Vacations are great gifts for your kids if you have no debt and can cash flow them. But think about this… What if instead of vacations you get creative with far less expensive STAYcations for your family and your daughter learns from you before she’s even 20 years old how to budget, how to live within her means and not get herself into debt, how to save and buy things with cash, how to be able to have a nice nest egg for both life’s inevitable setbacks and a secure (possibly early?) retirement? What a gift that would be to not need to learn the hard way like you did! To watch you and your husband, as her examples, tackle and win this and teach her the lessons you learned are life skills that will last her a lifetime. That is infinitely more valuable than vacations that add to your debt burden.
Thanks for the suggestions. I really appreciate the feedback. We are currently having money conversations with the kids, especially our daughter since she will be off to college soon. We don’t sugar coat anything and they know the importance of saving and budgeting. I feel that we are setting them up to not struggle with managing money. It just took us a while to get here. Now vacations..... I am not willing to let them go. We budget for them. My goal is to not increase our current debt while cash flowing our current/future purchases including vacations. I want to erase the stigma that you have to sacrifice the things that bring you joy and peace to pay down debt. The debt will get paid, but at a pace that works for our family. I hope that you follow our journey to see how well we do.
Send your daughter to the local community college so she can live at home. Setting up a kid to move to another state is expensive and add probably something like $10K for on-campus living. Sounds like she’s a great student and a community college would also provide scholarships, not to mention some community colleges are free and some cover tuition for in-demand majors. I’m afraid your daughter will end up in the same financial trouble. She’s at a good age to sign her up for a financial literacy course (there are a lot of good ones online). This girl has got to learn how to earn from interest instead of paying interest. To be prepared for a job loss by saving 3-6 months of expenses for when that happens, to not carry credit card debt and why, to know the suggested calculation for what to save and how much to spend on a car based on her salary. Also how easy it is to save for retirement if you start in your early 20s. These topics are just as important as what she’ll learn in college (and I hope her major is something realistic that will earn her a good income). Just about every financial debt video starts out saying “my parents weren’t good with money, didn’t set an example, didn’t teach me…” Now is the time to try to fix that for your kids. Maybe even share with them these numbers so they begin to understand the overspending concept in real life. This sounds harsh and please know I’ve had debt, too. Credit cards and student loans, HELOC, etc., I fell for it all and am finally out of that mess and am down to only mortgage debt. It’s possible. I shared this with my 19-year-old, which was hard to share how Mom and Dad were stupid, but people learn best through stories and real-life examples. Hang in there! ❤
It seems like you and your family are living above your means. So many of your credit cards and personal loans have sky high interest rates. This debt load would keep me up at night. I would sell the car and get something with a more affordable car payment or just get something used and pay for it in full. I wosj you and your family well on your debt free journey.
Thank you for your suggestions. We WERE definitely living above our means in the past. Our current income is more than enough to afford all of the payments and add extra. This is just our first step. We have never taken the time to calculate it all. Now, we will figure out our best plan of action without feeling like we have to give up all of the things we love.
@@BudgetwithMrsMomEdS The problem I see, is that you're still not planning ahead and don't account for risks such as your husband getting sick. As a result, you still haven't your priorities straight. Paying off debt and supporting your 3 kids through college should go before a $60000 car
I don’t think we are drowning, but definitely in the water swimming. Vacations are important for our family and we will take them AND pay down our debt.
@@BudgetwithMrsMomEdSyou are absolutely drowning. Taking vacations and living the high life on credit. You’re broke sis. Honestly you don’t seem serious about getting out of debt. You still have a broke mindset. Please start listening to Dave Ramsey and maybe that may change your perspective.
New subbie here! I am on the same journey. I actually just sat down and wrote down all the bills I have. I have been wondering why I cannot seem to get ahead. So I wrote down all my bills and what I actually bring home. Turns out that I only have about $43 left after paying on my bills. Have I been budgeting and spending like I only have $43 left each month? No, lol. So I just basically got tired and said what can I do? I honestly can't even save money right now. Writing all my bills out allowed me to see what I can budget. I was never taught how to budget growing up so I decided to at 41. There's a lot that my family did not explain or teach so at 40 I started a lot of firsts to better myself and my life. I'm about 30 grand in debt. About 95 percent of that is student loan debt. I wish I never did that, but here I am now. So we'll both be on this journey together!
Welcome! I’m trying to figure this all out! We can do this together. I’m trying to make sure that I send my kids out into the world not worrying or feeling stressed about money. WE GOT THIS!!!
If you have federal student loans, apply for Public Service Loan Forgiveness (PSLF). I’m a former teacher and PSLF has been a lifesaver. Good luck on your journey!
Hi sister ...watching from cape town south africa Im 10 yrs older..life happened too and I a similar situation...Aug we start being financially aggressive too so let's keep each other accountable
Thanks for sharing and you got this! We all done stupid things and spend money when we shouldn’t have. You recognized that was a problem and taking step to pay the debts off.
Another really good number to tally is how much interest you are being charged per month. That will be another incentive to not add debt. Hopefully your cards are locked up! That car, ouch. I’d sell that tomorrow and buy a 2012 Camry. That would put a big dent in your debt total.
I would check the payoff on the student loan. For the first one between now and 2034 is ~120 months and making 400 dollar payments only totals 48k so not exactly sure how that can pay off 157k current balance.
I owe 419k on two things 319k left on mortgage and 100k in student loans and I don’t even have a car payment or cc debt. It still mind boggles me how I have so much debt sometimes.
My wife and I are on our debt free journey too so thanks for sharing. The interest on your student loans compared to the minimum payments are very scary. Have you checked into that? The interest looks like it would be higher than the payment. I know some loans interest will capitalize so youll start paying interest on the interest. But, im not 100% sure.
I made it. Here is a link to all of the forms I created and uploaded so far: docs.google.com/document/d/1QkYsopO0EIGbnQlSw_XQMGUwU8zGabpcK0pknytGq7Q/edit?usp=sharing
I love to see people of color (especially) targeting debt and shifting their mindset. I also have 6 figure debt and am documenting our journey here. New subbie!
Welcome to my debt confession for 2024. If you are on a financial journey, comment below. Let do this together!!
He must have lived in Center City. Philadelphia represented here ❤
Thank you for transparency and you courage. I got 10k in debt but I've seen people paid off 100s of thousands before. We got this!
Vacations are great gifts for your kids if you have no debt and can cash flow them. But think about this…
What if instead of vacations you get creative with far less expensive STAYcations for your family and your daughter learns from you before she’s even 20 years old how to budget, how to live within her means and not get herself into debt, how to save and buy things with cash, how to be able to have a nice nest egg for both life’s inevitable setbacks and a secure (possibly early?) retirement?
What a gift that would be to not need to learn the hard way like you did! To watch you and your husband, as her examples, tackle and win this and teach her the lessons you learned are life skills that will last her a lifetime.
That is infinitely more valuable than vacations that add to your debt burden.
Thanks for the suggestions. I really appreciate the feedback. We are currently having money conversations with the kids, especially our daughter since she will be off to college soon. We don’t sugar coat anything and they know the importance of saving and budgeting. I feel that we are setting them up to not struggle with managing money. It just took us a while to get here.
Now vacations..... I am not willing to let them go. We budget for them.
My goal is to not increase our current debt while cash flowing our current/future purchases including vacations. I want to erase the stigma that you have to sacrifice the things that bring you joy and peace to pay down debt. The debt will get paid, but at a pace that works for our family. I hope that you follow our journey to see how well we do.
Send your daughter to the local community college so she can live at home. Setting up a kid to move to another state is expensive and add probably something like $10K for on-campus living. Sounds like she’s a great student and a community college would also provide scholarships, not to mention some community colleges are free and some cover tuition for in-demand majors. I’m afraid your daughter will end up in the same financial trouble. She’s at a good age to sign her up for a financial literacy course (there are a lot of good ones online). This girl has got to learn how to earn from interest instead of paying interest. To be prepared for a job loss by saving 3-6 months of expenses for when that happens, to not carry credit card debt and why, to know the suggested calculation for what to save and how much to spend on a car based on her salary. Also how easy it is to save for retirement if you start in your early 20s. These topics are just as important as what she’ll learn in college (and I hope her major is something realistic that will earn her a good income). Just about every financial debt video starts out saying “my parents weren’t good with money, didn’t set an example, didn’t teach me…” Now is the time to try to fix that for your kids. Maybe even share with them these numbers so they begin to understand the overspending concept in real life. This sounds harsh and please know I’ve had debt, too. Credit cards and student loans, HELOC, etc., I fell for it all and am finally out of that mess and am down to only mortgage debt. It’s possible. I shared this with my 19-year-old, which was hard to share how Mom and Dad were stupid, but people learn best through stories and real-life examples. Hang in there! ❤
It seems like you and your family are living above your means. So many of your credit cards and personal loans have sky high interest rates. This debt load would keep me up at night. I would sell the car and get something with a more affordable car payment or just get something used and pay for it in full. I wosj you and your family well on your debt free journey.
Thank you for your suggestions. We WERE definitely living above our means in the past. Our current income is more than enough to afford all of the payments and add extra. This is just our first step. We have never taken the time to calculate it all. Now, we will figure out our best plan of action without feeling like we have to give up all of the things we love.
You got this , step by step and don’t get discouraged ❤
@@BudgetwithMrsMomEdS The problem I see, is that you're still not planning ahead and don't account for risks such as your husband getting sick. As a result, you still haven't your priorities straight. Paying off debt and supporting your 3 kids through college should go before a $60000 car
Vacations... You owe money, it's a debt! Cancel the vacations, you are drowning.
I don’t think we are drowning, but definitely in the water swimming. Vacations are important for our family and we will take them AND pay down our debt.
@@BudgetwithMrsMomEdSyou are absolutely drowning. Taking vacations and living the high life on credit. You’re broke sis. Honestly you don’t seem serious about getting out of debt. You still have a broke mindset. Please start listening to Dave Ramsey and maybe that may change your perspective.
@@BudgetwithMrsMomEdS😂😂😂Caleb Hammer would have a heart attack.
New subbie here! I am on the same journey. I actually just sat down and wrote down all the bills I have. I have been wondering why I cannot seem to get ahead. So I wrote down all my bills and what I actually bring home. Turns out that I only have about $43 left after paying on my bills. Have I been budgeting and spending like I only have $43 left each month? No, lol. So I just basically got tired and said what can I do? I honestly can't even save money right now. Writing all my bills out allowed me to see what I can budget. I was never taught how to budget growing up so I decided to at 41. There's a lot that my family did not explain or teach so at 40 I started a lot of firsts to better myself and my life. I'm about 30 grand in debt. About 95 percent of that is student loan debt. I wish I never did that, but here I am now. So we'll both be on this journey together!
Welcome! I’m trying to figure this all out! We can do this together. I’m trying to make sure that I send my kids out into the world not worrying or feeling stressed about money. WE GOT THIS!!!
If you have federal student loans, apply for Public Service Loan Forgiveness (PSLF). I’m a former teacher and PSLF has been a lifesaver. Good luck on your journey!
Hi sister ...watching from cape town south africa
Im 10 yrs older..life happened too and I a similar situation...Aug we start being financially aggressive too so let's keep each other accountable
Thanks for sharing and you got this! We all done stupid things and spend money when we shouldn’t have. You recognized that was a problem and taking step to pay the debts off.
Thank you!
Thank you for being brave and putting your story out there. Blessings on your debt journey!
Another really good number to tally is how much interest you are being charged per month. That will be another incentive to not add debt. Hopefully your cards are locked up! That car, ouch. I’d sell that tomorrow and buy a 2012 Camry. That would put a big dent in your debt total.
Also on a financial journey! Thank you for sharing 🎉
SELL THE CAR
Thank you for your honesty. You will get this tackled.
🤞
❤❤❤ thanks for sharing.
Good luck!
Newly subscribed ❤😊
Definitely rooting for you & your husband! You both did the hardest part, which is coming together to work this down as a team.
Thank you so much!! Yes this was definitely hard, but necessary.
So proud of you! Awesome video new subbie here!❤🎉
I would check the payoff on the student loan. For the first one between now and 2034 is ~120 months and making 400 dollar payments only totals 48k so not exactly sure how that can pay off 157k current balance.
I owe 419k on two things 319k left on mortgage and 100k in student loans and I don’t even have a car payment or cc debt. It still mind boggles me how I have so much debt sometimes.
My wife and I are on our debt free journey too so thanks for sharing. The interest on your student loans compared to the minimum payments are very scary. Have you checked into that? The interest looks like it would be higher than the payment. I know some loans interest will capitalize so youll start paying interest on the interest. But, im not 100% sure.
Hi there!! Thank you for sharing your story. Its always difficult sitting down and crunching the numbers. I'll be following you along on your journey!
Thank you! Heading you way now.
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!
great plan! where did you get your sheet from?
I made it. Here is a link to all of the forms I created and uploaded so far: docs.google.com/document/d/1QkYsopO0EIGbnQlSw_XQMGUwU8zGabpcK0pknytGq7Q/edit?usp=sharing
I love to see people of color (especially) targeting debt and shifting their mindset. I also have 6 figure debt and am documenting our journey here. New subbie!
Thanks for subbing! Heading your way!!
Hi Friend!! We are in a similar journey. We can do it. New subbie! I'll be following and rooting you on 🤗💙
Have you considere paying off debt using the debt snowball method?
I am going to to the avalanche method. It allows us to pay it off sooner.
The debt snowball will motivate you even more ( IMO) love that method! 😊
I hope you have an emergency fund, even if it 1000,- dollars
Yes, your vacation expenses are definitely debt.