I finished college with 26k in student loan debt. My parents said the entire time they would "help" me with it when I graduated, but I grew up like you and knew their money should go to retirement and paying their debt. I paid off all my loans by age 26 (on a small income) and instead let my parents buy fun things for my daughter or take us to dinner when they want. My loans were my fault and my responsibility. Please don't feel shame or obligation to bail your boys out. Their lives are just getting started and you guys have such a journey ahead of you. ❤
You’ve done an excellent job in 2023. Please allow your sons to contribute to their student debt. They are adults and once they are earning an income they should assume their load of debt. You will do more in 2024 bc your snowball will start rolling faster. Best of luck!!
Thank you for your comment! Both of my boys have offered to help with the student debt and I will accept their offer once they get more settled. I feel so bad for young people starting out with the cost of living. Rent eats up so much of their income.
that is a good middle class income. I have been thrown into disability thru work because of my spine and my gross per month is 2874.00 per month. luckily my house payment is low and really no debt and i am making it on my own that is including paying cobra at 680.00 per month. i just have to swipe money out of my 401k every few months. I have applied for SSD but have to wait 6 months or so to hear back. 2 years and 2 months and I will be 65 and can go on SS. get rid of your debt as fast as possible and cut the crud you dont really need. it will take the stress off...save save save for a rainy day.
I’m so sorry to hear about your spinal injury… that’s got to be rough! Thanks for the advice! I’m still whittling away at the debt and unnecessary expenses. It’s hard to give up everything but I know we will be happy in the end when we have paid off the debt. Wishing you the best!
Thank you for the transparency. I applaud your debt-reduction efforts. I would, if I were in your shoes, stop using credit cards altogether. It appears you rely on them too much. Those 0% offers are sneaky. Credit card companies know the vast majority of consumers will fail to pay them off by the deadline. That way they charge you for all of the accumulated interest. I wouldn't rely on those anymore. If you can't buy it with cash - don't buy it as you can't afford it at that time. It will be hard at first but it you will benefit from stopping the vicious cycle.
I agree 100% and if our interest rates on the cards we did the balance transfer weren’t so high, I would have just left them alone. It’s so hard getting the debt to move when most of your payments get eaten by interest. Once we get these cards paid off, I hope to never have to use another one again! Thanks for your comment and support!
Thank you so much! It was hard putting it out there, but I hope to be in a completely different place in 2025 like I was this year. Even with the debt we have, we are so much more secure financially than we were in 2023. We have learned so much from this community!
New subscribers here!!! I’m on the same debt payoff journey mama! You did absolutely AMAZING last year. You should be very proud of yourself! It’s not easy that’s for sure but you are killing it! My channel is fairly new as well. I joined UA-cam to hold myself accountable 😂
I will check out your channel and subscribe too. I definitely find this budgeting community so very supportive and helpful. Thank you for the encouragement!
Thank you! It's hard to put all our dirty little mistakes out there in the world, but this is the most supportive community I've ever been a part of. I love all of the support. Can't wait to cheer you on as well!
You’ve done a tremendous job paying off debt in the last year! Bravo! Keep doing what you’re doing-pay off smallest to largest-Dave Ramsey debt snowball. Have an emergency fund of $2000-$3000 just in case
Thank you! I have really loved the snowball method because it gets momentum and gives me momentum! Thankfully, we do have a good emergency fund, more than the typical 2k-3k because my daughter has a minor heart condition and we need to be prepared for anything.
Very good video. The only suggestion I have is to stick with it. I’m in my late 60’s and trying to reign in debt. Every time I do a budget I find myself wishing I had started at a younger age. It’s not easy paying off debt during retirement years
Yes! My mom is in her 70s and she’s working on her debt and I feel so bad for her. She had to go back to work after retirement…. Which is one of my biggest reasons for trying to get out of debt asap! Wishing you all the best! Thanks for watching!
Thank you for watching! I forgot to mention that I also worked summer school last summer, which my district offered double pay, so that helped tremendously.
Hey! New Subbie🎉. Great video. Thank you for all you do as an educator ❤. I can relate to you in so many ways. I am in my 40’s with teens and a 21 year old from a small town in the south. I just started my UA-cam channel to help hold me accountable and stay organized with our budget. I am loving this community so much. I look forward to following you on your budgeting journey. 2024 is going to be awesome! Let’s kick this debt to the curb!
Thank you so much for checking out my channel. As a newbie, I feel so overwhelmed with what I’m doing, but I’m excited to join this fabulous community. Thanks for watching!
Thank you for sharing your journey. Watching these videos has kept me mostly on track for a few years now. I look forward to following along and cheering you on! New subbie here too #37 I believe :) You have been doing a great job already!
Thank you! I have found the accountability and support very helpful in this journey. I've been married 26 years and we should have done this many years ago. I only regret not starting sooner. Thanks for subscribing!
Just got time to finish watching. I think you’re doing great. If the kids are working now and out of college, see if they can help pay back some of THEIR debt. Also, do you have an emergency fund? I’ve been packing orders so I may have missed it if you do. That is very important.
We do have an emergency fund. I keep a "buffer" in an account that is connected to our checking for our $1,000 emergency fund. I also have a $10,000 emergency fund for bigger expenses. It was much more last year, but we used some of it to pay towards debt. I probably should keep using it for debt, as $10,000 could wipe away a big chunk of our debt, but my daughter has a heart condition and I need that security in case something ever happens and I need to have funds for travel expenses and medical care. As far as my boys, they are both out of college and getting established as independent adults.... they have both offered to help pay toward the student debt, but I am giving them a little more time to get some savings in their accounts before we work out a payment plan.
Thanks you so much! It was not easy, but when we finally decided to get our spending habits under control and use our "shovel" for more than just buying junk, we really got the snowball rolling!
Great video! great breakdown of 2023 debt & current. welcome to the community! i am a #weeklybudgeter and trying to pay extra on cc myself.. it's not easy with rising prices..
Been there for sure! You both have done great, and thanks for sharing. I'd pay off higher interest rate debt first. I look at the cruise debt like you are. It's 0%, it will be paid off at the end of the year and it's like you've put money aside and you're living life and spending time with your family. Ugh...I don't want to even talk about student loans. We didn't take advantage either like we should have. We have 3 student loans and one was a private college in Upstate NY. We did not think that through, and she was our oldest. lol
Oh, those awful student loans. If only the interest could go away, it would be a little bit better! Private schools are amazing for everything but the budget/wallet!
I created them myself after seeing how other budget folks did theirs. I will share a copy of it! docs.google.com/document/d/15b8-GGEzj5_6k2FrXWyUvZxGnIls8gtyhNNz9C5ATDI/edit?usp=sharing
Have your sons make the payments on the parents plus loans. Tell them you can’t afford it. Sell your cars and get used cars until your debt is paid off and the. Save for newer cars when needed. You don’t need a status symbol of a new car. Get side jobs (both adults) to help get rest of debt paid. Once the car payments are gone (or way lessened) and your sons are paying for their own debt putting all that money towards your other debt will put a big dent in it. Paying an additional $1,000 or more on your other debt would b awesome in getting out of debt quicker.
This is something I have thought about.... maybe something to consider, but right now almost all of our payments are going to the principle, so I think once the credit cards are gone, we can pay off the vehicles quickly.
Just a question about your car payment, how does that work when you don’t get paid for 2 months of the year but the payment comes out of your pay check?
I have to make the payments over the summer. That’s why I am saving for my car in the “month ahead” binder. I also have supplemental insurance that comes out of my check that I have to manually pay over the summer.
I do hope that you read this post and are able to receive it. Raising male children will always be a challenge no matter what time it is. The bottom line is that your children need to be paying a monthly amount to you towards their student loan debt. They are grown men and frankly they may never get stable. But you are basically obsolving them of an obligation they are responsible for. I took on some of my sons student loan debt years ago but when he graduated he took it over and paid it off. This was back in 2008. He is a lawyer, married with kids and with very little debt. Let them grow up.
I appreciate your concern for my boys. They both do pay their student loans. The portion I have are parent plus loans, which is something extra I took out to help them with housing, etc. They both plan to help with those loans as well, but like with anyone just starting out on their own in this economy, wages do not cover the cost of living. As soon as they get settled and secure in their finances, they are both going to help with the loans. In the meantime, I will help them all I can just as my parents were always willing to help me. Thank you for your input.
Thanks for having the guts to put your debt out there. There's no reason to feel ashamed about it. Lots of us have been there! It appears you have an income/spending problem. Is there any way to get a side job, etc. to make more money? If not, then could you sell one of your vehicles and buy a used cheap one? Also, regarding student loan debt - I'm not quite sure you can afford to fund your childrens' educations. Perhaps they could get jobs, seek out more grants, etc. and pay their own way. I only say this because you're in deep debt and need to climb out of it first before funding anything else. Your children will understand. I'm sure they want their parents to be financial secure in the future so you don't have to live with them when you're elderly. I tell my daughter this and she, certainly, doesn't want me as a burden when she has a family of her own, etc. Anyway, appreciate the transparency - and it's time to make some tough choices.
Thank you for your comment. It's definitely been an eye-opener when doing our debt update (especially looking at last years numbers). We do have a spending problem, but our income will be enough once we get more of the debt paid off. I pick up extra teaching positions when they come available (summer school, etc) and my husband does side jobs as well. My boys are starting to pay extra on the parent plus loans, so that will be a big help in February. They are both finished with college and working now. Some of the debt is my own college debt. I really don't want to sell our vehicles, because we are finally paying mainly principle payments and those balances are moving down quickly. I appreciate your suggestions, I am taking it all into consideration.
Lower middle class at 125k a year? lol no way unless you live in Los Angeles. I have 5 kids and we make 66k and we do just fine, over 100k is way more than enough. The disconnect that Americans now have with money is so bizarre, there is no way you’re not making enough at your pay range it’s your spending and debt.
Can you transfer the parent loans over to the adult child they were for? They really should be taking on their own education loans. They chose to go to college and should be responsible for the debt acquired for that decision. You working in Public School may qualify for the Student Loan Forgiveness program. Otherwise, nice job.
Great job. Do you qualify for the loan forgiveness of your student loan due to being a teacher? Liz at Budget and Balance is a teacher and her student loan is being forgiven cause she has been a civil servant for more than five years. Worth a shot for $36K.
Thank you so much! I just checked out your channel and subscribed. I hope you find the support and love I have had on UA-cam. This community is amazing. Looking forward to watching your journey.
You can watch all the budgeting videos out there. My suggestion is don’t get into the trap of buying all useless budgeting tool. I know it is very tempting, otherwise it will derail your debt payoff journey.
I finished college with 26k in student loan debt. My parents said the entire time they would "help" me with it when I graduated, but I grew up like you and knew their money should go to retirement and paying their debt. I paid off all my loans by age 26 (on a small income) and instead let my parents buy fun things for my daughter or take us to dinner when they want. My loans were my fault and my responsibility. Please don't feel shame or obligation to bail your boys out. Their lives are just getting started and you guys have such a journey ahead of you. ❤
I appreciate you sharing that so much! Your parents raised a kind, generous daughter. 💕
You’ve done an excellent job in 2023. Please allow your sons to contribute to their student debt. They are adults and once they are earning an income they should assume their load of debt. You will do more in 2024 bc your snowball will start rolling faster. Best of luck!!
Thank you for your comment! Both of my boys have offered to help with the student debt and I will accept their offer once they get more settled. I feel so bad for young people starting out with the cost of living. Rent eats up so much of their income.
@@BudgetWithMrsP oh, I totally agree with you on those points!! Rent is astronomical these days.
@@BudgetWithMrsP i think this is very kind of you. Not all parents are willing or able to do that, your sons are truly lucky! ❤
@@mikanchan322 thank you… I’ve got good, responsible sons, so they make it easy for me to help them.
What if they lived with you for half a year to help make headway?
I love the way you have the actual min payment and the min payment to pay it off within the time left before the 0% dies.
Thank you!
Good morning here binge watching/listening while working.
Awww thanks! Love that you can do that!
that is a good middle class income. I have been thrown into disability thru work because of my spine and my gross per month is 2874.00 per month. luckily my house payment is low and really no debt and i am making it on my own that is including paying cobra at 680.00 per month. i just have to swipe money out of my 401k every few months. I have applied for SSD but have to wait 6 months or so to hear back. 2 years and 2 months and I will be 65 and can go on SS. get rid of your debt as fast as possible and cut the crud you dont really need. it will take the stress off...save save save for a rainy day.
I’m so sorry to hear about your spinal injury… that’s got to be rough! Thanks for the advice! I’m still whittling away at the debt and unnecessary expenses. It’s hard to give up everything but I know we will be happy in the end when we have paid off the debt. Wishing you the best!
Thank you for the transparency. I applaud your debt-reduction efforts. I would, if I were in your shoes, stop using credit cards altogether. It appears you rely on them too much. Those 0% offers are sneaky. Credit card companies know the vast majority of consumers will fail to pay them off by the deadline. That way they charge you for all of the accumulated interest. I wouldn't rely on those anymore. If you can't buy it with cash - don't buy it as you can't afford it at that time. It will be hard at first but it you will benefit from stopping the vicious cycle.
I agree 100% and if our interest rates on the cards we did the balance transfer weren’t so high, I would have just left them alone. It’s so hard getting the debt to move when most of your payments get eaten by interest. Once we get these cards paid off, I hope to never have to use another one again! Thanks for your comment and support!
I know it is not easy to share our debt but it's the beginning of everything to tackle it, great debt confession video 👍
Thank you so much! It was hard putting it out there, but I hope to be in a completely different place in 2025 like I was this year. Even with the debt we have, we are so much more secure financially than we were in 2023. We have learned so much from this community!
New subscribers here!!! I’m on the same debt payoff journey mama! You did absolutely AMAZING last year. You should be very proud of yourself! It’s not easy that’s for sure but you are killing it! My channel is fairly new as well. I joined UA-cam to hold myself accountable 😂
I will check out your channel and subscribe too. I definitely find this budgeting community so very supportive and helpful. Thank you for the encouragement!
Thank you for being so transparent! I cannot wait to follow your journey!
Thank you! It's hard to put all our dirty little mistakes out there in the world, but this is the most supportive community I've ever been a part of. I love all of the support. Can't wait to cheer you on as well!
You’ve done a tremendous job paying off debt in the last year! Bravo! Keep doing what you’re doing-pay off smallest to largest-Dave Ramsey debt snowball. Have an emergency fund of $2000-$3000 just in case
Thank you! I have really loved the snowball method because it gets momentum and gives me momentum! Thankfully, we do have a good emergency fund, more than the typical 2k-3k because my daughter has a minor heart condition and we need to be prepared for anything.
Very good video. The only suggestion I have is to stick with it. I’m in my late 60’s and trying to reign in debt. Every time I do a budget I find myself wishing I had started at a younger age. It’s not easy paying off debt during retirement years
Yes! My mom is in her 70s and she’s working on her debt and I feel so bad for her. She had to go back to work after retirement…. Which is one of my biggest reasons for trying to get out of debt asap! Wishing you all the best! Thanks for watching!
You did great paying off so much debt! You got this! Subscribed, can’t wait to see you chip away at this debt. 😊
Thank you for watching! I forgot to mention that I also worked summer school last summer, which my district offered double pay, so that helped tremendously.
Great job in 2023! You have a plan for 2024 and you sound determined. Look forward to following your progress!
Thank you so much!!
Thanks for sharing ✨you got this 💕
Thank you! 🤗
Hey! New Subbie🎉. Great video. Thank you for all you do as an educator ❤. I can relate to you in so many ways. I am in my 40’s with teens and a 21 year old from a small town in the south. I just started my UA-cam channel to help hold me accountable and stay organized with our budget. I am loving this community so much. I look forward to following you on your budgeting journey. 2024 is going to be awesome! Let’s kick this debt to the curb!
We do have a similar situation! I will check out your channel! Thanks for supporting mine!! I’m ready to kick the debt to the curb, let’s do it!
New subbie. Love your channel…rooting for your journey 🎉
Thank you so much! Feeling all the love
New subscriber here. Coming over from Kim’s post. You have done a good job so far. Excited to follow your journey 😊
Thank you so much for checking out my channel. As a newbie, I feel so overwhelmed with what I’m doing, but I’m excited to join this fabulous community. Thanks for watching!
Thank you for sharing your journey. Watching these videos has kept me mostly on track for a few years now. I look forward to following along and cheering you on! New subbie here too #37 I believe :) You have been doing a great job already!
Thank you! I have found the accountability and support very helpful in this journey. I've been married 26 years and we should have done this many years ago. I only regret not starting sooner. Thanks for subscribing!
Just got time to finish watching. I think you’re doing great. If the kids are working now and out of college, see if they can help pay back some of THEIR debt. Also, do you have an emergency fund? I’ve been packing orders so I may have missed it if you do. That is very important.
We do have an emergency fund. I keep a "buffer" in an account that is connected to our checking for our $1,000 emergency fund. I also have a $10,000 emergency fund for bigger expenses. It was much more last year, but we used some of it to pay towards debt. I probably should keep using it for debt, as $10,000 could wipe away a big chunk of our debt, but my daughter has a heart condition and I need that security in case something ever happens and I need to have funds for travel expenses and medical care. As far as my boys, they are both out of college and getting established as independent adults.... they have both offered to help pay toward the student debt, but I am giving them a little more time to get some savings in their accounts before we work out a payment plan.
@@BudgetWithMrsP that’s great. You are pretty secure then. Now just to work off that debt. You’re a great mom giving your children such a great start.
Nice job.
Thanks!
Great video Mrs P and you’ve made great progress on you debt❤❤
Thanks you so much! It was not easy, but when we finally decided to get our spending habits under control and use our "shovel" for more than just buying junk, we really got the snowball rolling!
Great video! great breakdown of 2023 debt & current. welcome to the community! i am a #weeklybudgeter and trying to pay extra on cc myself.. it's not easy with rising prices..
Thank you! Money definitely doesn’t stretch as far as it used to!! Everything has gone up but wages!
Good job!
Thanks!
Hi. I have been there. You are doing great. New subscriber here to cheer you on.
Thank you so much! It’s taken a lot of courage to post our true numbers, but I appreciate the support and love this budgeting community!
Love your videos.
Thank you so much!
Great job paying down all of your debt 😊😊
Thank you 😊
Been there for sure! You both have done great, and thanks for sharing. I'd pay off higher interest rate debt first. I look at the cruise debt like you are. It's 0%, it will be paid off at the end of the year and it's like you've put money aside and you're living life and spending time with your family. Ugh...I don't want to even talk about student loans. We didn't take advantage either like we should have. We have 3 student loans and one was a private college in Upstate NY. We did not think that through, and she was our oldest. lol
Oh, those awful student loans. If only the interest could go away, it would be a little bit better! Private schools are amazing for everything but the budget/wallet!
Excellent work on paying down your consumer debt🎉🎉🎉🎉🎉 $30,000 gone in a year!! Simply amazing!!! Have you checked into loan forgiveness for teachers?
I have, but I don't qualify for it yet. Thank you for your comment, we made drastic changes in our finances to make it happen.
Where do you get your budget sheets from please? Just stumbled across your channel and love it!
I created them myself after seeing how other budget folks did theirs. I will share a copy of it! docs.google.com/document/d/15b8-GGEzj5_6k2FrXWyUvZxGnIls8gtyhNNz9C5ATDI/edit?usp=sharing
When thr bslances are very similar, I advocate paying down the higher interest rate debt first.
Thanks for the suggestion, I thought that might be the best way to do it as well!
Have your sons make the payments on the parents plus loans. Tell them you can’t afford it. Sell your cars and get used cars until your debt is paid off and the. Save for newer cars when needed. You don’t need a status symbol of a new car. Get side jobs (both adults) to help get rest of debt paid. Once the car payments are gone (or way lessened) and your sons are paying for their own debt putting all that money towards your other debt will put a big dent in it. Paying an additional $1,000 or more on your other debt would b awesome in getting out of debt quicker.
You don't have to provide information, not even your name. You can wotk in this. Keep the great work!
Follow the budget Mom. She is truly the best help. She says to pay the high interest first.
Get rid of the truck and your cat and get a low payment cheapest cars.
Thank you! Maybe I will come out of "hiding" eventually, but for now, I feel more comfortable sharing my financial journey with more privacy.
I have had several suggestions to do that, so I will pay off the credit union credit card first. Thanks for the suggestion!
This is something I have thought about.... maybe something to consider, but right now almost all of our payments are going to the principle, so I think once the credit cards are gone, we can pay off the vehicles quickly.
New subscriber _ I'm going to do mine too!! Thanks for the motivation!
Awesome, I’ve been motivated and inspired by watching other budgeting videos too. Good luck!
New here and just subscribed ❤
Thank you so much 😊
Just a question about your car payment, how does that work when you don’t get paid for 2 months of the year but the payment comes out of your pay check?
I have to make the payments over the summer. That’s why I am saving for my car in the “month ahead” binder. I also have supplemental insurance that comes out of my check that I have to manually pay over the summer.
@@BudgetWithMrsP thanks for answering! Great that you’re preparing and congrats on the pay off!
@@Sophie-jn6qq thank you!!
I do hope that you read this post and are able to receive it. Raising male children will always be a challenge no matter what time it is. The bottom line is that your children need to be paying a monthly amount to you towards their student loan debt. They are grown men and frankly they may never get stable. But you are basically obsolving them of an obligation they are responsible for. I took on some of my sons student loan debt years ago but when he graduated he took it over and paid it off. This was back in 2008. He is a lawyer, married with kids and with very little debt. Let them grow up.
I appreciate your concern for my boys. They both do pay their student loans. The portion I have are parent plus loans, which is something extra I took out to help them with housing, etc. They both plan to help with those loans as well, but like with anyone just starting out on their own in this economy, wages do not cover the cost of living. As soon as they get settled and secure in their finances, they are both going to help with the loans. In the meantime, I will help them all I can just as my parents were always willing to help me. Thank you for your input.
Thanks for having the guts to put your debt out there. There's no reason to feel ashamed about it. Lots of us have been there! It appears you have an income/spending problem. Is there any way to get a side job, etc. to make more money? If not, then could you sell one of your vehicles and buy a used cheap one? Also, regarding student loan debt - I'm not quite sure you can afford to fund your childrens' educations. Perhaps they could get jobs, seek out more grants, etc. and pay their own way. I only say this because you're in deep debt and need to climb out of it first before funding anything else. Your children will understand. I'm sure they want their parents to be financial secure in the future so you don't have to live with them when you're elderly. I tell my daughter this and she, certainly, doesn't want me as a burden when she has a family of her own, etc. Anyway, appreciate the transparency - and it's time to make some tough choices.
Thank you for your comment. It's definitely been an eye-opener when doing our debt update (especially looking at last years numbers). We do have a spending problem, but our income will be enough once we get more of the debt paid off. I pick up extra teaching positions when they come available (summer school, etc) and my husband does side jobs as well. My boys are starting to pay extra on the parent plus loans, so that will be a big help in February. They are both finished with college and working now. Some of the debt is my own college debt. I really don't want to sell our vehicles, because we are finally paying mainly principle payments and those balances are moving down quickly. I appreciate your suggestions, I am taking it all into consideration.
Lower middle class at 125k a year? lol no way unless you live in Los Angeles. I have 5 kids and we make 66k and we do just fine, over 100k is way more than enough. The disconnect that Americans now have with money is so bizarre, there is no way you’re not making enough at your pay range it’s your spending and debt.
Can you transfer the parent loans over to the adult child they were for? They really should be taking on their own education loans. They chose to go to college and should be responsible for the debt acquired for that decision. You working in Public School may qualify for the Student Loan Forgiveness program. Otherwise, nice job.
My boys and I are working out a repayment plan. They both want to help, thank goodness. Thank you for your support!
Great job. Do you qualify for the loan forgiveness of your student loan due to being a teacher? Liz at Budget and Balance is a teacher and her student loan is being forgiven cause she has been a civil servant for more than five years. Worth a shot for $36K.
I’ll definitely check into that! Thanks for the suggestion and thanks for watching!
Was searching for debt confession videos because I’m on a similar journey and stumbled upon yours. Great video! New subbie. 💙
Thank you so much! I just checked out your channel and subscribed. I hope you find the support and love I have had on UA-cam. This community is amazing. Looking forward to watching your journey.
@@BudgetWithMrsP Thank you so much 🤗
You can watch all the budgeting videos out there. My suggestion is don’t get into the trap of buying all useless budgeting tool. I know it is very tempting, otherwise it will derail your debt payoff journey.