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This is the story of life's financial struggles & victories through the eyes of a young woman up to her eyes in debt. Enjoy :)

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Friday, December 21, 2012

So much for optimism

My load consolidation attempt was once again rejected. I need to at least have an income higher than the 80K I have in debt before credit, etc. is even taken into account.

Such a nightmare.

Thursday, October 11, 2012

I guess it has been a while...

Hi there! I realize it has been a little over a year since my last post and although my words are not on here in blog format, believe me, it is still on my mind daily! A girl named Stacy emailed me last week for an update and got me thinking about how I need to contribute more to this thing so here I go! I really have missed hearing from you guys.

So in this last past year (like a month after my last blog), I got a new job. I work from 8-5 at a big building in the heart of downtown for an inside sales company. I know what you're thinking, SALES?! BUT, really, it is not at all a bad job! I am rarely on the phones, I do not meet with any clients face to face, and I do not have to sell anything to anyone since I deal with already established customers; we just renew the maintenance on whatever product they have. For the most part, I love everyone I work with, and we have all grown to become good friends who actually hang out after 5pm. My salary isn't very impressive (let's just say around the $40k range), but I have a matching 401k plan, discounted stock options, as well as great health insurance. Also, overtime is unrestricted and open whenever; since January I've made $1500 in overtime alone. For some of you reading this, you will probably laugh because although it is not a miserable job, it still does not pay well in comparison with the cost of my education. I will say though that I am blessed to have this job since it comes with a steady income which is something I didn't have for quite some time being a server. Speaking of serving, I still do that on the side maybe 1, 2 or 3 times a week.

All this to say, I am officially skipping out on the industry that I am in debt for, but I really do think that in the long run, this decision will pay off. The music industry was not giving me the paycheck I needed to support the debt I was in to be there. I will continue to be a server, and jump into the world of sales because simply put, I need to chase the dollars, and this is the direction they are running in right now.

As you can tell, I am by no means knocking down my student loans 1 paycheck at a time, BUT I think this is a step in the right direction in order to get my income up and my little debt down so that when I re-apply for consolidation, I have a better chance of having an acceptable debt to income ratio. So far with this job, I have been able to pay off my car and credit cards as well as put about $4K in savings. I also am up to about $1200 in my E*Trade account.

I feel like I somewhat have my ducks in a straighter row, but I am still oh so fearful of their decision after having waited a year and done my best to get things in order. No matter how good things seem to me now, it will take a 5 minute phone call to prove me wrong. Knowing that last statement, I chose to make my financial planning my #1 priority, but to also remember that it is okay to spend a little of my hard earned money and go out and on trips with my friends every once in a while (I mean, I am 25). Because, believe me, at the end of the phone call, having $500 more in your savings account will not sway their decision to accept or reject you.

Anyway, as of now, I am planning to make the consolidation phone call (likely to Wells Fargo) in approximately a month. Wish me luck! I want nothing more than to come back on here, tell you a success story and then tell you exactly how I did it so that you all could follow suit :)