Week 10: Personal Confessions ~ Debt is no small matter 6

 “debt is no small matterThe first time I ever decided to open up about my personal struggle with debt was last year in May. Though I had a plan in place of what I wanted to do, where I wanted to be around May this year and how I intended to get there I could not have foreseen how hard this process was going to be but also how much of an education, an experience this was going to be for me. One thing I do know for sure is this is one process I will not be repeating for years to come, I have sworn myself off debt. My boo always told me do not spend what you did not earn or do not have, at first I just thought he was annoying but 7 years on I realise it was trying to save me from this journey but sometimes I believe we need to experience something to truly believe the words of wisdom.

It’s been over 3 months since I last shared an update on my financial state and my financial plan for 2015. Since we are long overdue I wanted to recap from the last 5 posts on Debt is no small matter then share my current plan and status.
In my first ever Debt is no small matter post, I shared how I got into debt and how I was going to get out of it. I laid out my plan as well as my new motto “If you don’t have it don’t spend it” – I am happy to say I have stayed true to my word and not once have I spent what I didn’t have and by this I mean no loans and no more credit cards. After laying out my plan I went further and shared with you all the subscriptions & beauty boxes I was (then) currently preview to which I cancelled 90%. I am very proud of myself for not falling off the wagon with these because it was not easy but I knew my debt-free future was more important. In my third Debt is no small matter post I shared with you all how I was not able to reach my target of being Debt free by December 2014 due to family loses and my need to travel back home to Zambia after 12 years. Though with family loses and trips to plan I still managed to pay off 75% of my debt by December 2014, I then shared the true story on how I came into Debt and how much I was owing to begin with and the then current financial status. My last advice in 2014 of Debt is no small matter I spoke about my knowledge of money since I was young but my lack of will power even when I knew the consequences I guess I never just understood them fully.

It is so much easier to look down on people in debt when you have never been in debt or appreciate the struggle that some people go through. Most times people do just put themselves into debt because they want to live a certain lifestyle or want certain things in life and there is nothing wrong with wanting that. The wrong part comes when you start to live above your means and start to cause problems in families, relationships and friendships too. I am blessed to have a supportive unit and though I know most of the debt was not by choice (Tuition fee & rent) the other part was and I could have avoided it but then again I only now appreciate the situation after I have personally walked it. I know that if my only debt was my tuition fee and rent with my salary I would have been debt free after 3-6 months. I hope one day when I have kids I can teach my kids the best way how and hope they never fall into the same ditch that I did.

What I owed
What I owe
What I will owe come January 2015

The table above I shared last year october, I shared what I owed to begin with, how much I was owing at that point and how much I would be owing come January 2015. It’s now March 2015 and I owe roughly £2,103.01, I am working on clearing this before the summer and I am very happy with my progress the future looks so bright.

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