Week 18: Personal Confessions ~ Debt is no small matter 7

Twelve months ago I made a decision that would later change my outlook on debt and my fears of being judged for being in debt. Yes some of the reasons I got into debt may not have been via personal choice (student loans+tuition) but some of it is (irresponsible use of credit cards) but regardless I was scared of being judged.

“debt is no small matter

There are two types of people who know me personally and both have different views, some think money grows on trees in my yard and some think I like to put myself into debt. It is not easy having either of these two groups of people in my life. The ones who think money grows on trees are always mad at me when I say I do not have money to help them and those who think I like being in debt are always mad at me when I decide to spend money on something that I love and want to treat myself.

 How in the world am I meant to deal with this behaviour  from people in my circle?

I was going through all the posts I have shared with you all in the last twelve months on  my debt free journey and I just realized how much has changed. Granted I still owe just over £2000 but I realized the most significant change of all has been how much money I am spending paying off my debt on a monthly basis. Granted if I really wanted to I could pay off this £2000 in one go but then I will have to sleep at the office for the entire month as I won’t be able to have anything else except a place to order dominoes. I chose not to pay it off at once because well life is too damn short, I want to go on holiday now instead of  in a couple months time. I might get hit by a bus in a month’s time so I might not go on holiday but now when I know what’s happening this minute I am going.

I know I sound crazy for someone who wants to be debt free but I want to be debt free not dead. I still want to enjoy the small pleasures in my life. I am not saying I will ignore paying off the £2000 but rather pay it off with the current repayment plan I have in place.

 Twelve months ago I used to spend £950 a month paying off debt alone, this did not include my monthly bills like rent and food. Do you know how debilitating this is, getting paid and spending over half of your pay on debt and not even have a penny to just once buy a nice shirt or nice shoes for work? I could not even go on holiday in the same county, country later alone abroad, sometimes I couldn’t even visit my own parents for months on end. This is so not a life (for me personally), especially since it is just me no husband or kids yet.

My monthly debt repayments have reduced from £950 to £250 and this includes my mobile phone bill. You can not imagine how liberated I feel being able to have that £700 for other things including saving and visiting my parents whenever I want (which is almost every weekend), meeting up with a friend for a movie and drinks and being able to book a holiday abroad because I can.

I know I am blessed and never forget it.

 I can honestly say in the last few months I have been living the life I have been working my back side off for the last Twelve months.

 My motto still stands: DO NOT LIVE ABOVE YOUR MEANS

I pay my debt off, then my necessities and what is left I save or do something spontaneous.I won’t be on planet Earth for long though I am not saying I will be reckless I am saying I will enjoy whenever I feel like it but still within my means.

  • What an honest post! Courageous people like you are worthy to be followed. I know how hard it was for you to face and overcome the moment of paying all your debts, but you rose from all of those and made it. It's just a matter of will and proper way of execution. In any way, thanks for sharing that, Myrabev! Kudos and all the best to you! 🙂

    Naomi Cruz @ 4 Pillars

  • Oh my I totally can relate how you feel with those two group of people. it's like you can't place your self on either side. I currently have car loan, phone, and I'm the one paying our house. Being independent is really hard but in due time, I'll be able to totally pay everything.

  • Debt is definitely a problem among so many living in America and around the world. as a College Student I can definitely relate and understand. I think that the solution to debt is really to try and organize yourself as much as possible. I think it is just so important! Thank you for posting.

  • Not living above your means is absolutely THE BEST advice I've ever received, sadly I didn't take that advice until it was too late so I'm working my butt off trying to repay loans/credit. One day I'll be debt free again.

  • Absolutely debt really steals a lot from us we focus on repaying it off and forget to live our lives at the same time.

  • Thank you and glad to know you're debt free it's definitely hard in current society

  • Thank you, I think the first step is acknowledge that we living above our means and then working on that

  • I do not hate credit cards I hate vulnerability we find ourselves in when we decide to not pay the full amount monthly because those interest rates are what get us

  • Thanks Terri, hope you pay off yours soon too as I too try to pay mine off

  • Thanks, I had to learn the hard way but now I know never to live above my means

  • I think it's one of the scariest things being judged but it's nice to be above it and just learn to handle money wisely

  • Thanks Stephanie, I appreciate that

  • Thank you so much for that, means a lot.

  • I have had to learn it the hard way but I have learned it by my self and it's awesome

  • It really sounds like you now have a great handle on how to manage money. This is such a hard thing to learn. Luckily my husband is very good at it and I have learned a lot about finances over the years.

  • I had the same epiphany recently… here I am working my butt of to make money, pay off debt and bills! But what's the point of working so hard if you aren't going to live? SO I spent all of last week doing tons of activities with the kids (going to the movies, visiting 2 museums, splurging at the book store, going out to eat and more!) Your post really hit home, yes I have to pay off debt, but I also need to live and create memories with my family! 🙂

  • Really honest words from you, I love it… Luckily, I am debt free, but in today society that is so hard to achieve. good luck!!

  • It is so hard to reduce your debt!! We have been floating along and have realized we have started to be living above our means and need to scale back. Great job on your debt reduction!

  • Credit cards are evil!! We had a make reduction in income and can't seem to restore it. Paying off our credit cards isn't as easy and seems impossible at this point. You are right… You gotta enjoy life and hope you are working on debt reduction.

  • This is a great post and I'm happy that you are sharing your debt free journey with us. I have some debts that I'd love to get paid off so I will also be debt free. Thanks for your info and advice and I hope it helps all of us to overcome our own debts.

  • "Do not live above your means". Preach! 🙂 You are right on! We too have debt, mainly student loans, but we don't ever purchase things that are above our budget. Great advice!

  • It is scary the thoughts of being judged but also being upfront with yourself can be such a positive thing and with student loans and what not most people are unfortunately in debt in there twenties and thirties but I totally agree – don't live above your means but enjoy what you have

    Laura x

  • What an honest and insightful post, thanks for sharing your debt story and getting across the message that you shouldn't live beyond your means x

  • What an honest, insightful view of the how and reasons why people get into debt!
    I commend you on trying to get out of debt and while it might seem like common sense, it seems to escape many!
    Thank you for sharing today!

    • Thank you Joanne, I appreciate that