Long time reader, first time posting.
I'm 26 years old. About 3 years ago, I made some horrible financial decisions. Got a car, got a credit card, then another... And another... And another...
I was young, reckless, racked up a lot of debt. I never maxed a card (until recently), so I never felt a sense of urgency. I bought it, and it was basically paid for... Or so it seemed. I had some medical issues crop up that needed taken care of (take care of your teeth because having five pulled in one go is terrible)
I've been living like this until about 6 months ago. I won't go into detail unless asked, but I ended up owing somebody money for an accident that happened at my house, pushing me literally into a corner. I had no money. Luckily I moved back home to cut on costs (thanks mom!).
I've lurked here taking advice, seeing what works for me, what doesn't and building a financial plan, to eventually have 6 months of expenses in savings, and contributing to retirement. I'm not there yet, just keeping the end goal in sight so I don't fall into a trap again.
Finally why I'm posting today. I consolidated my debt a year and a half ago, and never really learned my lesson, only accumulating more debt from poor spending habits. I took the loan out on a 3 year term for $10,000. I paid it off today, a year and a half later, in half the term. I honestly want to cry. I've had just enough money to buy groceries and gas, that's it (and sometimes not even), while looking for a second job (to no avail). I now have an extra $350 a month to get a small $1000 emergency fund set up, then pay down my debt more aggressively.
I've set up spreadsheets in excel for my budget, spending tracking, all my cards with estimated payoff dates and accumulated interest. Eventually I want to add savings and big purchase goals (I'd love to own a home someday). I still have a ways to go, $15,000 more. But every time I think about spending money I don't need to, I'm reminded of the almost $3000 in interest I'll be paying over the next 1.5 years or so, and how it'll only grow and I stop wanting it, or every how I won't use it (wall mount for TV I've had for a couple years I've never used)
I just want to say thank you to everybody who comments and posts here. Your advice has allowed me to see that I need to change, and I don't always have to live that way. I may post again when I finally get free from all this stress. Until then, I shall go back to getting myself out of this home I've dug.
Submitted September 29, 2017 at 09:51PM by DrCosmo91 http://ift.tt/2kaprSM
