I've been reading some of the other debt posts on here, but I think I need some tips on how to handle the overwhelming emotional feelings that come with debt as well as the actual debt itself - I'm having trouble keeping my head up in order to keep pushing through it.
A bit of background, I'm a 24 year old recent-ish grad. I live in an expensive city because there are more job opportunities here than where I am from, and my entire network is here now. I am about $90,000 in debt from school. I chalk that up to being a dumb 18 year old and not having any foresight for the future and wanting to go to a good school and being willing to do whatever it took in order to do so, regardless of the impact that would have on my future finances. I didn't understand the true implications of being in debt at that point. I've got about $700 in credit card debt and another $1,000 personal loan, both from a brief unemployment period when I was struggling to pay rent.
I'm currently making about $42,000 and I've gotten a lot better about budgeting. I'm currently working a job that I enjoy, but it is not in my field. I meal plan, I limit eating out to weekends (and even then, I try to eat at home when I can/eat before going out so that I can order smaller meals). I still allow myself small indulgences so that I can have a social life/enjoy the culture of the city. I'm trying to put about $100 into my savings a month. I'm proud of how much better I've gotten at budgeting, but it gets to the point where I feel guilty for any non-necessary expenses, even though I know realistically, buying a latte from Starbucks once a week or two isn't going to make or break my budget (and I know myself - if I don't treat myself once in a while, I'm going to to be tempted to stray further than my budget). I'm working on my most marketable skill (a knack for languages) through self-study and classes.
My loan payments are about $1,000 each month and combined with my other expenses/bills/money going towards savings, I'm pretty much going paycheck to paycheck and can't really afford to put extra money towards my loans unless it's a rare occasion like money I've received from my birthday or something like that.
I know a lot of people are in the same boat, and I've been dutifully making my payments and being as financially responsible as I can, but I can't help but feel like I'm sinking. I know I'm getting ahead of myself, but I keep thinking about how I want to get married and start a family someday and I can't even fathom being able to afford having children and providing them with the support they need for a comfortable childhood. I will most likely need to go back to school at some point, which will most likely mean more loans.
I've been considering applying for a Fulbright, which would be a dream of mine and which I honestly think if I really work hard at the application, I could have a small chance of getting. That's a literal dream of mine. But I'm afraid to even try and get my hopes up because I don't know how I would continue to pay my loans for a year along with the other expenses that inevitably come with traveling, even when some expenses are covered by grants or scholarships.
I feel like 18 year old me closed all doors for 24 year old me when I signed my name to those loans. I know that's dramatic and if I keep working I can open those doors back up, but I don't know how to keep up the morale to do so.
tl;dr Along with really buckling down and paying off your debt, how do you all keep up your morale and the "I can handle this!" attitude necessary to keep moving towards being debt-free? Especially when a lot of your friends are not in the same position/are still heavily provided for by their parents and can afford a more lavish lifestyle/etc.
Submitted October 05, 2017 at 11:11AM by howyabean http://ift.tt/2krFL1O
