A Little Background Information
Growing up, college was the thing to do after high school. It was imbedded into our brains since Day 1… or so it seemed. With a college degree you are guaranteed a job immediately after graduation, right? With a college degree you are guaranteed a GOOD paying job, right? My husband and I both thought so. He researched schools and found a school in which 98% of its students had a guaranteed job upon graduation. So, of course he chose that school… not the ones that were giving him a full ride scholarship for wrestling. Me? Well within 5 years, I attended 3 different universities; one in which was out-of-state. I guess I couldn’t make up my mind. But hey, we both got our degrees so we were going to get good paying jobs to pay off these loans!
We came to find out the struggle was real. We both put our loans on deferment for a year, couldn’t find a job, then joined the military. Oh yeah, we weren’t married at the time. In fact, we didn’t even know each other. We just happened to take the exact same path, then met and fell in love. Really?! Why couldn’t at least one of us have no student loan debt.
We started combining our finances about a year and a half ago, which meant combining debt too. We quickly paid off a credit card and two small car loans which totaled about $13,000. Before I left for basic military training, I sold my car to my husband (before he was my husband) and put that money into savings for a new car. Then he went and sold it for a $1,000 dollars more than what I sold it to him for and he got the money in cash! What the?! He tricked me! In the end it was beneficial since what his is mine anyway! 😉 So we were able to put that towards that $13,000 which was helpful. At this point the only debt we had now was our student loans. I really didn’t know how much he actually had though.
Now, it was time to buy a car for me since I was in a more advanced stage of training where I could finally go out and about. With only student loan debt, I figured we could afford a brand new car. So in July of last year, after much convincing, we bought a 2013 Ford Fusion; her name is Penny 🙂
A year ago we moved into together. Neither of us had much furniture or anything for that matter, so we went into a little debt in order to furnish our apartment; we paid it off in no time. After our wedding, we received so much fantastic stuff that our apartment seemed too small now. So, two months ago we moved into a bigger place. Bigger place means bigger TV, bigger bed, & more furniture! I mean, that makes the most sense right? So here we are, back in more debt.
We have had plenty of conversations about buckling down and paying off debt quicker. However, the conversation usually ended with ” $%&! it, lets have fun while we can!” That was before I realized that if we buckle down now for 2-3 years then we can have fun whenever. I thought it would take at least 10 years to pay. Dave Ramsey has convinced me otherwise!
The Big Reveal
So, it’s the moment you have all been waiting for (I am sure). How much debt are we actually in? Are you ready? How much do you think it is? You probably have a number going through your head.
…Putting our personal information out in the open for everyone…it is kind of nerve racking! Is there going to be judgement? Sympathy? Relief?
Ok ok, here goes nothing!
I have the solid numbers for everything except one loan because the amount is unavailable at the time–I am hoping I made an overestimation but I will post the actually number when I find it out.
Our total debt is……(again it will change some when I find out that loan)
It is quite depressing, I know. But you know what, we are tired of feeling sorry for ourselves… time to do something about it!
I can’t wait to start talking about our budget tactics and our plan of attack.
Happy New Year!