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Fiscal Minimalism

About seven years ago when we were expecting our daughter, Ava, we looked at our credit card statement and realized we had somehow gotten it so high that it would take several months to pay it off. We had been working through a pretty major remodel that encompassed our kitchen, living room, and dining room and it felt like every time we were nearing the end of the financial "bleeding", there was another unexpected cost that couldn't be avoided. One thing led to another and we were in serious debt.


Up until this point we had been pretty frugal with our spending. We had just bought what we thought was our dream house. The mortgage was a little higher than we were hoping for, but still comfortable since the house was large enough for family to live with us and offset childcare costs. Then came the remodel. We knew it would be a little tight but we forecasted in advance when it would be paid off and were comfortable with the timeline. But our extended family moved out and we were hit with the unexpected $1,000 a month childcare costs. The higher mortgage, renovation debt, and childcare was just too much... We couldn't see an end in sight.


It took a lot of late nights of talking and tears to choose to walk away from our dream of living in the country, in the big house with the big shop. To say goodbye to what we thought our future looked like felt like giving up. We might have been able to wait it out, live in debt for many years, maybe eventually breaking out when we were nearing the end of our mortgage. But that meant years of not having money to do the things that made us happy, years of financial strain, and years of no savings for emergencies. It felt like that cost was much higher than trying to reshape our dreams.


So we put our house on the market. We were fortunate to walk away with enough money to pay our debts in full, squirrel away some in savings, and put a down payment on a house 1/3 the size. The day the dust settled, we had a tiny nest egg and a smaller house to maintain. We could finally breathe. It felt like a massive weight had been lifted off our strained marriage and we got stronger with every passing day.


This sudden freedom was a pivotal turning point in our financial future. It was the first time in our eight year marriage that we had expendable income. The first time we could go on a short trip and it wouldn't take us months to pay it off. It was life changing. One thing led to another... and to keep this story short... now we're traveling full time with no debt.


We are not "retired". We still work Monday through Friday while our children attend school. A few months ago we paid off one of our two rental properties. We are thisclose to being able to retire but since we both absolutely love our jobs (Seriously... we are so lucky!), we redirected some of our aggressive mortgage payments on the second rental to this new life instead. It'll take us a little longer to get the second house paid off (approximately 1 year longer), but it gives us the opportunity to experience this world with our children while they are young and still want to be seen with us in public. Any parents of pre-teens knows exactly what I'm talking about! Our time of being "fun to spend time with" is definitely coming to an end with our 12 year old. Hahaha!


So how does this look day to day? I think of it like fiscal "minimalism".

  • We prepare our own meals. We limit eating out to a special experience that will be memorable. Side note- we're all much healthier now that we're eating better!

  • If we're not going to still be using an item in three years, we do without. This forces us to budget for higher quality and pass on cheap disposable items. This reduction in consumerism helps our budget and our beautiful world too.

  • We actively practice gratitude individually and as a family. It's amazing how your mindset changes when you start appreciating what you already have and how much less you find yourself wanting. I've noticed the biggest change in my two children. I no longer get asked for new toys, and they each independently express gratitude for certain things they brought with them on this adventure.

  • When we are considering a purchase that is something we want (maybe not need), we write it down and give ourselves a few months to decide if we can do without before making the purchase. We've found that time erases a lot of the desire and has saved us thousands of dollars over the years.


Now that we have no debt, we own our cars and recreation vehicles outright, and our rental property is paid off, what's next? We're working through a five year plan that will allow us to travel with our kids, get our second rental property paid off and our primary mortgage paid off too. So by the time I'm 38 years old, we can retire! Will we actually stop working? Probably not! We truly love the positions we hold with our employers. We'll probably just keep working. There are so many benefits to having purpose in life and working gives that to both of us. But it'll be nice to know that we have the choice. That our destiny is in our own hands. Five years feels like a long time, but being a mother, I also know it's only a blink of the eye.


I am so grateful to be having this experience with my family. I wouldn't trade it for anything. Not a new watch, or a new car, or any other monetary possession you could think up. Life is so much more than possessions! But it's also important to be making progress towards financial security. Making sure you have no debt, that you have emergency savings, and that you have a plan for retirement is very important. You can live for today while also planning for tomorrow. We are proof of that.


If you ever need someone to talk to, or to bounce an idea, we are here for you. We don't have all the answers but we make a good sounding board.






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Gregory Stone
Gregory Stone
Jan 28, 2021

Awesome dialogue, & great 🤗 shot!

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