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I am currently reading Your Money or Your Life, a wonderful book on personal finance that I've seen recommended by dozens of personal finance writers. Reading this book inspired me to take a long, hard look at my own financial situation.
I've been working steadily for the past 12 years, and while I own my home, I don't feel like I have much to show for my years of work. My retirement accounts are small. My savings is not close to the amount I want it to be. So, instead of accepting the situation, I decided to read everything I could get my hands on regarding personal finance and use my newly gained knowledge to get out of debt, save some money and have a life.
One money saving recommendation I see over and over is to cancel the cable or satellite television subscription. The arguments are compelling and make sense: paid television is a money and time waster, most content can be viewed online for free or via DVD rental services like Netflix.
I've had cable since college. If you had asked me even a year ago if I would get rid of cable, I would have said "no way." But a lot has changed in a year. I realized that I want to leave my current position and become a full-time teacher while pursuing a writing career. Being debt free and having money in the bank will make that transition a lot easier.
I enjoy watching television, especially after a hard day of work. However, I enjoy following my dreams even more, and if that means cutting the cable cord, then that's what I'm going to do.
Your Money or Your Life makes a strong correlation between being debt free and having the freedom to take risks and pursue goals. I would much rather wait for my television shows to be released on DVD and have money in the bank and the ability to follow my dreams than to pay a monthly fee and be a slave to the television.
I chose to keep my money so I could have my life.
