Career & Finance: Debt Management

Why do you want to do this?

I want to stop worrying after I pay my living expenses whether or not I'll have enough money for my credit card bills and car loan at the end of the month. I want to be able to enjoy the money that I work so hard for rather than give it all to creditors. I want to be financially secure enough to be able to save to buy a house. And I want to feel like a real live grown up who is in charge of her finances instead of her finances being in charge of her. While I do all this, I want to feel like I'm still enjoying life and not barricading myself in my home afraid of spending too much money. As I am paying down debt I will try to find things to do that are fun, and cheap or free.

What three things will you need to make this happen?

I need to start making more money. Too much money is going out compared to how much is coming in. This is about to start happening with a job change.

I need to show more restraint when I go out or when I shop. If I shop with the idea of purchasing one thing, I need to buy just the one thing and not be impulsive just because I see something else on sale. I need to be more attentive to price tags when I shop for groceries, and stop buying lunch every day- start making my own. When I go out, I need to bring a certain amount of cash with me, and when the cash is gone, that's it, the debit card stays in the wallet.

I need to start paying more than just the minimum payment every month

What is the biggest barrier to your achieving this?

Fear. I don't make a ton of money so even when I'm a little bit ahead, I'm too afraid to throw "extra" money at a balance because of the unknown. What if something happens to my car? What if I have a slow week at work next week? Also self control. I can be great about saving money for months and then when I start building that cushion, I get too confident and start paying less attention to how much I shell out for things.