So you want to be debt-free!? I’m so excited for you. Fair warning though, if you think you can keep the same lifestyle you got going on now and payoff your debt… fast?… you are in for a rude awakening. But kudos to you, you can prep yourself now with this quick read.

I paid off over $22,000 in student loan and credit card debt in just 7 months while living paycheck to paycheck… willingly! WAIT, stay with me. Let me explain (in my best Kevin Hart voice). Here are the:

3 Things I Compromised To Be Debt-Free

In the original title of this blog post I mentioned that “I gave up” some things to be debt-free. That was kind of misleading. I gave up my lifestyle for a better one. With that came a new mindset and new spending habits. Can you really call that sacrifice? I don’t. Okay, let me start explaining:

1st MOST IMPORTANT RULE to paying off your debt fast is to understand and accept the concept of compromise (not to be confused with sacrifice). The first thing I “gave up” to be debt-free was

1. THE POOR MAN’S MINDSET

I let go of thoughts like:

• You have to be born into money to ever have a lot of it

• Debt is just something you live with forever

• You have to work hard for money

• Its not possible for me to save money

Finance gurus and serial entrepreneurs will be quick to tell you, “If you want it, if you really want it, you have to sacrifice. You have to be all in. You have to focus.” Now, there is some truth to this but honestly, if you go into anything with the idea that in order to get it you have to give something up that is really important to you, the only thing that will come out of it is resentment and setbacks.

It’s true that to be debt-free, aka successful like the gurus and experts would refer to it, you do have to switch up the way you live your life. You have to do what others (or your past self) won’t.

Instead of looking at the things I had to “give up” as sacrifices, I looked at them as investments. I was investing in my future by choosing less now for more later. This perspective changed my mindset and feelings towards the work I was about to put in to be debt-free. I was investing in a better lifestyle for myself and for me that meant living like I was still broker than broke to get it done. But also understanding that being broke was a stage in life that I was going to walk off of by changing my behaviors and views on money.

2. OTHER’S EXPECTATIONS

I let go of:

• The idea that you have to have certain things by a certain age

• The idea that you should pay for things with money you don't have (credit) just so you can say you have it

• Other people's views on money and created my own

Here’s an example of an investment and compromise I had to make to be debt-free… my own space. I was living in my own shared apartment. Living in Boston, on a median income (sometimes less) where the cost of living continues to increases, the wages satay the same, and you want to be debt-free was just not conducive to me achieving my financial goals.

I sought out ways to cut my housing expenses by at least, half. I know, real ambitious for a young adult in thousands of dollars in debt, with inconsistent pay, in an expensive city to try and find a place on her own. I was left with three options: at 25 years old, I could move in with multiple roommates, move back home, or find a small but expensive studio apartment and push my debt-free goal back.

Here’s where compromise came into play. I wanted the freedom and sense of independence that came with my own apartment and the cheap, flexible rent that would come with living at home (by choice, my mom is a supportive and generous woman) and pay off my debt in a decent amount of time.

To cut my housing expenses in half, have some freedom, and be most comfortable sharing my space and things, I decided to move back home with my mother. A COMPROMISE. Are you still with me? I let go of other’s expectations - getting an apartment I can not afford or struggle to afford and being too old or embarrassed to live at home. I chose what was in the best interest of achieving my goals and setting myself for a happier, more stable future.

3. OVER INDULGENCE

I let go of:

• This false need of immediate gratification

• Buying and spending on things I wanted over what I actually needed

• Balling out on things that I enjoyed, just because I could

Here’s an example of an investment and compromise I had to make to be debt-free. I LOVE acrylic nails. I’ve been getting them done religiously since my high school years. One of the things I compromised for my debt freedom were my bi-weekly nail appointments.

To start my debt-free journey I used the Get Your Money Right tool to help me calculate my expenses and net income. My net income was damn near negative per month. My bi-weekly self-care experience and the beautiful nails that came with it ran me upwards $60 - $100 a month.

Here’s where compromise came to play. I wanted my nails to look nice, be strong, and lengthy always. My nails were always better than the actual self-care experience, so I could do without the experience. I didn’t like and was not really good at doing my nails myself. I was left with three options: cut the expense out completely or do my own nails or a mix of diy nails and get my nails professionally done.

To have my nails always looking nice, strong and healthy, I decided to do a mix a mix of diy nails and get my nails professionally done. (P.S. acrylics are bad for your nail health anyway, I’ll be moving on to A-Pres nails) A COMPROMISE.

2nd MOST IMPORTANT RULE to paying off your debt fast is not to cut out the things that bring you genuine joy, instead reduce. Cutting out the things that bring happiness to your life is what I like to call by definition, a sacrifice. As we’ve learned sacrifice is what those sleepless expert winners preach. You can have both, in moderation (at least as you pay off your debt).

Do you understand and accept the importance of compromise and not sacrifice? I hope so. You’ll need to.

But also understand you will have to switch your lifestyle up but not by cutting out the things that bring happiness to your life. Instead keeping those things in your life and reducing the costs by finding alternatives or compromises to those things that bring you joy. Then only cutting out or “sacrificing” the things that aren’t as conducive to your happiness. Either way, the steps you are taking are an investment for a better life.

If you're curious here’s a list of some other things that I compromised to invest in my best, debt-free life:

• Buying a new car. I’m riding my 07’ Honda until it gives up on me or I become financially free, whichever comes first

• Ordering out as frequently. I order out less.

• Weekly dinners and brunches. I cut those down.

• Attending as many live shows. I go to more free ones than ticketed ones (which is just as good if you love live music)

• Going on as many trips as I used to. I took one out of country trip (Thailand) and stuck to more local, weekend trips

LEARN HOW TO LIVE A DEBT-FREE LIFE WITHOUT LIVING LIKE YOUR BROKE WITH THE

GET YOUR MONEY RIGHT WORKBOOK

Do you think you could practice compromise to live a better, debt-free life? Let me know in the comments.