Week 10: Personal Confessions ~ Debt is no small matter 6


The first time I ever decided to open up about my personal struggle with debt was last year in May. Though I had a plan in place of what I wanted to do, where I wanted to be around May this year and how I intended to get there I could not have foreseen how hard this process was going to be but also how much of an education, an experience this was going to be for me. One thing I do know for sure is this is one process I will not be repeating for years to come, I have sworn myself off debt. My boo always told me do not spend what you did not earn or do not have, at first I just thought he was annoying but 7 years on I realise it was trying to save me from this journey but sometimes I believe we need to experience something to truly believe the words of wisdom.


It's been over 3 months since I last shared an update on my financial state and my financial plan for 2015. Since we are long overdue I wanted to recap from the last 5 posts on Debt is no small matter then share my current plan and status.
In my first ever Debt is no small matter post, I shared how I got into debt and how I was going to get out of it. I laid out my plan as well as my new motto "If you don't have it don't spend it" - I am happy to say I have stayed true to my word and not once have I spent what I didn't have and by this I mean no loans and no more credit cards. After laying out my plan I went further and shared with you all the subscriptions & beauty boxes I was (then) currently preview to which I cancelled 90%. I am very proud of myself for not falling off the wagon with these because it was not easy but I knew my debt-free future was more important. In my third Debt is no small matter post I shared with you all how I was not able to reach my target of being Debt free by December 2014 due to family loses and my need to travel back home to Zambia after 12 years. Though with family loses and trips to plan I still managed to pay off 75% of my debt by December 2014, I then shared the true story on how I came into Debt and how much I was owing to begin with and the then current financial status. My last advice in 2014 of Debt is no small matter I spoke about my knowledge of money since I was young but my lack of will power even when I knew the consequences I guess I never just understood them fully.

It is so much easier to look down on people in debt when you have never been in debt or appreciate the struggle that some people go through. Most times people do just put themselves into debt because they want to live a certain lifestyle or want certain things in life and there is nothing wrong with wanting that. The wrong part comes when you start to live above your means and start to cause problems in families, relationships and friendships too. I am blessed to have a supportive unit and though I know most of the debt was not by choice (Tuition fee & rent) the other part was and I could have avoided it but then again I only now appreciate the situation after I have personally walked it. I know that if my only debt was my tuition fee and rent with my salary I would have been debt free after 3-6 months. I hope one day when I have kids I can teach my kids the best way how and hope they never fall into the same ditch that I did.

What I owed
What I owe
What I will owe come January 2015
£11,112.24
£4,817.20
£3,582.97

The table above I shared last year october, I shared what I owed to begin with, how much I was owing at that point and how much I would be owing come January 2015. It's now March 2015 and I owe roughly £2,103.01, I am working on clearing this before the summer and I am very happy with my progress the future looks so bright.

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::The Myrabev Life::: Week 10: Personal Confessions ~ Debt is no small matter 6

Wednesday, March 04, 2015

Week 10: Personal Confessions ~ Debt is no small matter 6


The first time I ever decided to open up about my personal struggle with debt was last year in May. Though I had a plan in place of what I wanted to do, where I wanted to be around May this year and how I intended to get there I could not have foreseen how hard this process was going to be but also how much of an education, an experience this was going to be for me. One thing I do know for sure is this is one process I will not be repeating for years to come, I have sworn myself off debt. My boo always told me do not spend what you did not earn or do not have, at first I just thought he was annoying but 7 years on I realise it was trying to save me from this journey but sometimes I believe we need to experience something to truly believe the words of wisdom.


It's been over 3 months since I last shared an update on my financial state and my financial plan for 2015. Since we are long overdue I wanted to recap from the last 5 posts on Debt is no small matter then share my current plan and status.
In my first ever Debt is no small matter post, I shared how I got into debt and how I was going to get out of it. I laid out my plan as well as my new motto "If you don't have it don't spend it" - I am happy to say I have stayed true to my word and not once have I spent what I didn't have and by this I mean no loans and no more credit cards. After laying out my plan I went further and shared with you all the subscriptions & beauty boxes I was (then) currently preview to which I cancelled 90%. I am very proud of myself for not falling off the wagon with these because it was not easy but I knew my debt-free future was more important. In my third Debt is no small matter post I shared with you all how I was not able to reach my target of being Debt free by December 2014 due to family loses and my need to travel back home to Zambia after 12 years. Though with family loses and trips to plan I still managed to pay off 75% of my debt by December 2014, I then shared the true story on how I came into Debt and how much I was owing to begin with and the then current financial status. My last advice in 2014 of Debt is no small matter I spoke about my knowledge of money since I was young but my lack of will power even when I knew the consequences I guess I never just understood them fully.

It is so much easier to look down on people in debt when you have never been in debt or appreciate the struggle that some people go through. Most times people do just put themselves into debt because they want to live a certain lifestyle or want certain things in life and there is nothing wrong with wanting that. The wrong part comes when you start to live above your means and start to cause problems in families, relationships and friendships too. I am blessed to have a supportive unit and though I know most of the debt was not by choice (Tuition fee & rent) the other part was and I could have avoided it but then again I only now appreciate the situation after I have personally walked it. I know that if my only debt was my tuition fee and rent with my salary I would have been debt free after 3-6 months. I hope one day when I have kids I can teach my kids the best way how and hope they never fall into the same ditch that I did.

What I owed
What I owe
What I will owe come January 2015
£11,112.24
£4,817.20
£3,582.97

The table above I shared last year october, I shared what I owed to begin with, how much I was owing at that point and how much I would be owing come January 2015. It's now March 2015 and I owe roughly £2,103.01, I am working on clearing this before the summer and I am very happy with my progress the future looks so bright.

Labels: , ,

34 Comments:

At 4 March 2015 at 12:15 , Blogger Alli Smith said...

I admire people who are trying to get out of debt. I taught Personal Finances to high school kids for several years. I was amazed at how little they knew about finances. It's the one area that we all need to be highly educated in, yet it seems that we are ill prepared to deal with finances.

 
At 4 March 2015 at 14:09 , Anonymous Marina said...

If only more people thought like you!! I love your motto and think it's what we all should live by. Our family is careful thanks to Hubs spearheading our finances and I'm so glad we live within our means.

 
At 4 March 2015 at 15:57 , Blogger Angelic Sinova said...

Debt is no laughing matter! I usually have an 'auto pay' setting on all my credit cards so the money automatically is taken from my account. Debt is a hard hole to come out of but I admire those who are trying. Take it one day at a time <3

 
At 4 March 2015 at 22:05 , Blogger Corinne Schmitt said...

So many people struggle with this and it is such a rough journey. Kudos to you for tackling the problem and for sharing your experience so that others can learn from and be inspired by it.

 
At 4 March 2015 at 22:15 , Blogger Heather Jones said...

It's refreshing to see your honesty and that you have a plan in place. If you stick to it you will be doing better than most. So many young people fail to see that a credit card is simply to be used to build credit, not because you don't have the means to pay for something now. A great way to use a credit card is to use it, the. Immediately pay it off. It's a hard hard lesson to learn. I have a credit card I have about 20 more payments on til it's paid off and the. After that, no more purchases I can't outright but. You have a great plan in place.

 
At 4 March 2015 at 22:26 , Blogger Sharon Ruggieri said...

Atta girl...you can do it. If it wasn't for my financially savvy husband, I myself would be in horrible debt because I simply jut don't always pay attention, as it is the six kids, house, appliances and vehicles are bad enough!

 
At 4 March 2015 at 22:40 , Blogger Michele D said...

Wow! That is some awesome motivation! I bet it feels so good to get some of that debit gone. Great job!

 
At 4 March 2015 at 22:45 , Anonymous Stephanie said...

That's awesome! I have a ton of student loans to pay off...it will probably take me well into retirement age to do it unfortunately

 
At 5 March 2015 at 00:53 , Anonymous Chubskulit Rose said...

We have been trying to not sue the credit card this year but it's just hard. We use it though just for gas and groceries.

 
At 5 March 2015 at 01:15 , Blogger katrina Kaminaka said...

Thank you for sharing this. I actually cut up all my cards and only use them for online orders that I know that I have the cash in my account for. Thank you for this. It is so reassuring that we can do this and there is power in the numbers taking back the power in this area of their life.

 
At 5 March 2015 at 02:31 , Blogger Franc said...

It's easier to manage your finances if you avoid debts as interest can really be a burden. It's important to spend less than what you earn so you get to save.

 
At 5 March 2015 at 04:47 , Anonymous Vera Sweeney said...

You are making great progress. Deciding to be debt free will change your life forever.

 
At 5 March 2015 at 05:18 , Blogger Reginia Cordell said...

Keeping your personal and business finances in order are keys to a fuss free life. I'm in agreement, do not use credit cards irresponsibly.

 
At 5 March 2015 at 15:13 , Blogger Sara-Jayne Jones said...

You've done brilliantly to get your debt down. I know how easy people feel it is to look down on those with debt. I say walk a mile in their shoes before opening up with a rude opinion!

 
At 6 March 2015 at 00:25 , Anonymous Our Family World said...

I am working hard to get out of debt. It feels like such a hard process but I am going to just keep plugging away at it.

 
At 6 March 2015 at 01:05 , Blogger Mama to 5 said...

Sometimes i think people think they do not have to pay the credit card bill at the end of the month and when they do get the bill they are shocked. Thankfully my husband and I are very mindful on what we put on our credit cards.

 
At 6 March 2015 at 11:31 , Blogger Bailey K. | Let Birds Fly said...

Way to go! There will always be snags that we hit that might hinder our original plans, but the important thing is to not give up, and what you learn from it. My husband and I became debt-free 2 years ago, and it's been life-changing. I have medical issues that I no longer have to worry about because we were able to save money as an emergency fund. With debt, it was hard to save.

 
At 25 April 2015 at 09:00 , Blogger Miranda Myrabev said...

We are so ill prepared for it and sometimes only experience can teach us especially in my case.

 
At 25 April 2015 at 09:01 , Blogger Miranda Myrabev said...

Thanks Marina, I hope to one day teach my kids and others about debt and how bad it is.

 
At 25 April 2015 at 09:01 , Blogger Miranda Myrabev said...

Thanks Sinova, its definitely one tough hole but once out it an amazing feeling

 
At 25 April 2015 at 09:01 , Blogger Miranda Myrabev said...

Thank you Corinne

 
At 25 April 2015 at 09:03 , Blogger Miranda Myrabev said...

That's the part that I missed, using the credit card to build credit not to pay for things I couldn't afford. Thanks

 
At 25 April 2015 at 09:04 , Blogger Miranda Myrabev said...

Thanks Sharon, always nice to have financially savvy partners

 
At 25 April 2015 at 09:04 , Blogger Miranda Myrabev said...

It feels absolutely amazing, I can no believe how far I have come

 
At 25 April 2015 at 09:05 , Blogger Miranda Myrabev said...

Awww bless, hope you manage to pay if off well before retirement

 
At 25 April 2015 at 09:06 , Blogger Miranda Myrabev said...

I think with credit cards you just have to ensure you pay them off monthly

 
At 25 April 2015 at 09:06 , Blogger Miranda Myrabev said...

Thanks Katrina, I am only spending what I have not what I do not.

 
At 25 April 2015 at 09:07 , Blogger Miranda Myrabev said...

Couldn't agree more Franc, best to avoid debt wherever possible

 
At 25 April 2015 at 09:07 , Blogger Miranda Myrabev said...

Thanks Vera

 
At 25 April 2015 at 09:07 , Blogger Miranda Myrabev said...

Thanks Reginia

 
At 25 April 2015 at 09:08 , Blogger Miranda Myrabev said...

Thanks Sara, its never nice but it happens

 
At 25 April 2015 at 09:08 , Blogger Miranda Myrabev said...

That is the spirit, that's how I am doing it

 
At 25 April 2015 at 09:09 , Blogger Miranda Myrabev said...

Yup, I was one of those who didn't pay my credit card off monthly and never kept track of what I was spending on them.

 
At 25 April 2015 at 09:10 , Blogger Miranda Myrabev said...

Thank you, never giving up has been my motto from the start. I want to enjoy my life without worrying about money.

 

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