Three hundred and twenty-eight

Living with debt

I work on the weekends and the beginning of the week, so today is my hump day.  And it was a looong day today.  Working brunch on Saturday and Sunday mornings is draining, and the only reward used to be the cash I ended up with at the end of the shift.  I was speaking to some coworkers the other day, saying how hard it is to keep working this month, but never getting to spend any of the money.  One of them mentioned that the same thing is happening to them because of debt they have to pay off.

Trying to pay off debt is so difficult because you are earning money, but you don’t get to keep it or spend it.  Especially in the service industry where you have your earnings in your hand, and yet it will (or should) go straight into the bank to pay off something you spent money on in your past.

Debt can come from over-spending, putting something you need (or sometimes think you need) on credit.  It can come from negative circumstances like paying for funeral costs for a death in the family, or losing your job and living off credit until you can find another.  It can also come from paying for education to invest in your future.  Whatever the circumstances are debt is a difficult thing to get out of and overwhelming at times.

We’ve seen with the crisis in the States how many people lost everything because they were spending outside of their means (and the corrupt financial institutions encouraged them to do so).  Unfortunately we live in a credit society where instead of saving to buy something like our grandparents did, we buy now and pay later (not everyone does this, but a large majority do).  Making educated financial decisions should be taught in school from a young age so people don’t end up in a huge amount of debt (unforeseen negative circumstance excluded) or end up being pressured into buying something before they really think about it.

The feeling of being hungry and wanting to buy food, having cash in your hand, but knowing you can’t spend it is pretty discouraging and depressing.  If anyone has any ways they’ve coped with their debt or gotten out of debt, let’s here them.  I’m sure there are tons of people out there who’d love practical advice about this.

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6 thoughts on “Three hundred and twenty-eight

  1. I have a couple of suggestions.
    1. Set a budget for every pay cheque, don’t pay bills every month, but every 2 weeks when you get paid.
    2. Also a good idea is having money automatically come out of your account the same day you get paid, so you’re not tempted to alter your budget because you spent before you had a chance to pay the bills.
    3. If you really want out of credit debt, leave your credit cards at home. Don’t keep them in your wallet, once again you’ll be tempted to use them. When you don’t have money for the extra’s sometimes, when you’ll feeling down you think, its hopeless anyway and spend to feel better. Its much hard to take money out of you bank account that is allocated for your grocery budget for that new outfit, or pamper treatment or night out, etc.

    Hope this helps others.

    Sarah

  2. I make a habit of paying bills immediately the day we get paid, and I tend to pay too many bills leaving us not enough for the necessities like groceries or gas in the car to get to work. (this leaves my husband very frustrated with me) -smile. but there’s never enough to go around! So now I am making an effort to put an extra $20.00 on any one bill every month, and I give my husband 20 dollars to have in his wallet so that he somehow feels like he has SOMETHING (and doesnt get so angry when I tell him there is no money in the bank account)-lol. I had always prided myself on paying my bills ontime, I worked 2-3 jobs since I was 19 years old and was self sustaining until we had a baby. Once we had a baby, and my maternity ran out, my bills alone from debt, student loans etc.. were over $1000 a month, and then add our mortgage, and household bills, groceries, gas etc.. it was insane! The pressure I felt to pay those bills, and the stress from the creditors calling and harassing me, on top of having a new baby was too much to bear! I finally went to a credit counselling society whereby I was given my best options, and that was to declare bankrupsy. And although it was hard for my ego to admit, and felt like a bit of a failure at the time, I am now debt free, do NOT and will NOT own a credit card for 7 years (or ever-haha) and I am so relieved!! I dont feel bad at all now for having declared bankrupsy, because in all honesty, for all those years that I was paying my debts every month, and the interest I paid, I had actually in fact paid them over double than what was originally lent to me. All those years in university where I studied my ass off with the hopes of having a great career one day..only to discover that the degree I obtained was really only a stepping stone to a required masters if I ever wanted to work in my field was disheartening at best, so really, after all that work, and all that money, and all that interest that was collecting on my degree that hung on my wall, I had no problem declaring bankrupsy.. Most importantly, I was never frivolous with my spending, I didnt overspend and impulse buy. I supported myself strictly and soley from the time I was nineteen without ever having anyone to call to help me out in any financial situation. I was proud of what I had accomplished, but felt defeated when I could no longer hold everything together. Today, as I said, I know it was one of the best decisions I ever made. And I feel free, lighthearted, and wisened to the ways that money can rule your world-if you let it. I am not recommending necessarily that bankrupsy is the solution, but I tell you, for me it was, and this was how I made it through! I am sharing this, because most people are too proud to admit something like bankrupsy,but I myself have been humbled by it. Perhaps it will help someone else too! Cheers!

    • Thank you so much Peggy for sharing your story! It sounds like you’re so much better off now than you were. (And I’m sorry your “live in peace” idea didn’t win for next month. It was a great idea and I’m going to try to incorporate it into next month somehow anyways). Hugs xxoo

      • aww Thanks Lindsay!! I’m just grateful to be able to read about your experience(s) and contribute with ideas or experience when it fits!!

  3. Pingback: Three hundred and thirty-seven | threehundredsixtysixdays

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