Skip to content
  • About
  • Contact
  • Contribute
  • Book
  • Careers
  • Podcast
  • Recommended
  • Speaking
  • All
  • Physician
  • Practice
  • Policy
  • Finance
  • Conditions
  • .edu
  • Patient
  • Meds
  • Tech
  • Social
  • Video
    • All
    • Physician
    • Practice
    • Policy
    • Finance
    • Conditions
    • .edu
    • Patient
    • Meds
    • Tech
    • Social
    • Video
    • About
    • Contact
    • Contribute
    • Book
    • Careers
    • Podcast
    • Recommended
    • Speaking

How to become debt free without sacrificing anything

Cory Fawcett, MD
Finance
March 30, 2018
Share
Tweet
Share

One of the biggest complaints I hear when I discuss becoming debt free is the dread of living on a shoestring. We did enough of that in medical school, and we don’t want to do it again. Let me make something perfectly clear right up front, you absolutely do not need to scrimp and sacrifice to get out of debt and live debt free, but if you choose to, it will speed up the process. Simply continuing to use the things you already have and don’t buy any new stuff until you are debt-free will work wonders. After all, the stuff you already have was good enough yesterday; it should be good enough tomorrow as well.

Let me offer you a great example of this process. Shortly after we set out to become debt free, a burglar hit our house and among the things stolen was my bicycle. Bicycling was an important family event for us. Our children were young then, and we liked to ride bikes around the neighborhood as a family. We liked it, and the kids liked it.

The loss of my bike would have caused a hardship on our family’s fun time. If we didn’t replace the bike, we could no longer ride around as a family. But there was this notion of not buying any new stuff while we are trying to become debt free. We were channeling all of our extra money to that goal. After discussing it, we made the decision to replace my bike.

As I looked over the bikes at the bike shop, I thought this would be a great time for us to get matching his and hers bikes. Carolyn’s bike was old; she used it in college. Now was the perfect time to replace it, or so I thought. This was another moment where my wife reset my attitude. She uttered the simple phrase, “Are we debt free yet?” Her bike seemed to work just fine last week, and nothing about it had changed. Why was there a need to spend money replacing her bike, which worked fine, and diverting money away from our goal of becoming debt free?

She was right of course. Not replacing my bike would have caused a family sacrifice. Replacing her bike at this time would not improve our family, and it would delay our goal of becoming debt free. Her new bike would not ride around the neighborhood any better than her old bike. We only replaced my bike, and no sacrifice ensued.

My wife’s question, “Are we debt-free yet?” became the slogan in our house for the duration of our quest to become debt-free. Every time I was tempted to buy something we really didn’t need, she would ask me, “Are we debt-free yet?” That was all it took. She reminded me of our goal, and I could then put off the purchase until we finished paying off our debt. After we made the last house payment, she couldn’t use that line on me again. That’s when I bought a convertible sports car. With cash. One of the many benefits of being debt-free.

During our debt repayment period, we never once felt deprived. We weren’t deprived when we didn’t buy the second new bicycle. We would have felt deprived, though, if we didn’t replace mine and couldn’t go on the family rides anymore. If you really must have something during this period, look into estate sales. We were able to get a brand new bed frame, box springs, mattress, sheets, and comforter for my son’s college apartment for the price of a new set of sheets.

By avoiding the purchases we didn’t need, we had even more money available to pay down our debt. These little things add up. Bonus money, tax refunds, family gifts, and any other money we weren’t counting on for our spending plan went toward the debt. You will discover, as we did after becoming debt-free, that you will be able to buy things with cash like never before in your life! Once you gain momentum, you may even decide to divert some money from other categories in your spending plan for a while to speed up your debt elimination.

Buy only what you need.

Postpone what you don’t need.

If you will live by that philosophy, only purchase new things that are needs and not wants, you will be able to reach debt free in record time, and you will never feel like you had to sacrifice anything. Of course, there is that little problem of being able to distinguish between a want and a need. Once you conquer that issue, you are home free. So what are you waiting for? Start your journey to becoming debt free today.

Cory Fawcett is a general surgeon and can be reached at his self-titled site, Dr. Cory S. Fawcett.  He is the author of The Doctors Guide to Starting Your Practice Right, The Doctors Guide to Eliminating Debt, and The Doctors Guide to Smart Career Alternatives and Retirement.

Image credit: Shutterstock.com

Prev

How silence can help us learn from our patients

March 29, 2018 Kevin 1
…
Next

This National Doctors' Day, conquer the physician shortage one mentor at a time

March 30, 2018 Kevin 1
…

ADVERTISEMENT

Tagged as: Practice Management

Post navigation

< Previous Post
How silence can help us learn from our patients
Next Post >
This National Doctors' Day, conquer the physician shortage one mentor at a time

ADVERTISEMENT

More by Cory Fawcett, MD

  • Should physicians own timeshares?

    Cory Fawcett, MD
  • 4 money mistakes everyone makes

    Cory Fawcett, MD
  • Here’s the secret to establishing a great physician reputation

    Cory Fawcett, MD

Related Posts

  • Medical debt is the enemy of everyone

    Robert E. Goff, MBA
  • I will not stop sacrificing for my medical career

    Anonymous
  • Improve mental health by improving how we finance health care

    Steven Siegel, MD, PhD
  • Want to change medicine? Work in finance.

    Ryan O’Keefe
  • #MedBikini and medical professionalism [PODCAST]

    The Podcast by KevinMD
  • Me is who I am

    Michele Luckenbaugh

More in Finance

  • Decoding your medical bill: What those charges really mean

    Cheryl Spang
  • 5 blind spots that stall physician wealth

    Johnny Medina, MSc
  • The most overlooked skill in medicine: contract negotiation

    Cynthia Chen-Joea, DO, MPH and Peter Baum, DO
  • The business lesson new doctors must unlearn

    Stanley Liu, MD
  • The hidden impact of denials on health care systems

    Diana Ortiz, JD
  • Why physicians are unlike the “average” investor

    David B. Mandell, JD, MBA
  • Most Popular

  • Past Week

    • Forced voicemail and diagnosis codes are endangering patient access to medications

      Arthur Lazarus, MD, MBA | Meds
    • Why specialist pain clinics and addiction treatment services require strong primary care

      Olumuyiwa Bamgbade, MD | Conditions
    • Who gets to be well in America: Immigrant health is on the line

      Joshua Vasquez, MD | Policy
    • When a medical office sublease turns into a legal nightmare

      Ralph Messo, DO | Physician
    • America’s ER crisis: Why the system is collapsing from within

      Kristen Cline, BSN, RN | Conditions
    • FDA delays could end vital treatment for rare disease patients

      GJ van Londen, MD | Meds
  • Past 6 Months

    • Forced voicemail and diagnosis codes are endangering patient access to medications

      Arthur Lazarus, MD, MBA | Meds
    • How President Biden’s cognitive health shapes political and legal trust

      Muhamad Aly Rifai, MD | Conditions
    • Why are medical students turning away from primary care? [PODCAST]

      The Podcast by KevinMD | Podcast
    • The One Big Beautiful Bill and the fragile heart of rural health care

      Holland Haynie, MD | Policy
    • Why “do no harm” might be harming modern medicine

      Sabooh S. Mubbashar, MD | Physician
    • Here’s what providers really need in a modern EHR

      Laura Kohlhagen, MD, MBA | Tech
  • Recent Posts

    • Inside the heart of internal medicine: Why we stay

      Ryan Nadelson, MD | Physician
    • The quiet grief behind hospital walls

      Aaron Grubner, MD | Physician
    • Why peer support can save lives in high-pressure medical careers

      Maire Daugharty, MD | Conditions
    • Bundled payments in Medicare: Will fixed pricing reshape surgery costs?

      AMA Committee on Economics and Quality in Medicine, Medical Student Section | Policy
    • How Project ECHO is fighting physician isolation and transforming medical education [PODCAST]

      The Podcast by KevinMD | Podcast
    • Why clinical research is a powerful path for unmatched IMGs

      Dr. Khutaija Noor | Education

Subscribe to KevinMD and never miss a story!

Get free updates delivered free to your inbox.


Find jobs at
Careers by KevinMD.com

Search thousands of physician, PA, NP, and CRNA jobs now.

Learn more

View 5 Comments >

Founded in 2004 by Kevin Pho, MD, KevinMD.com is the web’s leading platform where physicians, advanced practitioners, nurses, medical students, and patients share their insight and tell their stories.

Social

  • Like on Facebook
  • Follow on Twitter
  • Connect on Linkedin
  • Subscribe on Youtube
  • Instagram

ADVERTISEMENT

  • Most Popular

  • Past Week

    • Forced voicemail and diagnosis codes are endangering patient access to medications

      Arthur Lazarus, MD, MBA | Meds
    • Why specialist pain clinics and addiction treatment services require strong primary care

      Olumuyiwa Bamgbade, MD | Conditions
    • Who gets to be well in America: Immigrant health is on the line

      Joshua Vasquez, MD | Policy
    • When a medical office sublease turns into a legal nightmare

      Ralph Messo, DO | Physician
    • America’s ER crisis: Why the system is collapsing from within

      Kristen Cline, BSN, RN | Conditions
    • FDA delays could end vital treatment for rare disease patients

      GJ van Londen, MD | Meds
  • Past 6 Months

    • Forced voicemail and diagnosis codes are endangering patient access to medications

      Arthur Lazarus, MD, MBA | Meds
    • How President Biden’s cognitive health shapes political and legal trust

      Muhamad Aly Rifai, MD | Conditions
    • Why are medical students turning away from primary care? [PODCAST]

      The Podcast by KevinMD | Podcast
    • The One Big Beautiful Bill and the fragile heart of rural health care

      Holland Haynie, MD | Policy
    • Why “do no harm” might be harming modern medicine

      Sabooh S. Mubbashar, MD | Physician
    • Here’s what providers really need in a modern EHR

      Laura Kohlhagen, MD, MBA | Tech
  • Recent Posts

    • Inside the heart of internal medicine: Why we stay

      Ryan Nadelson, MD | Physician
    • The quiet grief behind hospital walls

      Aaron Grubner, MD | Physician
    • Why peer support can save lives in high-pressure medical careers

      Maire Daugharty, MD | Conditions
    • Bundled payments in Medicare: Will fixed pricing reshape surgery costs?

      AMA Committee on Economics and Quality in Medicine, Medical Student Section | Policy
    • How Project ECHO is fighting physician isolation and transforming medical education [PODCAST]

      The Podcast by KevinMD | Podcast
    • Why clinical research is a powerful path for unmatched IMGs

      Dr. Khutaija Noor | Education

MedPage Today Professional

An Everyday Health Property Medpage Today
  • Terms of Use | Disclaimer
  • Privacy Policy
  • DMCA Policy
All Content © KevinMD, LLC
Site by Outthink Group

How to become debt free without sacrificing anything
5 comments

Comments are moderated before they are published. Please read the comment policy.

Loading Comments...