I feel so stupid

iVillage Member
Registered: 08-20-2005
I feel so stupid
6
Sat, 08-20-2005 - 8:08pm
I grew up in a household used to the ups and downs of financial life. We could go from wealthy to poor in a matter of 2 years. So I know the ups and downs and I also know how to stay out of debt. Atleast I know how it should be done, however now that I owe $60,000 dollars I probably should have used some of that knowledge. I guess why i'm writing is, does anyone else feel like they should have known better? I mean last November I refinanced my house and paid all my debt and not even six months later I owe a ridiculous amount of money, I don't even know where to begin... any advise would be greatly appreciated.
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
In reply to: jen13456
Sun, 08-21-2005 - 8:51am

Hugs!!!

iVillage Member
Registered: 08-19-2003
In reply to: jen13456
Sun, 08-21-2005 - 10:19am

I second what Becky said. Just want to add to please start a Emergency Fund of $1000 as soon as possible!

Shannon

Shannon


Pregnancy%20ticker
Avatar for mommyof2grlz2boys
iVillage Member
Registered: 03-25-2003
In reply to: jen13456
Sun, 08-21-2005 - 11:24am
I feel very stupid as well. I am like 20 grand in debt for student loans and moved down to be with my fiancee and could have stayed and graduated in a year! They dont have my degree program here. In fact they dont have a 4 year college anywhere near here :( So I am not going to school this semester and will have to start repayment soon :(
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
In reply to: jen13456
Sun, 08-21-2005 - 1:35pm

Hi Jen - yep

All my best,
Danni

iVillage Member
Registered: 05-30-2003
In reply to: jen13456
Sun, 08-21-2005 - 2:19pm

Well, you can always look at it like this: now that you know better, you will do better.

I think most of us here could ace that same 'test' Becky was talking about. Heck, I know I certainly could! (When I was in college back when I was 18, I had a double major in Accounting and Finance Law.)

To get you started, write down how much and to whom you owe money, and try to figure out what the minimum payments are. Not what you pay, but the minimums. I second Shannon's advice on the $1000 emergency fund. You'll need it to cover emergencies that used to be covered by the credit cards! Sell everything that isn't nailed down, get a part time job if you need to. You'll get that $1000 faster, and can start whacking away at your debt.

I'd recommend the Mary Hunt "The Complete Cheapskate" for a good explanation on how to snowball debt payments (start with lowest balance & toss as much at it as you can, all the while paying the minimums on the others), and Dave Ramsey's "Financial Peace Revisited" for the nuts and bolts of budgeting. Yes, that dreaded "B" word, LOL.

Knowing where your money is actually going is always an eye-opener, that's for sure. Channeling it to pay off debt will be easier once you know what all needs paid.

Welcome here-your situation isn't hopeless!

Lisa

iVillage Member
Registered: 04-11-2005
In reply to: jen13456
Sun, 08-21-2005 - 8:29pm
HUGS!!!!

Lara