by NewSunRising » Mon Sep 04, 2017 1:04 am
My debt was around $ 30,000.00 US dollars . It took me almost 2 years to pay it off after I quit gambling completely . I took a second job and used that extra income for living expenses while giving the bulk of my full-time paycheck to my debt .
I started with the smallest debt first ( $ 6000 bank loan ) , paying the minimum on my 2 credit card balances until I had the bank loan paid . Next was the card with the smallest debt ( $ 6000 ) . Once that was gone , I tackled the big one - $ 18,000 credit card . That took about a year to pay off completely .
I usually left myself $ 100 - $ 200 a month cash for little extras after I bought groceries and paid rent and bills . As the debt started to go down , I became less obsessed with paying it off as fast as I could and began to put some money into an emergency fund of 6 months expenses . I started a savings account at around 6-8 months into my repayment plan . It meant that it took me a little longer to become debt-free , but knowing I was covered for an emergency ( car repair , medical costs , etc . ) gave me great peace of mind .
I didn't live like a pauper - I went out one or two times a month with friends for dinner or drinks , bought myself new clothes when necessary and spent money on good quality , healthy food but I didn't spend on stuff I didn't really need and I bought things on sale or at second hand shops to save money . I still do that today .
The debt that seemed so overwhelming to me in the beginning was paid off in a surprisingly short period of time and my savings have grown equally fast . I still have a long way to go , but there is no financial stress anymore . Gambling - the cause of this mess - has been removed from my life , never to return . The future looks good and I have no fear of any emergency as far as money is concerned .
None of this would have been possible if I was still gambling and all of it will be wiped out in a span of months , if not weeks , if I ever allow myself to gamble again .
For the record , I am a single woman too , 30 years older than you . This is your chance to avoid ending up where I am - close to retirement and no where near prepared for it .
You can do it .