Yup, you read that title right! I'm broke. Not really really broke (if that's even possible), but yeah I'm broke. And so are so many others my age and older all around. So I've decided to embark on a new challenge to help me, and you, fix this issue. Pre-Memphis Jeremie was extremely good at saving money, and the reason this was is because I realllllly wanted to move to Memphis. So, when taking a look at my finances I remembered that feeling of really wanting something so badly that I ensured I saved my coins! This is something that I decided to put back into my mind as a "there's plenty of things you want really badly in life so you better save as much money as you can" kind of mindset, and it's this very mindset that will help me pay off my debt and save for the future.
I created a series called 'B*TCH I'M BROKE!' so that I can educate people my age and anyone who may be in similar situations such as myself. Now you may be wondering how bad is my situation exactly? If you've seen my video discussing this new series, you would've heard me say that generations before us have taught us to not discuss our finances, salaries, and even debt publicly or with our peers. Although, I do slightly agree with this statement for reasons of people using it against you, I also disagree with this— because it also helps us socially. Studies have shown, and continue to show, that the white man gets paid way more than women, lgbtq+ and people of color. It's for this very reason why I think it's extremely important to discuss salaries. Another reason why I felt like it was important for me to share my experience with you all is that people start to guilt trip you when you have money troubles. And just because you may be in debt at the moment and are going through the seasons of your life, does not mean that you'll continue to be in this very same stage forever— especially if we talk about it with people who are open to discuss these things and communities that are interested in helping each other grow.
You may have heard of the Dave Ramsey's 7 Baby Steps... I know I have! My whole family has read the book and recommended it to me a few years back. But a much younger Jeremie who had no debt honestly was disinterested. Now, a mid-20's Jeremie has done his research and realized that these "baby steps" may actually be on to something other than scamming people into a program. What he says in his steps is actually a great idea, from starting an emergency fund, to paying off your debt from smallest to largest, to getting off of credit cards and only using money that you actually have. It's the many hours of online research reading through blogs of families who have paid off all of their to watching YouTubers who have successfully finished the Dave Ramsey's program. Which ever process you may take, I am here to show you what steps I am taking to pay off my debt and invest in my future.
Now let's get into my debt. My smallest debt is a school loan that is about $571, two credit cards, and my largest is my car loan that has about $18,490 left to pay off. If it weren't for my brand spanking new American Express card or my much needed 2014 Toyota Rav4 (due to my 2001 Kia Sportage finally reaching it's end) I probably wouldn't be in so much debt. But who knows right? Life takes twist and turns, and sometimes we do what we think is best in order for us to survive and get to the next day. Though this may be true, I also know that I am a person who loves to spend, especially when it comes to clothes, home decor, and new ingredients to cook with. So it this very reason of becoming self aware that I realize that we need to take fault sometimes for the debt that we have created, whether it was needed or not. So first step to getting our finances in order is admitting that we have debt, that we have a spending problem, and identifying the root to the issue. Once that you've come to this realization, it's time to make a plan!
Budgeting is one of my favorite things to do, especially since it leads to saving money. In order to get to those extra digits and zeros in our bank accounts we need to learn to better manage our expenses and money. For this I'll be using premade budget sheets (such as this one) and my bullet journal to help me stay on track. Since I get paid a fixed salary each week/month, I know how much to expect to save each month after taxes and bills. Budget sheets are perfect for helping you visualize what you're going to be saving and will give you an actual picture of what the month will look like (or should look like). Another very helpful thing to use are meal planner sheets (such as this one) that help you list what ingredients you have in your fridge or pantries and what meals you'll be cooking for the week. In my next two post we will discuss more ways to save & limit your spending and also how to be sustainable & frugal with food.
Now that we got all of those logistics out of the way we can start this new month and season fresh. So whether you want to pay off your $1,000 debt or save $1,000— stick around because we'll be learning and going through this journey together. If you have any tips or anything positive to share please comment down below or on my YouTube channel so that we can all join the conversation and grow together. Wishing you all a very happy (spooky) October and a successful financial situation during hibernating season.
Until next time!