My goal is to eliminate my debt by the end of 2008

Posted by Laura on December 29, 2007 8:55 PM PST

Recommend this? YES NO

I am 25 years old and on the fast track to burying myself alive in debt. If I don't get a handle on my finances and creating a realistic budget, then I may never own anything in my life...VISA will.

~Offering tips on saving money and cutting expenses that still allow me to enjoy a creative life
~Explain investing to me in terms that I can understand

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5 Comments

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If you can't pay cash, don't buy it. Get out of the habit of relying on your cards, save the plastic for big purchases.

When I realized that I was spending more than I was bringing home, I sat down with a friend to take an honest look at what I could afford or not afford to do from that point on. We added up my monthly expenses and figured out how much I would have to bring home to break even.

Since I wasn't over spending, I knew I had to find other streams of disposable income and that's exactly what I did. I also found out that the APR on a certain card is ridiculous and that I must close that account ASAP.

Sit down, add up, and do what you have to do. You've got a clear goal, I'm sure you'll achieve it!

Where's some advice when you need it? Yeesh! To answer your question about what an APR is...and please, don't feel bad, I only learned this a couple years ago because my mother insisted that I listen. So, I'm no expert but, APR stands for Annual Percentage Rate. The lower it is, the lower is the interest on the money you borrowed. So make sure the card you're using as a low APR or else you'll feel as though Visa/Mastercard is the pimp and you're the HO. Don't let them CHASE you out the country, like what happened to someone I know:)

I just want to give a shout out to supposed coaches who didn't even comment on my goal when I stated exactly what I wanted in support. Here is 3 high fives for leavin me hanging. Lucky for you dear coaches, I know how to google and read and have been doing my own debt reserach. Unlucky for you, I can not trust any "help" or "advice" you may offer to me now. Isn't the point of a coach to read posts and comment??? Therefore "coach?" I think I may look the word up just to be sure.