What My Friend’s Gout Taught Me About My Debt

“CAN I LIVE?!”

My college buddy responded as I reprimanded him for having just consumed several servings of beef bulgogi and Hite beer at our local Korean barbecue spot. This 22-year-old friend of mine had gout (uric acid buildup/inflammation) in his fingers and toes, as well as his shoulder and knees. For those unfamiliar with gout, there are many dietary restrictions, such as limiting meat and alcohol consumption. However, despite walking with a hobble, my friend continued to eat and drink as he pleased.

 

Sometimes when I reflect on my debt journey, I ask myself the same question: “Can I live?!” Debt-free friends tell me to live as frugally as possible and prioritize student loans. Parents advise I work more days, allowing me to spend more freely. Fellow indebted dentists suggest I live it up a little because I’ve earned it. There are many different approaches to debt.

 

So after some reflection, I submit that I:
Manage my debt like I’d manage gout.
Listen to the same voice who tried to advise/reprimand my friend.
Be realistic about what’s responsible and not responsible.
Eat meat when I want and drink beer when I want.
Prioritize my student loans, live more frugally AND live it up when I want.
BUT, do it all in moderation.

 

For the last several months, my wife and I have poured every extra dollar into paying our student loan debt. In just about 5 months, with refinancing, we’ve eliminated over $60,000 of an original $525,000 loan.

 

Are we frugal?

 

Since joining the personal finance community, we’ve seen many discussions on what it means to be frugal. We have personally contemplated the meaning of frugality and what it means in our lives. Essentially what we’ve gathered is being frugal is a luxury dependent on income, family size, etc. Only people with disposable income can truly CHOOSE to be frugal and shift their lifestyles to reduce spending. My wife and I are in a fortunate situation with dual income and no kids (DINKS), which allows us to put at least an entire income towards loan payments. However, with the goal to pay down as much as possible, as fast as possible, we are required to cut down our expenses and commit to a more frugal lifestyle.

 

Ways We Exercise Frugality

 

• Drive modest cars (with no intention of upgrading)
• Shop at Costco for gas, bulk items and cheap lunch/dinner
• Furnish our house with consignment furniture (i.e. Facebook marketplace)
• Still haven’t purchased coffee table, kitchen table, night stands, etc.
• Shop at discount stores (Marshalls, TJ Maxx, Nordstrom Rack)
• Put off our honeymooning/vacationing in general
• Eat out less
• Avoid shopping for clothes and non-essentials

 

Where We Choose to Spend Money

 

• Pay a gardener
• Gym membership
• Cable/internet for the home and Netflix
• Date nights and fancier restaurants with friends

 

We are still learning how to reconcile frugality with work-life balance.

We know individuals work for a reason. Some because they love their jobs and couldn’t see themselves doing anything else with their lives. Some as a means to an end or because there are bills to be paid. But most fall somewhere in between.

When I first pursued dentistry I’d say I was about 70:30, passion vs. means to an end. I love the field and felt it was a great marriage of basic sciences and clinical application/patient care. I loved that I could potentially make a lasting impact on peoples’ lives. But I also recognized the lifestyle appeal of dentistry. Growing up, most dentists I knew were working no more than 4 days a week and making more than a decent wage. They drove nice cars, lived in large houses and seemed genuinely happy. I wanted that lifestyle THEN and I still want that lifestyle NOW.

I wasn’t totally prepared for the student loan situation waiting for me on the other side of dental school. With numbers over half a million dollars, dreams of shortened work weeks were/are simply unrealistic. At least for now.

 

SIX-day work weeks, no vacations, and an unfurnished home

 

For the last year, this has been our reality. My wife and I have lived well within our means. We have moved all extra income into paying our student debt and made significant progress, but we have also realized this is not the lifestyle we set out to live. And so, we need to make changes.

In a few months, I will cut back on working Saturdays. My wife and I will take our honeymoon to Europe for 12 days. And we will buy a kitchen table so the folding card table can finally be retired. We will make more of an effort to live a balanced lifestyle because that’s one of the reasons we originally pursued careers in dentistry.

 

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How do you find a balance while being frugal and managing debt? Please share in the comments below!