I don’t know if this will help or not, but my wife helped us pay our debt down. I put her in charge of the finances because, even though I know better and as smart as I am, frankly I stink at finances… effective use of your people – know their strengths and put them in charge of stuff that plays to those strengths.
Second thing is figure out what you need, then dump everything else. We don’t have cellphone plans. I have a crappy burn phone with some minutes on it that I use in case of an emergency – that’s it.
Third, prioritize. Figure out what you need FIRST, then work towards that. If we need something, we save until we have the cash for it, then buy it. No loans. We also use the credit card sparingly and always, without fail, pay it down to zero at the end of every month. We don’t buy useless crap. We don’t buy the latest, greatest anything.. my truck is almost as old as I am, bought with cash. Our tractor is a 1947 Ford 8N, not some multi-bazillion dollar John Deere.
Fourth, make a plan and stick with it. We plan our financial expenditures years in advance. Example: We wanted a windmill, so we penciled it in two years ago and started setting aside the cash for it. This year, hopefully we can get one. Also, with the price of smokes as high as they are, we are finding all sorts of cash loosening up by rolling our own. I can make a carton of smokes for about 9 bucks. Less, if I buy carefully. That loosens up some serious cash over the course of a year.
Fifth, don’t buy useless crap. We don’t buy the latest, greatest anything.. my truck is almost as old as I am, bought with cash. Our tractor is a 1947 Ford 8N, not some multi-bazillion dollar John Deere. When you do spend cash, spend it on something that will pay long-term dividends down the road. Like our orchard. We’ve been watching those trees grow for a couple years now, and they will start producing some serious product soon. Perhaps even next year. Not only can we exist on that, but we can make other product from it – applesauce, apple jack, hard cider, plum wine, trade-able dried fruits and nuts, the hulls from the walnuts will make good dye and crushed, will make good polishing media. Hopefully, we will be able to build a real, honest to goodness greenhouse. Not one of those hoop things with the plastic over them, but brick and mortar with real windows and cooling fans…
The only real expenditure we have is the farm. But, hyperinflation will be a boon to us, I think. Our rate is laughably low, since we bought at the bottom when the housing bubble burst. Our payment will not change one cent with inflation, even though inflation skyrockets. Meaning we will be paying our bank (spit) less for the same thing, and they will have to eat it. And we make extra payments when we can afford to do so, which gives us more wiggle room…
It also helps to be good. And lucky. But I’d rather be good and lucky than just good..
The wicked flee when none pursueth..." - Proverbs 28:1