One of the many horrible things about living paycheck-to-paycheck when you're in your 20's is being handcuffed by debt. What I mean by that is that I don't feel that I have as many "life options" as I would without my credit card debt.
The company that I work for is going through a tough time - in fact, they have been since I've been here (but that's another story all together). A few people have been laid off, while others have left on their own. But I remain, partly because I feel a slight sense of loyalty towards my company (which is reduced with each passing day) and partly because I don't know what I want to do next.
I could easily search for and get another job within my industry, but that would just provide another paycheck, maybe higher, but still just a way to make money to keep my head above water each month.
Maybe I'm just being dramatic of using excuses, but I can't help but feeling that if I didn't have debt, or at least as much of it, I would be able to step back and decide what I want to do with the next XX years of my life, rather than how am I going to make rent next month.
Debt robs more than money from your future. You can't calculate missed opportunities.
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The confusion
1 hour ago
5 comments:
You're right of course. I feel the same way. I dream of the world will be like for me when I'm debt free. When I think about it, like now, I have to hold the tears back.... It will be a WHOLE NEW WORLD. With new options. New choices. Actual choices. I can't wait.
It's very true, large personal credit debt certainly can rob people of there ability to move forward financially.
May I suggest something that may help relieve that feeling of paycheck-to-paycheck living, start putting aside each pay some money into a savings account that will eventually grow to approximately 1 months worth of expenses.
I suggest putting this savings aside before you start paying your normal "bills", it will help set a good precedent for your future saving and investment.
By having this lump sum of cash set aside it will help smooth out any cashflow issues you may have in the future and help you avoid using your credit card to "bail" you out, this will keep your credit card debt reduction on track.
While I agree with you that debt robs more than money from your future, I think that you don't have to wait until you're debt-free to make real choices about what you want for the future. Maybe try picturing yourself debt-free, and then visualizing what you want?
I agree with you on this. Plus, when you are living paycheck to paycheck it makes it a lot harder to pick up and make a big change like getting a new job because the upfront costs are so high. My boyfriend just moved for a new job and we spent about $1000 for the start up costs and moving. Keep your head up...something good will happen.
Thanks for the comments - regarding "bigbuddha's" comment: One of my first posts described how I would section 10% of my take home pay between various savings accounts. So while it is a slow process, I am saving some money. Also, I plan to use a portion of my tax return to get my Emergency Fund to $1000. The rest will go to pay down debt.
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