$30,000 in debt sounds like a huge mountain to climb when you are staring at it from a distance. The one thing you don’t want to do is avoid the mountain of debt. The faster you start paying off the debt, the faster the overwhelming feeling of grief will dissipate.
So, I myself am currently in $30,000 worth of debt. Going to school and taking out loans to do that got me where I am. I also have a pretty low paying job, but I will not let it stop me!
I always thought it would be fine until I got to a point where $30,000 seemed like a gloomy dark cloud following me around, raining and sometimes pouring down on me.
So, I decided to face the cloud head on. It is so important to look at your situation and realize the positives! When I did the math I realized I can pay off all of this debt and have savings too! It will take time, but I have a ton of that!
I am going to begin by paying $250 every month towards my debt. In 10 years, I will have paid off $30,000! That seems like a long time but I am 28 years old. I think back to 10 years ago, I was 18, and really that feels like yesterday.
When I reach 38 I want to be proud of who I am. I want to have zero debt, and I want to have a significant amount of money in my savings account.
So, I am starting now!
I encourage others to start paying debt ASAP.
By making changes in spending habits, and looking at where you want to be in the future.
I know I don’t want to be 38 and still have this debt hanging over every move I make.
38 year old me wants to be proud of herself for taking the steps to freeing herself from the weight of financial strife.
I was quick to take out loans and was very irresponsible through out my twenties, which landed me in a pretty dark place.
This new found hope I have, comes with so many new questions and exciting opprotunities.
What will it be like to be debt free?
Being debt free means something different to everyone. For me, having no debt will be a new lease on life. I can spend my money on what I want in life, material goods, vacations, things I wouldn’t normally feel good doing.
This loss of feeling good about enjoying life’s pleasures has come from knowing I am broke, but I am learning to look at it through a different lens. I will be so proud and feel like I deserve vacations just for paying my off my debt and not letting it bury me!
Where can I cut back on spending?
Cutting back in different areas like food, clothes, entertainment will be a necessity. Although, I love to buy myself new cloths, or tend to rather eat out then cook a meal, I need to realize that the longer I escape the debt in front of me the longer it will be a part of my life. Cutting back on simple pleasures is so beneficial to those of us who struggle with debt.
How can I keep myself motivated to stay on track?
Make a goal sheet: after every 3, 6, 9, 12 months etc. reward yourself with those simple pleasures you have been skipping out on. Do a full day of self-love, self-care, and give into a few pleasures or spend some money on something that is important to you.
What does a good budget plan look like?
There are lots of ways of making a budget plan. You can break them down from year to month, every week even by the day. Setting aside money for regular bills, food, and gas/transportation.
Always leave yourself with some extra money for unexpected events or if you want to get something special throughout the month. Also, put money in to savings. Start small, and once you begin to get a hold of your over-spending, you can start saving more and more.
Having savings is an amazing security blanket for those of us who are already in debt, because it is a reminder that you are not only working to get out of debt, you are actually working towards your bigger goals and dreams at the same time.
I will be putting $200 in savings a month. This will add up pretty quickly and eventually I will have those dreams I always think of, and they will be real! No debt looming over me either!!
So, I am going to be cutting back significantly. Saving a lot, and paying off debts all while working towards my dreams.