Breathe. It sounds like you are feeling overwhelmed. You have acknowledged the problem and created a plan. You have already made a lot of progress. What other people think is not important. Remember, progress, not perfection. You've got this!
Your debt is not as bad as it sounds. I personally consider mortgage as good debt because it builds equity as opposed to car debt which is a depreciating debt. You got this!
The reason snowball method is so popular is because it is really motivating for people to see the progress quickly, at least for the smallest debts..im sure if you paid minimum on all the other ones and focused all the extra payments for 1 debt at a time, those 2 smallest ones would be gone soooo fast!! Anyways, keep up the good work..not many people are so aware of their mistakes at such a young age!🎉 new subscriber here 😊
Oh my goodness...you are so young! So proud of you for KNOWING YOUR NUMBERS at your age! Depending upon your income and cash flow...you could be out of debt quite quickly. Keep up the good work!
I came across your debt video. I have started my debt journey in October. Every month i do an update for myself. I kinda get very excited by the end of the month to see what the new numbers are. It does take time. Also doing an update of my debt each month keeps me motivated to pay it off and reach my goals. 😊
I appreciate you sharing and it inspires to also take a list of my current debts. Your mortgage payment and interest rate are so good so feel relieved not to have to look for a house with current interest rates. You got this! Stay motivated by watching others and their debt journeys. You also have time on your side so don’t feel rushed to get to the finish line.
Welcome back 🎉 Just get up, and dust yourself off! Take your time. It’s your payoff journey. Don’t worry, don’t compare yourself to anyone, try to stay positive. I know you can do this. Supporting you in 2024! Let’s go, Mandy ❤❤
Hey Mandy, give yourself some grace hun. We cannot change the past but we can definitely take control of the present and our future. You will pay off this debt and have a prosperous and blessed New Year🎉❤
You've got this Mandy! It's going to take time and effort to get to zero, but you're already showing you've got the detirmination to do it (and have been). We are all behind you cheering you on!
Hi Mandy! Fellow Midwesterner here :) I never comment on videos, but your payoff journey is so similar to mine! And I know it can be overwhelming and stressful, but we got this! I'm so excited to follow you along on this journey!
OMG Girl, so glad you showed up on my feed! I need to get my finances in order, big time too.☺ I can't believe about your mortgage payment: I'm blown away and need to move out of San Diego; I'm a single-mama and we rent a little 2bdrm/2bath for $2,200. and that's cheap since we got in right before Covid, now it's going for over $3,000.😳
I would pay off the interest free first because hear me out some places that do the interest-free for a period of time put a loophole in the contract that they get to bring all of the interest back out of nowhere the date that takes place so you would pay even more even though the balance has went down
Honey, you are still young and learning. Give yourself grace. I'm a fellow northeast Ohio girl, and at least we can celebrate the Browns FINALLY making the play offs!! You got this girl!!
First time watching your videos but with your housing alone being so low that will definitely help your financial future! Most people have to put so much money into the house payments for 30 years
I am with you that the balance transfer cards help you to make good progress. The interest was killing me so much I had to do the same as I was making no progress.
Take a deep breath. I am 30 married with 3 kids and have similar anxiety and stress with debt without a lot of margin, but laying it out and admitting your situation is the first step. It will not be easy but we can both do better and get closer to our goals everyday!
I see this as being totally doable! Your low mortgage amount is amazing! The credit cards/balance transfers are definitely what I would tackle first, as they are the lowest amounts and also the highest interest rates (besides the ones with $0 interest for limited time). Even the truck isn't terrible...many more people have like $50,000 loans on their trucks.
Hi Mandy, I am also in NE OH. Pre-pandemic I had ~$35K in credit card debt and loans with zero savings.Four years later my life is quite different. I used a notebook just like you to track my debt and progress so just sending you a little hope from the future. Your financial picture isn't static, and I am sure you will look back at this page in your notebook and see how much things have changed. Good wishes in your journey!
I’m so happy for you! And it helps so much to know that other people have made it out of similar situations. I can’t wait to look back and feel proud of my progress!
You're so young, and your debt truly is manageable. You couldn't rent for what you're paying for a mortgage. I think you're doing great. Just work your plan, and remember that better days are coming. Love the dogs, they all look so sweet.
I’m curious about your job. I’ve been volunteering in wildlife rehabilitation for a long time now and am always curious when others work with animals as well. Also, your debt is so manageable! You got this! You are paying way less than most are for rent. I think with some strict restrictions on the spending this time next year you will be in a great place. Don’t get discouraged because you can do it!
I have a bit more than you and I’m not including mortgage into that total. Biggest mistake I keep making is not closing a card when I move the balance to a 0% interest card because then I use it again and now have basically double the debt. I just recently started closing cards as I pay them off as a way to celebrate and to remove temptation. We got this!
Greetings from Australia. This is totally doable. Take the house out of the equation. One debt at a time. Persistence and consistancy will get you there. Don't be so hard on yourself.
Sweetheart you’re doing great you’re caring a lot of debt but a lot of people are you are way ahead of the game you’re paying extra every month don’t beat yourself up.
Stay positive, forgive your mistakes, and work your plan. Paying off your care credit first might give you the biggest boost. Go minimum on everything for 2 months putting the extra on care credit to pay that off. That will give you $160 to use on the discover card. In 3 more months that will be paid off. In fact the balance transfer might be only 1 month from being paid off. You can do this. ❤❤❤❤❤
Hey there 👋🏾 new sub! Just wanted to say you’re doing great! I started my journey just a lil over two months ago and I know how overwhelming it can be at first but the hardest part is starting to take control and being aware of finances. You already crushed that part. It’s a journey that will be worthwhile. I’m the same as well with my mental health and finances being tied together. Impulse shopper here! 😂 once I had an outlook of my finances it became easier. Excited to follow your journey 🫶🏾
I wouldn’t count the mortgage in with your consumer debt. Your mortgage is your housing costs but with an end date. If you rented you’d be paying your housing costs with no end date. As long as you stick to your plan you have it under control.
Fellow NE Ohio person here. I'll give you two pieces of totally unsolicited advice: 1. You are regularly apologizing for yourself ("this was stupid", "I know I shouldn't have done this", etc.). Just let it go. You never need to apologize for who you are. And you can't change the past anyway. So let it be. Did you do some dumb things with money? Maybe. That just makes you human. I've done plenty of dumb. Everybody has done plenty of dumb. The key is to do what you're doing - recognize the dumb things and not do them again. 2. Since today is 1/1/2024, it's perfect time to do this: Do your "one year from now" video today. What do you want it to look like? Dream where you will be one year from today. Then work backwards from there to figure out how to get there. Of your seven debts, I'll bet you will knock out at least the first five (I think you said you were selling the car). So imagine that. Imagine doing this video one year from today, and having only two lines on that sheet. Or maybe even just one line, if you and your husband step on the gas and knock out that truck as well. Think how amazing it will feel to get out that notebook a year from today, and write only two lines (or maybe even only one line) of debt on it. Feel how proud you will be at what you've accomplished. Now go do it!
I’ve been watching quite a few debt confessions and YOU are the one with promise, girl! My first clue was the plain notebook paper and no salon-kept nails. All these fancy notebooks and stationery people buy for these types of videos… don’t understand that. You have your head on straight, just lose focus and interest in finances at times. Ask your husband to hide the cards so you’ll have to ask him to use them (a buffer). Try doing a “no spend” month. Those are eye-opening. Delete your Amazon app. Sell some stuff. Also, figure out what you should have in retirement at your age and add that to your debt list and maybe that will keep you focused. Do not let retirement go unattended. DO NOT move. That house is the best thing you have. Do not buy another expensive vehicle. Do not buy junk, some of which is in the landfill already and you haven’t paid for it yet, plus the interest. I’ve been there. It was amazing when I could say: I finally own all the stuff in and around this house and all the food I ever charged. Do this and get on with your amazing life! ❤️
@@mandysaves4924 You are welcome! I’ve been through this. One of my $7K cards was for vet bills for a dead dog, seriously. Think about finding a side hustle and turn your love of spending into a love of saving. Look through your monthly bills and see which ones can go away and call on the others. Tell them you cannot afford the bill and how can you lower it. You will be amazed and a little annoyed by how easily some of them will lower your bill just for asking. The goal is to maintain your standard of living but pay less for it. I just called on our pest control and the service stayed the same, they just lowered the bill by $40. I also canceled two subscriptions that I wasn’t using enough. Three things saved $100/month ($1200/year!). Then put that savings directly towards a debt. 😊 Make it a game and watch those balances zero out. Then imagine what you’ll do with all your money when the payments stop. Oh, and I also wanted to note that I’m happy to see no student loans!
Thanks for the transparency. I would stop using credit cards unless you can pay them off every single month. Balance transfers are evil because vast majority of people don't pay them off by the deadline and then you end up paying all of the accrued interest. Credit card companies bet you will fail in this area.
I have one little tiny puppy and I did pay a little bit for him to have him fixed and get him chipped but animals do cost money to take care of what they give us so much joy so I don’t want to complain
That is very minimal. Which is a good thing! I am now down to just my mortgage for debt. I’ve paid off my 30k student loans, three new cars (now only have 2) and any credit card debt. Still have a chunk for my mortgage, $185k left) so your mortgage is looking sweet! Lol
By major Canadian city standards, you are doing fine! Your debt is not unmanageable. But I think that you need to give yourself a break! Don't be so hard on yourself!! You're near the finish line for paying off your home, and you're only in your early 20s! The vehicle situation is a bit pricey, but you already have a plan of action for it. Many of my fellow city dwellers would happily trade places with you! The average house costs $1 million dollars in my area. And the average one bedroom rent is over $2,000. These are in Canadian dollars! So... chin up, buttercup! You will be okay! ✌🏾
Even if your house were a shack, consider what $600/ month rent for 2 people would cost in your area. My recommendation would be to take a serious look at your infrastructure or the bones of your house and make honest assessments about upcoming repair or replacement needs. First the items, the number of years what you have will last, and then a ballpark of cost. Balance those items with the aesthetic remodeling.
Are you able to make the current $2504 of minimums? If so, at least at the onset, are you going to snowball the minimums of the debt you've paid off? You are paying more than the lender's minimums on most of your debts which will compound interest savings while reducing your debt load. You mention that when you have say an extra $100 you put it down on debt. Also, that you plan on selling the truck with the $400 minimum. Eliminating the first Discover card would give you $44 extra per month to put on other other debts and that goes a long ways towards "an extra $100 every so often". When the truck loan is paid off youll have an additional $400 per month for a total of $444 to put on other debts. I realize that you may owe more on the truck than what you can sell it for. But i highly recommend that you put what you make on the sale down on the truck loan. The $400 minmum is one of your higher minimums and will return more to the budget quicker than many of the others once paid off; assuming you put the money from the sale of the truck against the truck loan.
@@mandysaves4924 The first task is to get some traction on your journey. To me, the second task would be to keep those 0% debts from getting thier interest bubbles to land. Because of the way you have established your budgetary minimums, I urge you then determine your credit score, the assorted credit scoring systems, and play at increasing your credit score while paying down your debt. Don't rely on old information because the credit industry is feeling a little queezy as a segment of thier customer base is defaulting, another segment is carrying balances like none before, some aren't overly charging any more, and others are working to pay off debt asap. The ultimate result is that the scoring systems being used are changing as well as the way credit worthiness is being scored. The general rule of keeping/ getting balances 35% below an account's limit remains. But many are moving towards 10% and even 8%. Even if you keep to a plan that doesn't juggle payoffs according to the 35%, 10%, or 8% credit scoring rules, there may come a month that redirecting the extra payoff money from an account of emphasis to put another under say a 35% utilization rate makes sense. I'm not sure where you got to in your previous journey but start digging up a "Net Worth Statement" form; there is more than one formst. Choose to fill it out early in this leg of the journey or a few months into 2024 after you've paid off a bill or two and sold the truck. Use the tax assessment of the house or guesimate after some research. To be accurate, you will need to know the amount owing on each of your debts for a given day or a given week; this will likely need some phone call or on-line work. You are early enough in the paydown process that whether or not a payment has posted isnt as important as what the creditor shows you owe. Many people update thier Net Worth Statement monthly or quarterly. For as early as you are in your journey, once a year is probably good enough. Unless you have a windfall of debt paydown or added debt, I wouldn't bother more than once per quarter. After a windfall of either type, it is a good thing to review all of your debt worksheets, plans, and the debt payments in your budget.
Honey your far from stupid I just see a 23 year old who is just trying to make it and sort their life out Give yourself some grace this is just a moment in time your going to make it out of this ❤
First of all, no one will hate you for the debt you have. And you should not hate yourself either. You made some bad decisions. We all have. But you are working to fix it. Second, I’m a financial coach and I help people get out of the situation you are in all the time. What you really need is a win. Even a small one. I would recommend that you take care of the Care Credit balance first. It will give you traction and hope. And that will show you that this is doable. Third, you should sell the truck with the higher balance and let your husband drive your truck. And you drive the Rogue. It doesn’t matter that you are upside down in the truck. You can still sell it. I help people through this all the time. And with the truck gone, your basically 1/4 of the way done. That will give you an amazing amount of hope. If you need help with selling the upside down truck, I can help you with that. Finally, don’t make any extra payments on the loans. Just do the absolute minimum and use any extra to payoff the smallest balance (Care Credit). This will give you the most traction and those small wins will add up over time. By making extra payments on all the debt, you are spreading yourself too thin. You need focus and that can’t be accomplished when your attention is everywhere. And one final thing… Your debt really isn’t that bad. Don’t pay extra on the mortgage until all of your consumer debt is cleared. And for the love of all that is good and holy, don’t make another consolidation loan. You can’t solve debt by with more debt. And moving it around makes you feel like you did something. You’ve said yourself that you have poor impulse control, so your debt problems are definitely a behavior issue that needs to be addressed asap. I’ve had countless clients that tried to fix their debt with consolidation loans only to have more debt then they started with a mere year later. It’s a recipe for disaster. And more money WILL NOT solve your debt either. I have coached clients making $500k a year and they were still living paycheck to paycheck. This proves that debt is a behavior problem. And the last thing I will say is that you need to cut up all you cards and stop using debt. It’s not helping you and when you are feeling down you won’t be able to control your impulses again. Just use your debit card and that way you are limiting your impulse control issues. And don’t worry about your credit. Credit is only needed to get more debt and you are trying to eliminate debt. Make a commitment to always make purchases with cash. And yes. You can buy cars with cash. I can show you how. And you don’t need credit to buy a home or rent a car either. All of these things can be done without credit. I have coached hundreds of people to financial freedom. They are millionaires because of the advice I gave them. I know what I’m talking about. I wish you well on your debt free journey. Please don’t put yourself down anymore. You are doing better than you think. If you have any questions, please do not hesitate to ask me.
You can do this for sure! Keep looking forward and don't forget to celebrate your wins - you mentioned having a funded emergency fund which is great! The fact that you're getting back into the swing of things is also a positive - there is a light at the end of the tunnel!
@@MattsGamblingSlots I totally agree that it’s not a bad debt but it is something I would like to pay off as soon as possible. I think it’s quite manageable so I want to pay everything off in one go! 😁
