My First Debt Confession / Debt Snowball / Pay off Plan
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- Опубликовано: 11 окт 2023
- Hey y'all, welcome to my first debt confession video! I'm laying it all out on the line and blasting my debt to the world, in hopes it'll give me the kick in the butt I need to stay focused on paying it all off sooner rather than later. I want to continue checking in with my debt every quarter, so make sure to subscribe to ride along!
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Intro Song: Getting Hot by Infraction
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My student loans were $158,768 with 9% interest with payments of $1440 a month. I paid on them for years and years and it never felt like they were going down. Thankfully I work for a public service agency, and finally reached my 120 PSLF payments and the balance was just forgiven in March 2023. So now I can pay off the rest of my debt and finally retire next year.
That is a huge monthly payment! So glad the rest was forgiven and you can retire happily 🤗❤️
My favorite part about all of this was you randomly just laughing 😂😂
I tend to make myself laugh in general, but when I'm feeling awkward or uncomfortable, I cope with humor 😅🤣🙃
You're going to pay this off! $41K? Yes, you can definitely get rid of this with a plan in place. I have seen debt confessions with over 5x your debt amount, so you do have a good chance at becoming debt-free! Respect from Canada! ✌🏾
Thank you so much for the encouragement! It's definitely what helps me keep chuggin along 🙌🤗❤️
You got this! I’m having an existential reality check myself with my debt and needing to do something. Videos like this help me feel inspired, so thank you for being vulnerable and transparent. It will be fun to watch your progress! And proud of you for doing what you needed to get out of a bad situation. Have a fantasticamagical week! 😊
Thank you so much for watching! ❤️ I feel so blessed to be an inspiration 🥰
New Subscriber here. Just found your channel and it is great to be supporting a fellow budgeter! Acknowledging the amount is going to hold you accountable. I am excited to be following your journey!
Thank you so much for joining the family! 🤗🥰❤️
I have just kicked off my journey, looking forward to following yours.
Thank you!! 🤗❤️ Welcome to the fam! 😁
Hello new subbie! Thanks for sharing your debt and plan to pay it off. I know you can tackle it. I am in the process of just focusing on my student loan debt and when that’s finished, I will start working on the rest of them. I made that choice because of the anxiety I have around paying off student loans. But I’m chipping away at it and I know you will do the same with your debt. I wish you the best.🎉❤
Super proud of you for working on your debt! It is very anxiety inducing for sure, but I'm glad you're powering through ❤️ wishing you all the best as well! 🤗🥰
Cheering you on while you pay off your debt!
Thank you so much! 🥰❤️
Good video... I am glad i only have 2 credit cards, i'll be excited to see the progress.
I'm excited to get rid of all of them! Be gone with ye, debt! 🤣
Hey! Just found your channel! 🙋🏼♀️ this is the first video of yours I’m seeing 😊 you got this! I’m surprised your credit cards seem to be consistently 10% interest rates across the board! Several of mine are 25-29% 🥴 loved the video! Cheering you on! ❤️
Thank you! 🤗 Only reason my cards are at 10% is because the company I decided to have handle my debt consolidation talked my creditors down from 30% to 10% 🤣
@@SOSBudgets ohhhh that makes sense! Haha I was like omg why are mine so high 😩😂
When you're talking to a creditor on a recorded line, NEVER volunter early payoff plans, wants, or wishes. It all goes into the phone call logs. However, when you get close to paying an interest bearing account off do call to find out thecosyoff details such as how much snd by what date.
It is said that those who make the conscience decision to get control over their finances, start with a written budget, those who are successful will find approx $400 per month of dumb expenses that they are able to eliminate the first month. From our experience it was $600 then over time we removed another $200 so we have removed $800 of stupid stuff that we thought we needed but have discovered that we actually don't need. Part of this is letting go of things the other part is not caring what other people think because the truth is just about everyone is broke these days.
6 years ago spouse and I had $136k of debt today all gone debt free and we have an emergency fund of almost 9 months expenses, a 2 month checking account buffer, mortgage paid off no car loans and are putting 30% into retirement and 20% into savings. But beware to get to this point was total misery.
I am so proud of you and your spouse's accomplishments! That is so awesome 🤗 one day I'll get there for sure! When I first started budgeting back in January 2022, I realized just how bad my unnecessary spending was. I was spending every last dollar I made, and saving absolutely none of it! So I changed gears, and am super proud of my progress! I'm no longer spending $1800 a month on stuff I don't need 🙌
@@SOSBudgets Well to be honest when we started out we were not totally committed, our immediate goal was to pay off just our credit cards. That was a big order, we had $28K on 5 cards. So, we stopped using our cards and did a debt snowball. 1 year 7 months and that was all paid off.
Because that was such a relief, we expanded our horizons and went after two personal loans, a truck loan, a parent plus student loan and our mortgage. One by one they fell and as we made more progress, we got more serious. The last year we went total scorched earth, that was a dumb purchase, a 2020 Tacoma, a $32K note paid off in 26 months.
So, my advice given free, I'm not a pro on this, but I think...set goals minor goals and major goals and go after them. Put a date on your goals. You will not believe just how good things are when you have no debt. It comes down to living below our means and cutting out our unnecessary expenses.
Disclaimer: I watch a lot of personal finance videos and I tend to be blunt with my comments. A lot of people in yt land do not like me. I just want to see people win with money, that's all. Becoming debt free requires a change in our mindset. Make us proud Sarah.
I think some people need bluntness, too many people afraid to call it how it is... hiding behind comfort is a cause of my own debt issues when I kept telling myself "oh I have $50 extra in my budget, I can afford xyz" instead of choosing to stick with something less comfortable.
If only someone would have firmly pushed back saying "look, your being an idiot" I might have been better off.
@@herpaderp4965 I agree. Our 56 months of debt pay-off was an average of $2400/month going to debt. This was money we didn't think we had but obviously we did. If we had been even more on point, we could have paid it all off in about 36-40 months. But still, I have to say even though we were on it and it was misery to an extent, the outcome was that we corrected many years of financial stupidity and we will never go back. Another thing I want to say, this is part of my bluntness, but commenters who try to offer encouragement by saying "you got this" or similar without the originator even putting forth a workable plan are not in my opinion helpful. They don't know the mind of the person or level of determination. Cutting out the crap in the expense column and saying no to ourselves are how we do this. No shortcuts.
Thanks for sharing, and good luck.
Thank you for watching 🤗❤️
Omg your laugh😂😂😂 i love it
Awh thank you! 🤗❤️
If you decide to throw the volcano method into the mix, you’d pay off the debt that pisses you off the most, which I’m guessing is the ex’s dental bill. After that, you could go back to the other two methods or stick with the volcano method and knock out some more that anger you.
I've never heard of the volcano method before, but so far I've paid off the Sanford Bill, the credit one, and another Sanford bill from when I hurt my back 🤗 Victoria secret is next 🙌
I would order those with managable minimum payments and no interest after those with interest. HOWEVER, the first debt (medical bill) with its $50/ month minimum i would pay off first anyway because of its lowest total and its highest minimum.
When you get to the 10% @$600+ Chase with @$33 minimum and the 10% @$900+ Cabella with @$28 minimum cards, i would prioritorize the Cabella card over the Chase card. Without looking at any of the details beyond the stated equal 10% on each, you kniw its going to take ma y more minimum laymemts to pay off $900+ at $28 per minth than $600 at $33 per month. More payments translates into more actual dollars spent on interest despite the interest rate; it generally comes dken hiw they asses the interst payments using the stated interest rate.
I might switch up the order I will pay them off, but I just wanted to get them down on paper and get 1 step closer to paying them off, by acknowledging it 🤗😁 thank you for your input, I really appreciate it!
@@SOSBudgets Yes, the first step IS to figure out who you owe what to and certainly for me, a list is critical. I fought lists all my very young life but when I began adulting found them useful and even needed. A list likes this lets you to,to, to compare one item to the next. It lets you form questions and aides in making decisions.
New subbie here!
Thanks for joining the fam! 🤗🥰
You got this! Have you ever thought about getting rid of that dental bill from your ex first because it holds such a bad vibe to it. It might just make the rest of your debt easier to deal with.
Thank you! ❤️ I have considered tackling that one first honestly 😅🤣 it will be such a relief to have it gone 🙌
Maybe tackle it later if there's no interest
Do you still have the credit cards or was part of the consolidation that the accounts be closed? Curious as I’ve considered doing something like that.
Most of the accounts were closed, as per the agreement with the company, which definitely helped me to not rack them back up 😅🤣
I also can't open another credit card, or they'll kick me off the program 👀 I can however get a home loan or a car loan without affecting the consolidation, which I'm okay with, but it's not something everyone wants to sign up for, which is understandable 🤗
@@SOSBudgets Ty for answering. That’s kind of what I feared. Im still contemplating being without them. Good info for consideration :)
I’d be mad asf paying off someone else’s dental bill. He should be embarrassed 😭
Trust and believe this sad excuse for a man has no shame 😭 I had my wages garnished AFTER the divorce because of another bill he refused to pay 🙄 one of the many reasons he's an ex 🙈
A lot of laughing...😮
Yeaaahhh, I use humor to cope with stressful things 😅🙃
Hello! New subscriber! I just found your channel. Excited to see more!that sucks you have to pay his bill. I would do the same!
Thanks for subbing! 🥰❤️
Get rid of that geep. You can't afford it right now. Get the cheapest no payments type of car.
if you get rid of the car in 3 months you remove the credit one car and in 2 payments you get rid of United collections. 2 more months you get rid of Victoria S. payments. Think about it.
Can't wait to watch your journey with paying off your debt!! 🤍
It's gunna be a long road, but I'm ready to tackle it! ❤️ thanks for watching!!!