I’ve wanted to write about this for a while because it’s a huge part of my life, but I just haven’t had the courage to put it all down. I really enjoy reading and learning from other people’s personal finance journeys, so I wanted to start sharing my own in the hopes of accountability and inspiration for others in a similar situation.
My personal finances are, let’s say, less than desirable. I’ve always worked two jobs and paid all my bills, but I’ve never been someone who saves and I just now, as in less than a year ago, started to contribute to my 401K. I also have a lot of debt, both student loans and credit cards. I’ve basically spent my 20s living paycheck to paycheck and charging things when I ran out of money.
I know a lot of people my age (I’m nearing the end of my 20s) are in the same boat. Some people are much better off than I am and some are much worse off, but I think a lot of us millenials have found ourselves somewhere in the middle. We aren’t quite destitute, but we definitely aren’t thriving. I think the statistic is something like most Americans don’t even have enough money saved for a $1,000 emergency.
I graduated from college in 2010 with about $30,000 in student loans. I paid diligently on my loans for three years until I decided to go back to graduate school in 2013. Then they went into deferment for the next two years while I was racking up another $30,000 in loans for graduate school.
Clearly, not the best laid out plan, but I was determined to go to graduate school and move to a bigger city. You can read more on my graduate school journey here. I can’t say it was all for nothing because I got a job that literally doubled my salary after going to grad school. I also plan to use my advanced degree to teach down the line.
And as always, hindsight is 20/20. Would’ve, could’ve, should’ve doesn’t really do much for me now, which brings me to this post.
There’s no sense in looking back and wishing things would have been done differently. What’s done is done. Now, I’m just focused on getting out of debt and to financial freedom.
So, this is where I begin. It seems impossible some days, but other days I’m so motivated to just commit to paying it off. I’m following a modified version of Dave Ramsey’s debt snowball method as well as taking some advice from a few other personal finances books.
Thanks for following along!