I am a 20 something lawyer living in North Carolina with my wonderful financial planner husband and … our mountain of debt. As of August 1, 2017, I owe $55,218.51 in student loan debt and $5,254.25 for my vehicle. On top of that amount, my husband has $55,365.22 in student loans and $9,876.42 for his car loan. This brings us to a whopping non-mortgage total of $125,714.40.
We recently decided to sit down and really work out our budget. Budgets are scary. No, terrifying. Whenever I heard the word “budget” in the past, I always ran for the hills. I equated the word budget with the idea of deprivation. It meant that I couldn’t buy that dress that I was obsessing over or that I couldn’t get a glass of wine with my dinner.
Now I focus on my budget as a sense of empowerment, since I am finally making the decision to control my finances. Instead of watching my paycheck disappear within a few hours of hitting my account, I will consciously decide where my money will go. And that seems like a pretty exciting opportunity to me.
It is important to note, that budgeting to me is a matter of balance. I do not intend to stop living my life with the sole life purpose of eliminating debt. Instead, I want to embrace the power of debt. I want to make financially wise decisions by engaging in mindful spending. I plan on including some tips on how to attack student loans, how to increase savings, how to travel on a budget, and other interesting topics.
Hope you enjoy!