I explain somewhat

04/08/2008

I can’t only blame myself. Many things happened to cause my insane amount of debt. And I’m working on getting everything sorted. Promise. My parents (well, my mom actually) are partly to blame. I grew up thinking that having a Foschini account is normal. I grew up thinking that it’s normal to skip a payment, and to receive threatening lawyers letters. I grew up with parents who didn’t even finish paying my school fees.

They weren’t poor, though we did stay in a poorer area in the Northern Suburbs of CT. They overspent on food, and underspent on stuff we needed.

So for the past six or seven years I have been spending far too much money on rent only because I feel I deserve slightly better than having to boil water to wash my pretty little face. When I got fired (this happened very often), I would ignore my bills and try to pay rent instead.

I was never taught how to work with money. Yes, I know that I am 25 and I should just ‘Google it, damn it’. But it’s not that easy. Money still slip through my fingers. I can easily (like most of us) spend a third of my net salary on absolute rubbish. And then I have to rely on payday loans to buy my monthly train ticket and some food.

So I surprised myself on Wednesday: I paid off one of these accounts. I am too frightened to find out when was the last payment I made prior to Wednesday. I felt so proud that I was able to do that. And I’m sure that if I continue doing what I’m doing, I could have my debts sorted out in a year. Fine, two years’ time if I decrease the amount I’m putting towards it every month. That will give me an extra couple of hundred to spend on pretty things every month.

But I wish I were able to budget better. I tried last month, and it worked…for a little while only.

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5 Responses to “I explain somewhat”

  1. Parenthesis Says:

    Been there, done that, got a whole file of receipts. My debt amounted to close to R100k three, four years ago, and like you said, I didn’t have a whole lot to show for it. Took me two years to get out of it and pay it off. Granted, dad did come to the rescue initially, landed up paying him back, which was great, because he agreed on the lump sum of R500 in interest … sjoe. Now I budget. Got an Excel spreadsheet with my whole year mapped out. And I might add a nice running total on my money market account, aka the Denmark Fund. It’s a hard lesson to learn, but essential … good luck 🙂

  2. expensivemistakescheapthrills Says:

    being in debt is not always a bad thing – i’ve always paid cash for everything, because i never wanted to get into debt.

    now because i have no debt, i have no credit history. wanted to open a new cell phone account the other day, and they wouldn’t let me! i have no debt! since when is not having any debt a bad thing?!

    i was so cross!

  3. callith Says:

    Well, I’m gatvol of being in debt. I took a company loan to pay off some of my debt (interest free, baby) and will continue to do so until they either tell me “No more, damn it!” or until everything’s paid up.

    I see this as a very expensive lesson learnt. Not every day, but I try.


  4. […] 12, 2008 A while back I posted about my awful finances. I was feeling very and then tried to explain somewhat why I’m such a big […]

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