[USER]

Feeling a bit down today about our debt. Since we bought our house 4 years ago, we steadily racked up a little over 26,000 in credit card debt.

This past August we both got a significant pay raise and were able to stop accruing more debt.

We have paid down our 26,000 balance to 20,500 in the past 6 months, but boy we are tired.

We have slipped up so much, and with family events these next few months that are obligatory and impulse “experiences” that we added in and now cannot get out of I feel like we are stuck financially.

What’s done is done. I just want to move forward.

We both have student loans and are on PSLF because we are public teachers but even that is up in the air.

My spouse has 18 payments left (unless they do away with the program before the 120 months are completed).

I am only 3 payments into the program but stuck in limbo with student loan repayment options.

And because of the drought where we live our well is going dry and to get water hauled into the storage tank is 400$ a month that will have to be moved out of repaying debt.

How do you make it on your stuck months?

Only positive things only please. It’s all our hearts can handle right now.

[Linda]

It’s no good looking back. That will not help. You have done a great thing by buying a home.

The best thing you can do is pay off as much of your debt as possible each month and congratulate yourself when you have done so.

Keep your spirits up with nice walks and doing free things like going to parks and visiting friends.

I think depression causes random spending…I nearly did it today but stopped myself and am proud that I did.

[Linda]

We had to hook up to city water. Still have a septic. Then we had to buy a new furnace and heat pump. Had to hook up to gas.

We got a generac then my husband put 36,000 on credit cards.

He wastes so much money we may never get out of debt.

I pray everyday we can make the bills. We have a year left on our vehicles then all that will also be going on our debt payments.

Just pray for peace everyday

[Shelley]

I retired from financial aid…. I dont see the dept of ed going away (just doing more with less staff). So, your husband’s loans should be forgiven when he reaches the qualifying payment.

Get the lowest payment you qualify for right now on your loans… put the saving on other debt.

Pinch your pennies. Sell what your not using. Eat down everyrhing in your pantry/freezer (it’s good for the budget and you know everything is fresh when your replace it all). Eat more beans and pasta… less meat.

Continue to make minimum payment by the due date. Put all excess funds on one debt and focus on paying that off (whatever has the lowest balance… don’t worry about interest rates).

Stay focused and reward yourself for progress made… maybe enjoy a nice (and cheap) bottle of wine with dinner.

Remember it’s ok to decline invitations and give smaller than normal gifts.

Your finances are important and they are clearly causing you stress. So, decline the invite, save the money and be happy.

When I first graduated I hated my student loan debt. I took in a roommate to reduce my expenses and I lived like a hermit (only attending free events) and only went out to eat when my mom and dad would foot the bill.

I had my student loans paid off in a couple years.

I don’t feel like I missed out on anything and I was much happier being debt free!

Stay focused and you can do it too!

[LySette]

It’s easy to feel stuck and overwhelmed when we look at the whole picture. Break it down. Look at weekly or monthly so you can physically see your progress.

Because you’re doing great!

That’s a big debt and you’re making big steps in the right direction.

[Dorie]

I get side gigs. Used to be tutoring, but I bought a big old house and rent out two rooms. Do you have an extra bedroom. What about a garage for somebody’s storage?

Get rid of anything you can do without, such as cable, gym memberships, subscriptions.

Never eat out. There are Youtube videos with frugal suggestions you could have a look at. It’s inspiring.

I never spend more than five or six dollars on any meal, in and out. Many of my fellow tighwads would consider that extravagant.

On the weekend I may splurge one good meal. You don’t need wine, beer, coca colas, or chips and cookies. Use cloth instead of paper towels.

If you have a child, you may consider institutionalizing them until you are out of debt.

Just kidding on the last one.

[Jason]

Progress is slow. Sometimes, instead of drowning myself in sadness, despair, and wallow, I stop and enjoy the roses of my situations and not-agreeable decisions.

Sometimes you have to give yourself some positivity.

Murphy’s Law is real. When we get 2 steps forward, something pushes us at least one step back. Take it for what it is.

Accept where you’re at. Then realize you’re still making progress, one cent at a time.

[Robyn]

It’s a sad world when two highly educated teachers educating the future generation aren’t paid enough to live comfortably!

Good on you for your dedication

[Valerie]

There have been a lot of months in the last two years where the best thing I did that month financially was not end up homeless.

If I am at a point where I feel very stuck I assess my budget to see if I can make any changes to help and if not I plan ahead for what I can do after this spot is stuck

Also the events are paid for so enjoy them, might as well get the moneys worth.

[Angela]

Don’t know if this will help. I’m on Social security and paying off debts. Sticking to a budget is tough.

Christmas used to be such fun but this past year l had to limit.

I went through the house and found items to sell. I have done this before.

This time l was able to make 83 dollars just in time for my granddaughters and daughters birthday.

[Ancella]

I think that you did well paying off 5500 in debt in 6 months while paying your usual bills!

I noticed you mentioned you and your husband are both teachers.

When the teachers in my children’s school need snacks or supplies for the class, they send out an email to the parents asking for donations and parents come through.

I hope you are not using your own funds because Lord knows you are already doing a lot!

It seems like teaching is more of a beast these days with the behaviors, fights, students throwing objects (some that are sharp) and then having to deal with parents and administration.

Thank you for educating our kids. I appreciate you!

[Ashley]

You’re making good progress and have to remember that life happens. Are yall able to do summer school or tutor for extra cash?

Anything yall can sell or do as a side hustle? Can you cut back anywhere on the budget?

Streaming, eating out, add defensive driving class to car insurance, shop around for car insurance or overall better rates, etc

[Callie]

It’s hard when your well dries up. Ours did 20 years ago and it was ten grand to drill a new one, but we had no choice. It’s even more now.

I second some who are wondering if you should move / sell the house and get out from under it, to someone who can afford to drill a well.

Beyond that, all you can do is tighten your belt, use a lot less water, tell your family you can’t afford gifts, and get rid of any paid services and subscriptions for a year or two.

Try a low-spend six months and see what you can save up.

[Terry]

You are both teachers, do you have the summer off? If so, time to get a couple of low stress jobs for that time.

If your teacher salary is paid out over 12 months, all the money from your summer jobs could go toward debt.

A whole new perspective by fall.

[Sandy]

When I was trying to pay off about $20,000 in credit card debt. I just focused on just that.

No shopping. None other than food.. you’ve already paid off a lot.

You can do it

[Vivian]

Unless it is a necessity quit buying. Make it a game and victory to pay as much as you can on credit cards without letting other bills get behind.

You will sleep better knowing that it can’t be taking away

[Allison]

If by any chance you live in NC and have taught a high need subject for 5 years at a title one school, you can have loans forgiven with out payments.

I did it.

However- I know that it is a long shot that you are in NC at a title one school in a high need area, but I figured I would at least share just in case.

[Courtney]

I totally get this. We have some months where there are a lot of family birthdays and holidays etc and I feel like my spending goes up way too much but I also feel stuck as everyone exchanges and expect gifts.

Hang in here

[Honora]

Great job so far!!! Some people download a debt, free chart and color in the blocks.

As you make progress, so you can visually see your progress even if it does not seem like much.

[Carol]

First, make a perfect budget for right now. Everything you owe and what you will probably have to spend like groceries, gas, and any other regular expense.

Then take a hard look at that and see what can be cut down.

Try to add just one dollar a month to one credit card then the next month add two dollars, then three $, etc.

until it’s finally paid off and then start another one, if you have more leeway than that, then add more than that or add it to two cards or three cards whatever you can afford.

Don’t strap yourself or you’ll give up, if you see it on paper, and you see the progress you’re making, it will help you move forward.

If you have to put things on hold because of the hauling water, then try very hard not to make things any worse.

You will have a plan you can put in place when the time is right, the sooner the better.

[Nancy]

We did one of those consumer credit counseling things many years ago, where they talked to all our creditors, and we made a 300 monthly payment, that they distributed.

The fee was very little, under 20, but I don’t know if they even exist any more.

[Marie]

I say this very gently….. And I mean very gently…been there when I was much younger! The first big step is no unnecessary spending.

Nothing. Not criticizing past choices. I’ve done this, and it’s hard and no fun at all but makes great strides forward! If these apply to you :

1)buy groceries no eating out even on work days. No soda or junk food. Hard but can be done.

Check out frozen healthy burritos, etc for really tired days after work. Take pb sandwich and yogurt to work.

2)no new clothes, shoes, accessories etc unless the alternative is going naked

3) stop nail appts, color appts, any unnecessary spending. I realize “self care” and beauty is important but so is mental health which the debt is affecting.

4)only free entertainment for now. Parks, public events, hiking- there are so many free things to get out of the house. Don’t even think about vacation.

5) apply all this money saved to the balance on the cards, every spare penny you can.

That $35 saved on nails, $65 on groceries, etc apply all that to the principal on your balances. It’s the only way to lower the debt.

Check out Dave Ramsey online this is his specialty! I have a friend who keeps deferring her student loans thinking the government would erase them.

She continues to accrue interest and is in a very bad place with them. Shes married and claims they “can’t afford” to pay on them with kids.

But… they’ve bought brand new car, brand new truck and brand new horse trailer, expensive dog then very expensive training etc you get the picture.

That’s why they can’t afford loan payments. Please work hard to get yourself at zero debt, then you will have a fresh start and can enjoy your home and life!

Please check out Dave Ramsey he has helped so many people just like you pay your debt off the fastest way. Best of luck

[Monica]

When we first started out, my husband and I recorded every penny into an excel spreadsheet. Both incoming money and outgoing money.

We learned a lot in those years and forged our path together.

We argued and discussed a lot, but in the end it helped us to become a team. The spreadsheet helped us to discover expenses that we didn’t “need”.

Even with the best plans and intentions we, like most people, slipped up and gave into temptations.

We made mistakes, we learned from them, and we moved on – together.

The best part is that you are both on board, and with that, you are already winning. You’re doing the right thing.

You’ve been paying off debt. When you become debt free it will be a glorious feeling. You will get there. Best wishes.

[Elizabeth]

For family gifts, don’t give cash, shop thrift stores (there are lots of ideas on the internet for thrift gifts) or Marketplace, where you can find brand new items, and make an offer even lower than asking.

For example, I just put a juicer up for sale for $30 (sells for $50 on Amazon) but I’d probably take $25.

So family is getting a brand new gift that cost you half.

Maybe think about selling some of your excess for extra cash to put toward debt. Do you follow Dave Ramsey?

[Author]

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