I've realized a while ago now that I'm not in a good place financially, even though I have a stable career and make good money. There is too much debt, and almost no savings at all. I'm not getting any younger (as a matter of fact, today is my 39th birthday).
I've come to terms with the situation and am intent on fixing it.
I have a significant other who has no desire to or expertise in managing money. We both brought debt to the relationship. I have primary control over the finances. He is aware of the financial situation and trusts me to make the right decisions.
I've recently (JUST THIS WEEK!) paid off two of the highest interest credit cards! It felt so good! I've also just sold some stock and will pay off 2 more high interest cards within the next week. This is my debt picture, as of today:
Credit Cards:
1: $ 639 / 18.4%
2. $ 665 / 21.5%
3. $1012 / 22.9%
4. $2681 / 22.98%
5. $7026 / 19.24%
401(k) loan #1: $2400 / 4.24%
401(k) loan #2: $10,500 / 4.24%
Auto loan #1: $2700 / 6.5%
Auto loan #2: $18,000 / 4.1%
Student Loan: $51,000 / 4.625%
Parent Loan: $14,372 / 7.65%
Mortgage: $69,314 / 4.25%
And, we begin
December 5th, 2012 at 08:22 pm
December 5th, 2012 at 08:28 pm 1354739333
December 5th, 2012 at 08:40 pm 1354740022
December 5th, 2012 at 09:51 pm 1354744301
December 5th, 2012 at 10:17 pm 1354745869
December 6th, 2012 at 12:37 am 1354754236
If you're willing to outline your expenses in the SA Forum, those experienced folks will offer suggestions you may not yet thought about. What SA wants most is for you to be successful and meet your goals.
December 6th, 2012 at 02:53 am 1354762407
December 6th, 2012 at 03:10 am 1354763456
Welcome to SA.
Since you have a stable career with a good salary, you will be able to make good progress towards eliminating debt and building wealth.
If you don't already have a written budget, now is the time to start working on one. Monitoring spending is really key. For me, it is by far the hardest part.
Best of luck to you with your goals.
December 6th, 2012 at 11:58 am 1354795092
don't forget that you can call the credit card company and ask if u can get a lower rate. that way while paying it off u'll have less interest to pay for a while.
December 6th, 2012 at 08:32 pm 1354825972
January 4th, 2013 at 01:49 pm 1357307379
Jerry