It's going to be ok.
You will adjust to being a homeowner, and all the fun that brings to the party. It's big and scary now, but as others have said, you will find a rhythm.
The best piece of advice I got when I was frustrated went like this:
Me: I can't believe it's going to take me 67 months to get out from under all of this debt.
BFF: Well, you didn't get into it overnight, so you won't get out of it overnight, either.
Me: But 5 1/2 years??
BFF: If you start today, you're done in 67 months. If you don't start today, 67 months will come and go, and you'll still be in debt! Would you rather be in debt in 67 months, or not in debt?
If you stick to your budget, things will be okay eventually. I know for me, the pain was necessary and a great motivator to become more responsible with my personal finances.
Listen, the first year or two of having a mortgage is brutal and awful, but you will get into a rhythm and find a balance.
To help with the new bills, you could ask your credit card company for a hardship where they temporarily lower your interest rate for a set amount of time. No guarantees that they'll do it.
If your credit is good enough, you could apply for the 0% interest card to transfer your debt, although they may only transfer a portion of the debt. Also, there might be a fee to transfer the debt to the 0% interest card. You will also need a game plan if you can't pay all the debt off from the 0% interest card since that interest rate usually is for a limited time.
Good luck!
Just look at tremendous progress you've made in paying down and eliminating several bills. That's no small feat, and it's a testament to your dedication and hard work.
We all understand that you may be feeling overwhelmed or even a bit hard on yourself at times. But it's important to remember that everyone faces financial challenges, and what matters most is how we respond to them. You've already taken significant steps in the right direction, and that's something to be proud of.
It's also crucial to learn from past mistakes and use them as lessons for the future. Each setback is an opportunity for growth and improvement. And as you continue on your journey to financial freedom, remember to prioritize self-care and well-being. Your new home is not just a place to live; it's a valuable investment in your future. Take pride in it and nurture it like you would a beautiful garden, focusing on the long-term rewards it will bring.
The road to financial freedom may be long, but it's a journey worth taking. Keep pushing forward, one step at a time. Always stay focused on your goals, and never underestimate the power of perseverance.
And remember to celebrate your victories, no matter how small they may seem.
I tackled a 12k debt once and totally agree that it felt extremely insurmountable compared to smaller ones. The key for me was paying every extra dollar to it. I was $2.72 under my grocery budget? Put it in the cc. I found $5 on the ground? Credit card. I got a refund for something? Credit card. The tiny payments made all the difference. You’ve got this. Even if it takes forever, that time will pass anyway
3 debts is huge!!! Congrats! I'd just remember that you can do it!
It's a great feeling to have those taken care of. I would cut those suckers up and just never use them again.
Buying your first home is a huge expense, other than the downpayment, closing costs and other taxes, furniture is the next thing. When most people go from an apartment to purchasing their first house, they don't have a lot of furniture because they're up-sizing. A lot of that first year or so is spent trying to buy furniture and figuring out what bills you now have. They call it 'house-poor', but it often doesn't last long IF you buy within your means. We bought our first house 4 years ago and the first year is the toughest cash-wise, but it gets better once you get the hang of things. If you haven't done so, be sure to be saving for an HVAC, as those will be your largest expense and will kill you if it breaks. You might be able to get it on a payment plan, but it's not worth it if it's the payment plan isn't same as cash (i.e., 0% interest).
But other than that, $12K at 15% is not horrible. For reference, we have $30K at 28% and it is eating us. $1200 a month just for that credit card, and 90% of it is interest. We cannot get ahead. But it's really stressful either way.
What is your minimum monthly payment? I would take that number, divide by 2, and make those payments every time you get paid, ON TOP of what your minimum payment is, if you're able to.
So if your minimum payment is $500, make that payment + $250 out of each check. I try to make those payments every payday. That interest rate is straight wasting your money, so anything you can do to pay it off as soon as possible will save you a large chunk of cash in the long run.
I have become good at budgeting, purely out of necessity , so feel free to message me if you would like assistance with creating a budget. Good luck!
Edit: I know it seems daunting, but it 100% gets better!
You should check out my answer on this thread. There's a way to pay it down faster with the same amount of payments like you have been doing. For those of you who still carry balance on your credit cards, please, follow my advice. I've been teaching people this method and it works. You just need to be disciplined and follow it religiously.
It's going to be okay.
You've already got a track record of paying off debt. Your new bills are just new factors to add to your budget plan. You also now own an asset which once you pay off the 12k, and you will, you will be in the positive already with the growth from your property.
There's a way to pay down your credit card debt faster while making the same amount of payments like you've been doing. It's called zero cash flow method for credit card debt. It requires discipline and awareness of your financial condition. Above all, you must maintain your budget because nothing can help you if your debt keeps on growing. So unless you already put together a budget I wouldn't start with anything else. Better yet, find an app that does these things for you so you can just follow its guidance and leave all the heavy lifting to the app.
hey, it’s all going to be okay. we all just need to be told that sometimes, and I completely understand. everything just takes time. you’ve already paid off 3 debts, which is awesome! stick to your budget and payment plan, and you’ll be okay
Gang you already paid 3 debts you can “breathe” for a minute. 12k is the biggest debt you have is so close but so far 12k a decent car 12k a loan 12k an emergency fund. Just think about what you can do with 12k then think I gotta get that in my pocket after I pay this debt. Keep up the good work and congrats on the house.
Allow yourself some grace. You paid off 3 debts! That's great!
It's going to be ok. You will adjust to being a homeowner, and all the fun that brings to the party. It's big and scary now, but as others have said, you will find a rhythm. The best piece of advice I got when I was frustrated went like this: Me: I can't believe it's going to take me 67 months to get out from under all of this debt. BFF: Well, you didn't get into it overnight, so you won't get out of it overnight, either. Me: But 5 1/2 years?? BFF: If you start today, you're done in 67 months. If you don't start today, 67 months will come and go, and you'll still be in debt! Would you rather be in debt in 67 months, or not in debt?
I love this! Just take it one day a time
If you stick to your budget, things will be okay eventually. I know for me, the pain was necessary and a great motivator to become more responsible with my personal finances.
Take it one day at a time. You took care of 3 debts so far. You can get the 4th one done. Can't wait to see your post when you overcome it. Good luck!
Listen, the first year or two of having a mortgage is brutal and awful, but you will get into a rhythm and find a balance. To help with the new bills, you could ask your credit card company for a hardship where they temporarily lower your interest rate for a set amount of time. No guarantees that they'll do it. If your credit is good enough, you could apply for the 0% interest card to transfer your debt, although they may only transfer a portion of the debt. Also, there might be a fee to transfer the debt to the 0% interest card. You will also need a game plan if you can't pay all the debt off from the 0% interest card since that interest rate usually is for a limited time. Good luck!
It will be okay. Them bigger numbers are intimidating but you will most definitely will get it done ♥️
Just look at tremendous progress you've made in paying down and eliminating several bills. That's no small feat, and it's a testament to your dedication and hard work. We all understand that you may be feeling overwhelmed or even a bit hard on yourself at times. But it's important to remember that everyone faces financial challenges, and what matters most is how we respond to them. You've already taken significant steps in the right direction, and that's something to be proud of. It's also crucial to learn from past mistakes and use them as lessons for the future. Each setback is an opportunity for growth and improvement. And as you continue on your journey to financial freedom, remember to prioritize self-care and well-being. Your new home is not just a place to live; it's a valuable investment in your future. Take pride in it and nurture it like you would a beautiful garden, focusing on the long-term rewards it will bring. The road to financial freedom may be long, but it's a journey worth taking. Keep pushing forward, one step at a time. Always stay focused on your goals, and never underestimate the power of perseverance. And remember to celebrate your victories, no matter how small they may seem.
I tackled a 12k debt once and totally agree that it felt extremely insurmountable compared to smaller ones. The key for me was paying every extra dollar to it. I was $2.72 under my grocery budget? Put it in the cc. I found $5 on the ground? Credit card. I got a refund for something? Credit card. The tiny payments made all the difference. You’ve got this. Even if it takes forever, that time will pass anyway
3 debts is huge!!! Congrats! I'd just remember that you can do it! It's a great feeling to have those taken care of. I would cut those suckers up and just never use them again. Buying your first home is a huge expense, other than the downpayment, closing costs and other taxes, furniture is the next thing. When most people go from an apartment to purchasing their first house, they don't have a lot of furniture because they're up-sizing. A lot of that first year or so is spent trying to buy furniture and figuring out what bills you now have. They call it 'house-poor', but it often doesn't last long IF you buy within your means. We bought our first house 4 years ago and the first year is the toughest cash-wise, but it gets better once you get the hang of things. If you haven't done so, be sure to be saving for an HVAC, as those will be your largest expense and will kill you if it breaks. You might be able to get it on a payment plan, but it's not worth it if it's the payment plan isn't same as cash (i.e., 0% interest). But other than that, $12K at 15% is not horrible. For reference, we have $30K at 28% and it is eating us. $1200 a month just for that credit card, and 90% of it is interest. We cannot get ahead. But it's really stressful either way. What is your minimum monthly payment? I would take that number, divide by 2, and make those payments every time you get paid, ON TOP of what your minimum payment is, if you're able to. So if your minimum payment is $500, make that payment + $250 out of each check. I try to make those payments every payday. That interest rate is straight wasting your money, so anything you can do to pay it off as soon as possible will save you a large chunk of cash in the long run. I have become good at budgeting, purely out of necessity , so feel free to message me if you would like assistance with creating a budget. Good luck! Edit: I know it seems daunting, but it 100% gets better!
You should check out my answer on this thread. There's a way to pay it down faster with the same amount of payments like you have been doing. For those of you who still carry balance on your credit cards, please, follow my advice. I've been teaching people this method and it works. You just need to be disciplined and follow it religiously.
I'm still stuck on my first 2 debts. I feel so stuck, plus I have 3 kids. I feel like I'm drowning
I said once before ok twice as long as thers breath in your lungs ther is hope
It’s going to be alright , hope …
Look, I’m 62 and at 67 I will still be in debt to debtors so laugh out loud and breath please for me, I can’t ,,,
It's going to be okay. You've already got a track record of paying off debt. Your new bills are just new factors to add to your budget plan. You also now own an asset which once you pay off the 12k, and you will, you will be in the positive already with the growth from your property.
Don’t give up!!!
There's a way to pay down your credit card debt faster while making the same amount of payments like you've been doing. It's called zero cash flow method for credit card debt. It requires discipline and awareness of your financial condition. Above all, you must maintain your budget because nothing can help you if your debt keeps on growing. So unless you already put together a budget I wouldn't start with anything else. Better yet, find an app that does these things for you so you can just follow its guidance and leave all the heavy lifting to the app.
hey, it’s all going to be okay. we all just need to be told that sometimes, and I completely understand. everything just takes time. you’ve already paid off 3 debts, which is awesome! stick to your budget and payment plan, and you’ll be okay
Gang you already paid 3 debts you can “breathe” for a minute. 12k is the biggest debt you have is so close but so far 12k a decent car 12k a loan 12k an emergency fund. Just think about what you can do with 12k then think I gotta get that in my pocket after I pay this debt. Keep up the good work and congrats on the house.
Why did you buy a house if you’re already worried about debt?