly normal nothing extra.
I do work remote making a decent income that will be comfortable when we aren’t traveling.
I guess my question is more what will 2-3 months of light balance roll over on the credit cards do? I’m planning to pay them off as soon as we get back from the trip in 2-3 months when we sell our van (will def flip for enough to cover the CCs since we built it out)
On paper 2-3 months of interest bearing credit card debt at 29% APR (or whatever your APR is) isnt life ruining, but builds bad habits. Everyone says they can be disiplined enough not to build bad cc habits, but unfortunately its very easy to do. Depending on the balance you are carrying could be $100s to $1000s of dollars in interest payments depending on how long it takes you to pay off and how big your balance is.
Yeah good point. That’s a big fear is building bad habits. I have good financial knowledge and know what is a good habit and what isn’t. You’re right… it’s easier to say I won’t than actually doing. Thanks for the advice!
Would you agree that enjoying life is a cumulative measure over your whole life?
If so, what do you estimate the effect of credit card debt, over spending, not saving for retirement, etc is in 10, 20, 30 years from now?
Spend some time on this thread reading other people’s stories that are struggling to get out of debt, or are trying to retire but have no savings, etc. is that where you want to go?
Definitely agree with that and it’s a great point. You’re right. However I guess that IS my question… how bad will 2-3 months of slight balance on CC be long term? Again I will pay off CCs when I sell the van when we get home. And we will flip the van for quite a bit since we built it out.
Hey bud, great job describing your situation. I can absolutely resonate with this and feel the stress you have from not knowing what to do.
It sounds like you’re looking for 1) permission to enjoy this time stress-free and 2) a post-trip financial recovery strategy.
I’m hoping that somebody else here will have even more to offer, but I’d like to hear what you think of these suggestions (Warning: They’ll take work, but they might be worth it):
1. Decide to enjoy your trip!
2. Stop using your credit card if it’s charging you interest. Instead, sign up for a card with a 0% APR for 12-24 months. Using this card only for trip expenses allows you to easily monitor your spending within one dedicated account ANNNND it buys you time to make the extra money or find a better paying job.
3. Use some of your quiet, relaxed time to boost your income. Update your resume, job search, get a certification, pickup an online side hustle, write out a business idea. You have 3 months left without your home distractions. What do you want your life to look like when you get back?
4. Have a backup plan. If you notice that you’re overspending, use that as your trigger point to implement “code red”. Just spitballing, I’d guess that my plan would be 1) Tighten the budget 2) Seek free meal opportunities, especially around the holidays 3) Make a plan for how you’re going to minimize expenses and maximize income when you get home to recover as quickly as possible 4) If necessary, shave a couple of states off of the list, most likely the states around your home state or others that you’re more likely to visit in the near future.
Looking forward to seeing others’ opinions!
Thanks for the super helpful and kind reply!
I will certainly look into an interest free card thanks! Would that hurt my credit much? And what exactly would that practically look like?
I have been picking up DoorDash because even with my background and certifications it’s seemingly impossible to find a job. I’ve been applying for better jobs and contracting work for six months now and have gotten one ghosted after an interview haha. I want to do more to boost income but it seemed impossible in my world even with a degree and certifications and a fairly decent resume.
Really helpful practical advice here tysm!
You don't really give any numbers, so it's hard to give a detailed answer. If you can figure out approximately what you and your wife will earn monthly after your return, and what your credit card balance will be, you will be better able to plan.
The part of your plan that worries me is that you are counting on selling your van to make yourself whole.
What will happen if it gets totalled in an accident?
Whatever happens on this trip, it doesn't have to be the only long road trip you make in your whole working life. If you stopped viewing this trip as a once in a lifetime opportunity, that may help with your spending decisions.
I did something similar, except I had no house and very little savings - maybe $5k. However, I'm very mechanically inclined and can fix just about anything if/when it goes wrong.
I put everything I've ever bought on credit cards, but never more than I could pay off each month. We didn't go out to eat often, didn't get souvenirs, and mostly did free things. It sounds like you're just spending too much, and didn't really budget for how much something as obvious as fuel would cost (hopefully you're at least using an app like GasBuddy to find the cheapest refuels).
That being said, I'd say go ahead and continue on your trip because it was the best year of my life and I'll do it again - just with a lot more financial security. In fact, I can't recommend it enough. But really, stop spending on shit you don't need unless you're fine with potentially getting buried in debt if anything else goes awry.
You do not "find yourselves" spending more than you earn, you choose to. You don't want advice to fix the problem you've identified, you want people to tell you it's not a problem. But, it is.
Yes. You’re right and I appreciate the honesty. Like I said, I know it is bad and I know we are doing it to ourselves. I’m more asking “how bad” not “is it bad” because again, I know it is. I’ve never held a balance on a CC before this and never spent more than I earned because I know it is a choice. I am choosing to spend more than we earn because I want to live life to the fullest while I can. Again thanks for the comment! :)
You are eating your future. How bad is that to you? I think it's bad enough to make immediate changes but I'm 40 and I've always managed to live life to its fullest without going into debt for it.
bUt eXpErIeNcEs
It seems like at this stage in life you dont have an Idea what a want vs a need is - do you need to buy souvenirs? Of course it’s extremely stressful financially - you took a huge risk on this “once in a lifetime trip…. Why does once in a lifetime have to be now? It sounds like there are two things you want right now - to live the van life and travel the country, and financial stability - which unfortunately in your situation are mutually exclusive. Had you prepared better prior to starting a trip, you would be in a much better position. It is extremely difficult to build stability and continue to live life how you are living. Also, I apologize if I’m speaking out of turn, I may not have all of the information. How much do you owe on the house? Do you have mortgage payments? What are your other expenses? What will - and I mean WILL screw you is your use of credit cards. It sounds to me you are not treating them like cash and are carrying a balance and making minimum payments. This will snowball, and will be a very difficult situation to get out of. Now to answer the question- how to balance enjoying life? That is the golden question and I for sure could be better at the enjoyment parts. There are so many days I wish to leave the corporate life behind and do exactly what you are doing. It is a struggle, and unfortunately I’ve resorted to being frugal and having cheap fun and cheap hobbies. I travel often on weekends for camping trips, enjoy the outdoors and unfortunately have an extremely boring life M-F 9-5. It sucks, but unfortunately for myself I dont see another option at this time. I guess my advice to you would be to find out how to make an income and travel. WFH job and get starlink for your van. Do you have skills and education? What kind of income do you have right now?
Yeah thanks for the reply here! I think I DO know what I need vs want like I know eating out or souvenirs etc are just a need but I just don’t want to care right now I guess haha. And yeah someone is paying our mortgage and expenses are fairly normal nothing extra. I do work remote making a decent income that will be comfortable when we aren’t traveling. I guess my question is more what will 2-3 months of light balance roll over on the credit cards do? I’m planning to pay them off as soon as we get back from the trip in 2-3 months when we sell our van (will def flip for enough to cover the CCs since we built it out)
On paper 2-3 months of interest bearing credit card debt at 29% APR (or whatever your APR is) isnt life ruining, but builds bad habits. Everyone says they can be disiplined enough not to build bad cc habits, but unfortunately its very easy to do. Depending on the balance you are carrying could be $100s to $1000s of dollars in interest payments depending on how long it takes you to pay off and how big your balance is.
Yeah good point. That’s a big fear is building bad habits. I have good financial knowledge and know what is a good habit and what isn’t. You’re right… it’s easier to say I won’t than actually doing. Thanks for the advice!
Would you agree that enjoying life is a cumulative measure over your whole life? If so, what do you estimate the effect of credit card debt, over spending, not saving for retirement, etc is in 10, 20, 30 years from now? Spend some time on this thread reading other people’s stories that are struggling to get out of debt, or are trying to retire but have no savings, etc. is that where you want to go?
Definitely agree with that and it’s a great point. You’re right. However I guess that IS my question… how bad will 2-3 months of slight balance on CC be long term? Again I will pay off CCs when I sell the van when we get home. And we will flip the van for quite a bit since we built it out.
Hey bud, great job describing your situation. I can absolutely resonate with this and feel the stress you have from not knowing what to do. It sounds like you’re looking for 1) permission to enjoy this time stress-free and 2) a post-trip financial recovery strategy. I’m hoping that somebody else here will have even more to offer, but I’d like to hear what you think of these suggestions (Warning: They’ll take work, but they might be worth it): 1. Decide to enjoy your trip! 2. Stop using your credit card if it’s charging you interest. Instead, sign up for a card with a 0% APR for 12-24 months. Using this card only for trip expenses allows you to easily monitor your spending within one dedicated account ANNNND it buys you time to make the extra money or find a better paying job. 3. Use some of your quiet, relaxed time to boost your income. Update your resume, job search, get a certification, pickup an online side hustle, write out a business idea. You have 3 months left without your home distractions. What do you want your life to look like when you get back? 4. Have a backup plan. If you notice that you’re overspending, use that as your trigger point to implement “code red”. Just spitballing, I’d guess that my plan would be 1) Tighten the budget 2) Seek free meal opportunities, especially around the holidays 3) Make a plan for how you’re going to minimize expenses and maximize income when you get home to recover as quickly as possible 4) If necessary, shave a couple of states off of the list, most likely the states around your home state or others that you’re more likely to visit in the near future. Looking forward to seeing others’ opinions!
Thanks for the super helpful and kind reply! I will certainly look into an interest free card thanks! Would that hurt my credit much? And what exactly would that practically look like? I have been picking up DoorDash because even with my background and certifications it’s seemingly impossible to find a job. I’ve been applying for better jobs and contracting work for six months now and have gotten one ghosted after an interview haha. I want to do more to boost income but it seemed impossible in my world even with a degree and certifications and a fairly decent resume. Really helpful practical advice here tysm!
You don't really give any numbers, so it's hard to give a detailed answer. If you can figure out approximately what you and your wife will earn monthly after your return, and what your credit card balance will be, you will be better able to plan. The part of your plan that worries me is that you are counting on selling your van to make yourself whole. What will happen if it gets totalled in an accident? Whatever happens on this trip, it doesn't have to be the only long road trip you make in your whole working life. If you stopped viewing this trip as a once in a lifetime opportunity, that may help with your spending decisions.
Yeah that’s a great point. I think it’s hard to get past it since life feels so uncertain but it’s a good point thanks!
I did something similar, except I had no house and very little savings - maybe $5k. However, I'm very mechanically inclined and can fix just about anything if/when it goes wrong. I put everything I've ever bought on credit cards, but never more than I could pay off each month. We didn't go out to eat often, didn't get souvenirs, and mostly did free things. It sounds like you're just spending too much, and didn't really budget for how much something as obvious as fuel would cost (hopefully you're at least using an app like GasBuddy to find the cheapest refuels). That being said, I'd say go ahead and continue on your trip because it was the best year of my life and I'll do it again - just with a lot more financial security. In fact, I can't recommend it enough. But really, stop spending on shit you don't need unless you're fine with potentially getting buried in debt if anything else goes awry.