Held Accountable

I am not a professional at managing debts. I’m actually not a professional at anything, yet…I’m still in school.

However, for my debt-paying-back journey, being held accountable was the first step.

It would have been easy for me to push repayments back until I had graduated.

But that’s not my personality.

Once I held myself accountable (and freaked out) over the debts, I realized three easy steps I could do to help get on a healthy repayment path.

1) Have set monthly goals to repay debts, broken down by debt.

2) Have a set monthly goal to save.

3) Make 1 & 2 your priority, and the leftovers from every paycheck you can dole out between rent/food/bills/entertainment.

Every month, we spend 1/3 of our income on debts. Another 1/3 is on rent/bills. The last 1/3 is split between food and saving. Our entertainment money (and extra savings) comes from odd work I do on top of school.

We have never wavered on our debts repayment goals, because they are our priority. We have been forced to waver on our savings goals, but generally I try to take on as much extra work as I can do make the gap smaller (or non-existent).

And there you have it.

Happy make-your-tea-instead-of-waste-money-on-Starbucks-Saturday.

-Beau

Debts Be Gone

In 14 months, I plan on being a newly wed. And debt free.

Thing is, my better half and I have $60 000 in (school) debts. If I were to break it down, that would be approximately $4285.71 a month.

But we don’t make that much. We don’t even net that much, let alone rent, food, etc.

And I’ve just gone back to school.

Throw in a wedding and all the bells and whistles (read: costs).

If there’s one thing to take away from this blog, and me, it’s that I’m a competitive person.

Challenge? Accepted.

-Beau