Ah, so this post is an inevitable one. I just didn’t imagine that I would be writing it as my second blog post. Like all great blogs before this, I am writing an “About Me” post…
I graduated from college in December 2007. I was one of the lucky people who didn’t have tons and tons of student loan debt. (I had about $5,000, if memory serves.) I had a minimal amount of credit card debt. I owned a car and some furniture.
Then, I got a job paying nearly $60,000, and things started to go downhill.
Well, not because of the job… per se.
I moved out-of-state to take the job. I took my car and the little bit of furniture that I owned with me. In my new town, I lived in a pretty nice, 2-bedroom apartment. With so much space and a decent income, I (falsely) thought that I could buy a bunch of nice things. I “needed” a bed set ($4,000), a new TV ($2,000), a new laptop ($1,500), a home office (not sure what the bill was here), and kitchen/cookware/other miscellaneous things.
Before I knew it, I was $10,000 in credit card debt.
Because I was being stupid.
Because I had a job paying $60,000. And I thought I could afford everything.
But my stupidity didn’t stop there. My then-girlfriend, now-wife was set to graduate in May 2008 (a semester after I did). She wanted to move in with me in this new town, and I wanted to show my commitment to her by asking her to marry me.
So I did. (Okay, okay. That wasn’t the stupid part. But this is…)
“He went to Jared.” I sure did, and charged her engagement ring ($7,000) while I was there.
My soon-to-be wife didn’t help the matter. She was just as much as spender as I was. And she brought about $50,000 of student loan debt with her.
In the couple of years that followed, we paid for our own wedding ($20,000 I think; we were terrible bookkeepers back in the day), we bought a house together (in December 2008), and we bought her car from her mom/took over her mom’s car loan ($4,000).
We then brought our first bundle of joy (my daughter) into the world (in December 2009). Of course then, we “needed” a new (third) vehicle. So, we bought a used $27,000 SUV in the summer of 2011.
If you’ve read this far, then congrats! We do end up turning this story around. I’ve/We’ve spent the last few years turning this mess around. Thankfully, today, we are in a much better financial position.
Part 2 to follow…