Paying off Debt: Another One Bites The Dust!

Paying off Debt: Another One Bites The Dust!

Debt
There is no feeling quite as sweet as paying off debt, and today I said sayonara to one particular debt that haunted me with its stench of bad decision. An "interest free" purchase I made and obviously didn't pay off in time and was therefore paying interest on is gone! When I started seriously paying down my debt in September 2015, I had nine separate debts totalling around $60,000. Today, I have four – my student loans (~$30k), a personal loan (>$5k), a credit card (<$5k) and a tax debt (<$1k). My projected income and expenses for the rest of the month tell me that I’ll pay off my tax debt when my next pay comes in, in two weeks time. The thing is, my tax debt is interest-free. Whereas my credit card and…
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Where’d my Money go in November?

Where’d my Money go in November?

Debt
Here’s where I lay it all bare, and show you, play by play, my November expenses. You can also spy on my monthly expenses for October here. I use Pocketbook to track every cent I spend each month, then break it down here. There’s a lot of power in ruthlessly tracking your spending, especially if you really respond to self-emotional manipulation. Much in the way you might decide against eating a second slice of cake because you’ll have to track the calories, I have found myself choosing not to buy things just so I don’t have to face seeing the purchase in big, fat, black and white letters on my end-of-month expense report. November's household/utility expenses were pretty great; this is partially the result of my sick as experiment in eating vegetarian…
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How to Get Out of Debt: Step Two

How to Get Out of Debt: Step Two

Debt, How to Get Out of Debt
This is the second instalment in a series of posts called How to Get Out of Debt. You can find part one here. It details the specific realisations, steps, and behaviour changes that have seen me begin my journey to become debt-free. At the end of 2015, I had bottomed out with around $60,000 in debt. I currently pay about 60% of my income towards my debt, and have paid off around $16,000 at the time of this post. Needless to say, I’m not a professional, and this is my personal experience only. As I've mentioned before, there are two parts to the equation of getting out of debt, and it's up to you whether you choose one or the other or both. Your myriad choices are: Earn more Spend less…
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Where’d My Money Go In October?

Where’d My Money Go In October?

Debt
Here's where I lay it all bare, and show you, play by play, my October expenses. I'm considering October somewhat of a Month 0, since this experiment is really going from November '17 to November '18. Though I've been pretending to use Pocketbook for some time, this is the first month I've really taken stock of and analysed what it's telling me. There's a lot of power in ruthlessly tracking your spending, especially if you really respond to self-emotional manipulation. Much in the way you might decide against eating a second slice of cake because you'll have to track the calories, I have found myself choosing not to buy things just so I don't have to face seeing the purchase in big, fat, black and white letters on my end-of-month…
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How to Get Out of Debt: Step One

How to Get Out of Debt: Step One

Debt, How to Get Out of Debt, My story
  This is the first in a series of posts called How to Get Out of Debt. It details the specific realisations, steps, and behaviour changes that have seen me begin my journey to become debt-free. At the end of 2015, I had bottomed out with around $60,000 in debt. I currently pay about 60% of my income towards my debt, and have paid off around $16,000 at the time of this post. Needless to say, I’m not a professional, and this is my personal experience only. Without exaggeration, I could probably count on one hand the number of times I looked at a credit card statement before I turned 28. And I certainly didn’t log into my internet banking to seek out the information myself. The only time I’d look at…
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How Did I Get Into Debt?

How Did I Get Into Debt?

Debt, My story
  I’ve been in debt for my entire adult life. I honestly don’t remember a time before the heavy weight of debt settled down into my gut. It’s been so long now that trying to remember life before debt is like trying to remember a film I saw once twelve years ago, even though wasn’t really paying attention while it was playing. I got my first credit card a few weeks after my 18th birthday and have had one (usually maxed out) ever since – my 30th is in three weeks. Why did I get a credit card? I couldn’t even tell you anymore. It probably had something to do with the big, vast realisation that I had become an adult, and I could. There was probably some important item…
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Can I Pay off $44k of Debt in One Year?

Can I Pay off $44k of Debt in One Year?

Debt, My story
  Alright. So. Forty four grand in one year. Is this even possible? After a lot of tweaking to the ol’ budgetrino, I’ve got my living expenses down to roughly $21,000 a year. This means I need to earn about $65,000 after tax in the next 12 months, which is roughly $85,000 before tax. Full disclosure, that’s a fair bit more than I currently earn. But let’s go with it for argument’s sake. The thing is that if I’m earning that kind of money, I’ll have to pay about $5,500 toward my HECS debt (in Australia the government fronts us the money to go to university and we pay it back with our tax, on a sliding scale based on our income). So that’s a sizable step backwards. One could recoup that…
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A Financial Shitshow

A Financial Shitshow

Debt, My story
  Simply put, my finances are a shitshow. Always have been. And not that long ago, I’d have followed that up with “always will be.” But they won’t always will be! I’m turning things around. I made a lot of bad decisions and even more bad purchases and they spat me out, two years ago, in sixty thousand dollars of debt. Sixty. Thousand. I repeat it because it’s so insane, such a comically large amount of debt to have that I still can’t quite convince my brain to take it in. Up until recently this was almost twice my annual salary. And because I earned so little my debt was increasing every year, with no signs of slowing down. At 28 years of age with a pretty fricking bleak future,…
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