The day I turned 26
Today is my birthday and normally I am excited because another year has gone by and I’m that much closer to something happening. What is supposed to happen at 26 though? Last year I was excited about my birthday because I saved money on my car insurance (not by switching to Geico). It is kind of a down feeling that I am getting older and closer to 30 and still have so much debt hanging around. It would be nice to have all this debt paid off before I am 30, but I don’t think my wife would be up for it.
Just for fun though here’s the math on how much dedication it would take to pay off $151k worth of debt. We would have to pay somewhere in the vicinity of $3200 a month towards debt alone for 4 years. Instead, a more realistic goal would be to get down to 5 figures in the 4 years. That would average around $1000 a month in payments on debt, which we could do with focus. I am not figuring in salary increase, bonus, tax refunds, or anything extra so at some point we could increase 1k to 3k along the way.
Debt freedom is a distant dream right now for us. These credit cards and student loans got us right where we are, deep in debt. It is very nice to pay off a credit card and know it will never impact my life again. Avoiding the use of credit and having no debt will allow us to live much better than we can now.
Happy Happy Birthday!!! I’m sure you can do it, $1,000 seems reasonable to pay every month. $3,200 is little bit strecth but who knows once you guys have two good size income, you might even be able to pull that off!
Happy Birthday! When I was 26, the thought of being debt free never crossed my mind. All I thought of was finishing school and a bigger paycheck, so dont be too hard on yourself.
Happy Birthday!!! Try to enjoy the day and not think too hard about years down the line. You’re still young and focused which is a lot more than I could say for myself two years ago.
Hope you have a good birthday today. I like to think that if it weren’t for my student loans I wouldn’t have a decent job that i have right now so, it’s kind of a trade off. I do understand how you feel that all this debt got to where we are and agree that it is time to move on now and try to leave it all behind. i think $1000 a month is manageable for debt pay off once your wife gets a full time teaching job. You guys have learned to live on your income alone anyway so wahtever extra she brings will definitely help.
I hope you are a doctor, b/c that is a lot of student debt.Happy Birthday. Good luck getting out of debt, slow and steady wins the race. You will get there eventually!
There is a fine line between student loans and what one would consider a nice salary. I have a degree in Computer Science, my wife has two, Biology and a masters in Education. Both of our parents run their own business and make too much money for us to qualify for various grants. At least half of our student loan debt is private student loans which don’t have the best interest rates either.
I’ve been at my job for 3 years now and am debating if I should consider looking around now. My wife is working full time, just not as an actual teacher where she would have a salary. She is going up against people who don’t have a masters degree as well as those who have years of experience teaching. My job searching will be held off until she gets a handle her first teaching position. I love Illinois and the Chicago area but at times I think it would be neat to consider moving to another state. My fustration today is we’re rowing the boat but don’t really know the direction.
You are still so young! Trust me, you’re in a better place than you realize. I’m not saying that your youth is going to make your debt magically disappear (it won’t), but your awareness and determination will. Time is on your side! Don’t forget that.
Oh — and happy birthday. I vaguely remember 26 myself.
Happy belated Birthday. It seems as though you have the mindset and determination to not make this a priority for you at the age of 30.Like with most things in life moderation is the key. Some of these financial tools if used correctly can be very effective and help keep you out of date or raise you rating. Become informed on each and every finacial step you take. Good Luck.
I won’t mention when my birthday is, but it’s the same week as yours. I turned 29.
Enjoy your 20s, I’ve had a blast.
Happy Birthday. Although you are relatively young, for a 26 year old you appear to have acquired a lot of maturity and wisdom. Good luck on your financial goals.
Hey Just came across your blog, we have the same birthdays!
Happy belated birthday