Debt-Free Living or Pop Goes the Money?

Do you remember singing “Pop Goes the Weasel” as a child? Or hearing it played by a jack-in-the-box or an ice cream truck? This traditional English song originated in the mid-19th century as a country dance, nursery rhyme, and singing game. It has entertained children for decades.

I hadn’t heard this song in years, so I’d forgotten the lyrics of the American version:

All around the mulberry bush
The monkey chased the weasel;
The monkey thought it was all in fun…
Pop! Goes the weasel.

Or pop goes the money?

But did you know that the lyrics of the original British version of this dance song were about coats and money, not monkeys and weasels? It was all about watching your money disappear!

Half a pound of tuppenny rice,
Half a pound of treacle.
That’s the way the money goes.
Pop! goes the weasel.

Pop Goes the Weasel, first verse British version

Additional verses continued along the same lines.

Up and down the City Road,
In and out the Eagle,
That’s the way the money goes,
Pop! Goes the weasel.

Every night when I go out,
The monkey’s on the table,
Take a stick and knock it off,
Pop! Goes the weasel.

A penny for a spool of thread
A penny for a needle,
That’s the way the money goes,
Pop! Goes the weasel.

What the rhyme means

Many of the words in these lyrics come from Victorian-era Cockney slang.

1. Up and down the City Road, in and out of the Eagle:
   ‘City Road’ was a street in central London, home to pawn shops and ‘The Eagle’ which was a well-known pub.
2. Pop goes the weasel:
   ‘Pop’ meant to pawn an item, and ‘weasel’ came from the term ‘weasel and stoat,’ which referred to a suit or coat.
3. Monkey on the table, take a stick and knock it off:
   A ‘monkey’ was a glazed jug used in pubs and a ‘stick’ was a shot of rum or brandy. To ‘knock it off’ meant to drink it down quickly.

This song describes someone reduced to poverty by knocking down too many drinks at the pub. And who was then forced to pop or pawn his jacket in order to buy basic necessities.

As the lyrics say, “That’s the way the money goes.” Not a healthy tranquil way to live, was it?

Are you singing Pop Goes the Money?

Many of us still sing “Pop Goes the Weasel” today. We just have our own modern version, and it’s called “Pop Goes the Money!”

Eating out every night,
And buying things on credit.
That’s the way the money goes,
And the piles of bills grow higher!

Up and down through the mall,
In and out of the stores.
That’s the way the money goes,
Popping out of my wallet!

Even in these times of inflation and hardship, we can prevent money from running out so quickly. One of the best ways to do this is to live debt-free.

Being free of debt can greatly maximize your money. It also reduces the risk of defaulting on your bills or having to pawn your possessions!

Not convinced? Let’s explore the benefits of avoiding credit and living debt-free.

7 Benefits of avoiding debt

1. Increased spending power 

Whenever we buy on credit, the cost automatically increases because we have to pay interest. As some financial advisers point out: It’s often quicker to buy on credit, but you can buy more without it!

2. More careful decisions

Because buying on credit is quicker, there’s a risk of making hasty and unwise decisions. Furthermore, credit seems like “easy money” so we tend to spend it more carelessly. We tend to forget that it’s still hard-earned money.

3. Greater willpower

Most people who are debt-free have consciously chosen to be so. This means they have learned to exercise self-control and willpower. They have learned to wear it out, make-do, or do without. They consistently make prudent and wise spending choices.

4. Bigger savings

Those who live debt-free often save in other ways as well. Fewer payments and zero interest could possibly enable them to take advantage of sales and seasonal discounts, thus saving even more.

5. More time

This point contains an element of fallacy. After all, every day has exactly 24 hours. However, debt-free living can free up time.

Debt-free living means sticking to a budget, which results in shopping and spending less. That usually means we’ll have fewer things to look after. This frees up time previously spent cleaning, managing, and maintaining excess belonging.

6. Flexibility and freedom to change

We could use that extra time to do things we’ve always wanted to do. Such as switching to a part-time job and taking up fishing. Or working the same hours and using the extra income to take a missions trip or special vacation.

Alternatively, we might keep things as they are and simply relish the freedom that comes with breathing more easily because we can finally make ends meet.

We can never know what the future holds. You may feel stuck in a rut today. But what if tomorrow you were offered a great opportunity? Would you be able to take it, or would debt hold you back?

Of course, being debt-free doesn’t mean all your dreams will come true. It doesn’t mean that your financial situation will be perfect either. Even without debt, achieving your dreams and making ends meet takes hard work and wise choices.

However, I can tell you from personal experience that having no debt makes these things much easier.

7. Greater security

During our almost 40 years as missionaries, we have experienced many insecure periods. On many mornings, we would wonder what we could make for lunch. This wasn’t due to a lack of culinary creativity, but rather a lack of food and money.

We have found that reducing spending and living debt-free can create greater financial security. It also becomes easier to cover living expenses and can even enable us to save for a rainy day.

Hard times and difficulties cause enough stress and worry on their own. Why add the burden of unnecessary debt?

How about you? Do you spend carefully, or do you continually find yourself singing, “Pop goes the money”?

The rich rule over the poor, and the borrower is slave to the lender.

Proverbs 22:7

Photo credits: Money box is an AI-generated on Canva | The Eagle Pub by Justinc, CC BY-SA 2.0 via Wikipedia