I’m not a spendthrift

November 12, 2008 at 8:46 am (spending habits) (, , )

I don’t have cable. I don’t have a landline, only a mobile phone. My vehicle is paid in full. I don’t “go on vacation” to exotic places, or frequently at all. I don’t go out to the movies every week. My boyfriend pays 1/3 of the rent (it’s all he can afford). I just got rid of my internet (that was a hard one). I live in a commercial space so the utilities are exceptionally low ($25 electric/month & $15 garbage).

I do spend money on good quality, organic food. I feed my pets high-quality food. I don’t have a second job. My vehicle is a gas hog, but I need it for the occasional high-capacity hauling that it can do that an economy car can’t.

So why am I in debt? I was afraid to know where I stood. I knew it “wasn’t good.” So I lived in denial, never looked, and was scared to even go online to my checking account and check in. I’d have overdraft fees, overdraft transfer fees, and even use my credit card because I didn’t quite know if I had enough in the checking account for something.  I didn’t think ahead and ate out whenI got hungry, since I hadn’t gone food shopping, and it would take too long to go shopping, THEN cook. I bought things that I wanted rather than needed. I bought clothes new (not a lot, but what I did buy was about $50 per item instead of $5 used).

Worst of all, when I got out of school, I lived on my loans instead of getting a job right away. When I did get a job, I didn’t get a full-time one which slowed down the debt accrual, but didn’t stop it. This was a 2 year process from being out of school to getting a full-time, acceptable-salaried job. So if you consider I’m $45K in debt from not having a job or only a PT one for 2 years, I guess that explains it!

The whole point of this post is to show that I’m not a spendthrift, but even not, there are still lots of things to be done to tighten the belt and get out of debt.

My goal is that it will take me 6 years to get out of debt on my own terms. I think I can pay off $7,500 a year. This is based on me keeping my job at my current salary, no emergencies, and no big life changes. Wish me luck.

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