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Our goal for March is to pay over $3,000 toward our debt. Of course, there is interest ($420) , so it won’t be a net reduction of $3,000, but every bit counts.
So our totals at the end of March should be:
Credit Card Debt :: $47,682.03
Taxes Owed :: $ 5,447.78
Personal Loans :: $ 5,450.00
Total Debt* :: $58,579.81
*does not include school loans
One of the reasons that we have found it hard to talk to people about our financial situation is because of the “how” – sometimes it’s really painful to accept that you are the reason that your life is hard and that you have made foolish decisions. Although, I think it is harder to change poor habits than it is to just accept responsibility, but you can’t change until you accept the reality.
The reality is that we did this to ourselves.
That’s tough and it sucks, but it’s time to put on our big kid pants and accept that it was our lack of discipline that brought us to this point.
Admittedly, there were some things that happened to us that made it all even more difficult (cancer, job loss, etc.), but we would have been able to deal with those so much more easily if we hadn’t already been in such bad shape. So what mis-steps can we identify?
I know there are more, but this is enough for now. Soon, I’ll write about how we’re starting to address these particular issues and get ourselves on a better path.
I’m starting this blog in an effort to transparently and honestly communicate the journey that my husband and I are in the midst of with our debt and finances. As the bottom started to fall out from underneath us last year (2008), I was able to find some on-line resources that gave us pointers and encouragement, and I thought that maybe we could pay that help forward by sharing our process.
So what do I hope that will look like? My goal is:
Why would I do such a thing? I know that people in my ethnic and social demographic seldom have honest conversations about money and what we do with it. I don’t know how much my friends make and they don’t know how much I make. And part of our problem as things started to go awry is that we have had such a hard time communicating how bad things have gotten – we don’t want to be the downers at the party, or the friends that can never afford to go out. How much easier would it be to walk along side our friends and family in life if we knew where people were really at in their struggles?
So here we are. It’s a first step.
Let me know if there are any topics about which you would like me to focus on/share. Thanks for stopping by…