The image of golden handcuffs keeps coming to mind every time I read an article about the economy, jobs, or inflation. How many are tied to a job because its salary pays the bills? Do we own our stuff or does our stuff own us?
My husband and I were reminiscing about what we used to think a good salary rate would be when we were younger. In our teens and early 20s, making $50,000 seemed like an enormous sum. This would’ve been late 1990s/early 2000s. At $50,000, surely one would be able to really enjoy life with trips, fun purchases and all the indulgences that we would want as settled adults.
HA!
As settled adults with the whole marriage, kids and mortgage 20ish years later, a combined income of $100,000 doesn’t really stretch as far as it used to. One inflation calculator I pulled up online reported that $1 in 2000 is equivalent to $1.75 in 2023. That’s an average inflation rate of 2.47% per year, or a cumulative price increase of 75.28%. So our ideal salary back in 2000 would be about $87,500 in today’s world.
What really keeps those handcuffs around our wrists, perhaps shackling us to a job or a location or perhaps even in a relationship is debt. That’s the big influencer there. To enjoy the things we find we want or need, we can get ourselves into some serious debt pretty quickly. Lovely things like credit cards help us reach that euphoria ownership with the idea that we can just pay it off later. Larger purchases like vehicles or a home carry larger debt over a longer period of time.
I changed jobs last year, leaving an office on site for a remote position in the same field. The new position came with a somewhat higher salary and a healthier work environment (shorter commute, better working environment, and a lot more natural lighting which helps my mental health). As we continue our debt free journey, I realize that if we don’t have the burden of debt, we free ourselves up to pursue career fields that may be less attractive from a financial perspective when we have large amounts of debt to deal with.
So how does one shed the golden handcuffs of debt?
Over time. It’s not a quick process nor will it be painless all the time. It means delaying gratification for things, prioritizing purchases, and rethinking how you spend your money.
I want to get my car paid off. Once it’s mine free and clear, I can use my car payment in the budget to put towards my husband’s vehicle debt. With both vehicles paid off, that’s $1,000/ month we can put towards other things like savings, college funds for the kids, and making more memories along the way. It will take time and perseverance but it will be worth it at the end of the day.
I also came up with a goal. It’s not set in stone but something that makes me rethink dumb buys. Our 20th wedding anniversary is in 4 years. How amazing would it be to travel to Scotland and do a vow renewal? It’s a big goal but with enough perseverance, it can be achievable.
Going Green In Texas 