does the stress ever go away?
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- Yesterday
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I'm currently in a situation like this, and i suffer from pretty severe financial anxiety. I got married recently, and the wedding ended up costing me a few thousand over what was planned shortly before the wedding, which I ended up having to put on credit. Then for our honeymoon, I put that on a 0% credit card. When doing so I came up with a plan…
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That debt and your income make this more than doable. Quit thinking of the debt and realize you have a plan and stick to it. Feels good to chip away at debt then have no debt and then save.
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I left my parents house at 32! As I finally found a good job and pay abroad. But do t take anything for granted, enjoy where you are now, with parents, and one day when the time is right you will also step to a new life.
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Have a systematic payment plan. Month on month how much is left after your expenses, put that all into your credit card debt. Once the credit card debt is over, move onto the education loan. It may take few years, but dont worry, it will go away. Have this in mind, stress wont affect you. The thing is, setup a pay off plan.
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First off, congrats on having a job. I was in the same boat. I was 23, first job was 65.8k a year with a 900$/month for the first year promo rent which jumped to 1.1k eventually. I was 22k in student loan debt. Loans ranging from 2.8% to 4.3% across 11 loans. Coming from basically nothing infused with 3.5k for relocating into a big city. I made it…
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Hey, you mentioned having roths and personal investments and have a plan to have your student loans wiped out by 2036. I'm female not sure if this makes a difference. But, your student loan debt is different from credit card or other consumer debt. So I personally would not see it as a deal breaker. In this case, if it's affecting your self…
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Honestly it gets better! When covid hit I was making around $80k and had a house and 2 kids I was supporting alone. I took a promotion to make $95k and was able to pay off $33k in student loans over 3 years when it was still interest free while also paying for my $1200 house, $500 car and all the bs that comes with kids (food medical etc). If you…
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Two things that have helped me reduce my financial anxiety are: keeping track of all my expenses over time. And keeping track of assets & liabilities over time.
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Yes, I've felt like this for years. I am a software engineer with a very good and very secure salary (at least for the moment). It is not easy. I solved this by finally realizing that money is an ecosystem that if kept happy it does not backfire. How do you keep it happy? Track your expenses constantly either by pen and paper or an app, create an…
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Pay off the debt and learn to live within your means. Have a plan for buying a house or condo. Your situation doesn’t have to be perfect to own property. You’ll make more money eventually and you’ll spend more money naturally along with it so it takes discipline.
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Anxiety continually pressures you with the “what if”?. All you have to say to anxiety is “so what if”? Answer that question with a plan and your anxiety will be manageable
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"i feel like im never going to escape this hole" Do some math to see exactly when you're going to escape the hole. If you're taking home ~$5000/mo and your rent is $700, it sounds like you have about $2000/mo to put towards paying off debt? So 1.5-2 years to have the debt gone? That's really good.
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Just work hard plan for the future by investing and saving and living below your means. Don’t stress too much about the future. Be confident that you’re doing everything you can to be a financially responsible
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oh i definitely map it out lol. i think i am tracking too much. i track all my account balances and all my debt balances every month, additionally i am meticulous about tracking my spending and budgeting and stuff. i like your advice that it just becomes numbers, im excited to get to that point.
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I'm so confused how you're currently stressed. You could pay off your student loan debt in like 1-2 years and still live pretty reasonably. Your expenses are already pretty low and you can write off the debt payments for tax purposes.
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It may help to map all of this out, in terms of income versus expenses. See how the numbers line up every month, see when the debts will be paid off at whatever rate you are paying, see how savings and investments grow throughout the years. I found that if I can map it out, play with the numbers, see what should happen, I get a lot less anxious…
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It should get better, although there's always something to worry about when it comes to finances (at least for 90% of us). As you eliminate the debt you should stress less. An emergency fund should make it even better. I think the only thing that doesn't really get better until it happens is retirement. It's just kind of a big unknown with too…
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How I’d navigate this to maximize my money and my sanity: Keep 401k match, pause Roth and HSA until cards are paid. I’d imagine their interest rates are higher than returns you could expect on the investments. If your student loans are pretty low interest, like 4%, just put minimums and up your savings rate if you can live with debt hanging over…
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The other thing about anxiety is that it varies with age. I'm late 30s and I find that it has decreased significantly from my late 20s and early 30s which were hell.
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Im in the thick of that now. Self employed and making very good money in LCOL. Bought a big house with very low interest rate at 26 and started investing heavily, had a 1 yr old at that point. Now I have 3 kids and am 32, working more than I ever have. Still doing great financially but constantly trying to stay ahead and plan for the future. My…
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Unless you are living well below means or incredibly rich, financial stress never goes away fully because there will always be needs over time (kids, house, etc). With that said, you are in a typical spot an early career person is in and understand your career is a marathon not a sprint. Come up with a game plan on your credit card debt and stay…
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Read MMM's blog, it'll teach you to live frugually, pay off your debt as fast as you can then save up aggressively for a better life down the road, don't be a consumer and good luck.
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I will get easier. You can't delete your debt overnight but building your career overtime, netowrking as well as saving some money in years to come you will be fine.
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as is i’m contributing 6% to 401k (i get up to 6% match from employer), 400 a month to roth, and 200 a month to HSA. i’m being pretty aggressive with my loan repayments so i’m hoping to up the savings after the loans are repaid :)