- 5 years ago
I’m starting in January.
I’m only 24 and in my first job, therefore my debt isn’t out of control, but I want to try to eliminate it now while I’m young and before I’m married and have a family. I have about $1,500 on a credit card, $7,000 left to pay on my car, and around $30k in student loans.
I’ve never really budgeted before, so this will be new for me, but I think the envelope system will be very helpful! My goal is to have my credit card paid off in the next 9 months, then I’d like to start doubling my car payments and getting that paid off as fast as I can (hopefully by June-September 2014). After that, I’ll tackle my student loan. I’d prefer for my student loan to be the only debt I have going into marriage. It won’t be easy for I am living on a small salary but I’m determined!
My goal is to live debt free aside from a mortgage (eventually) and to save, save, save. I’ve seen debt and money issues rip apart families and lives (including my own parents and a few close friends), and I’m determined not to follow in their tracks.
Has anyone else gone through this program? How has it changed your life? I’d like to hear about other experiences.