Today I took a long hard look at my finances. I cataloged all of my debt and entered it not only into my monthly YNAB software, but also into a spiffy Excel program that helps arrange a debt repayment schedule.
In the interest of being cheap, the Excel sheet is free, and YNAB offers a free trial, or if you're like me, you'll have found it already handily installed (an old version) on the office computer, and therefore, also free.
I'm going to level with you now. I'm going to put it all out there on the table.
I have three credit cards and six student loans.
I pay rent. I pay phone and electric bills. I have no tv and my home computer is so old that it mostly works only as a paperweight. My car is paid off, and I pay the insurance and for the registration. I pay for fuel and a deeply discounted Crossfit membership (it's for physical AND mental health, see here.) I am currently putting myself through a Master's degree and paying for courses and associated field research trips directly out of pocket. I get paid an entry level wage for my work as a laboratory analyst doing microscopy. I buy all my own groceries, and they're usually of the perishable produce variety.
I have no extra income. I have no one paying bills for me.
I thought this information should be put out into the world because as I was looking for other, similar blogs about reducing debt and being more thrifty, I didn't see any that were written by people like me.
I have no family to support, no husband, don't live with my parents, and don't have any form of assistance from DHS. My parents are both retired, and live off of Social Security and Disability and I wouldn't ask them for help anyway.
My insights and challenges may not be applicable to those who have to worry about supporting children, and may not seem helpful to those who make less money than I and have more bills to pay.
I found myself getting discouraged as I read thrifty blogs that discussed extra money coming in from a side-business or having a partner to spit the bills with. I had trouble considering how I'd spend my own money when I would compare my circumstances to financial bloggers who are feeding a family of four and not one.
That's why I've started writing, to hold myself accountable in the world, and to shine a light out for anyone else who is just starting and can't figure out how to think about the value of a student loan when it's overshadowed by years of imprudent spending.
So far, the spending hiatus is off to a bumpy start, and my car is starting to make even more distressing noises than usual. I just paid out $1340 for my summer tuition (I think my wallet is lying dead under my desk right now, insides ripped to bloody ribbons) and when I look at my software, spreadsheets, and bank statements I see mighty big numbers:
Debt: $42,361.17
Estimated Interest to be Paid: $8,343.65
ETA at Debt Free Life: August, 2018
Wish me luck.
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