That is were I am in life, a financial bondage. During my first year of college I had not learned how to financially balance my life, in fact, I was not very good at financing at all. Because of this, i had to defer for a year and move back home with my parents. I am working as a waitress to pay of my school debt and ultimately build a savings plan.
Although I am eternally grateful to my parents for allowing me to come back home, I am anxious to get back out on my own and continue my education. In order to do this I must escape my financial bondage.
But how am I going to do this?
Now that I am no longer on my own I will not need to buy groceries or toilet paper (which is not at all fun to spend money on) and other such items. This means my paychecks can go straight to savings and paying off school.
Am I the only one who struggles with the "I didn't have to pay for so-and-so, therefor I can buy me so-and-so" principle? That is my first goal, monitor my spending. Sometimes it is okay to spoil myself a little, but every penny spent on fun/unnecessary things is a penny I don't have to get a new computer, my a car or move away from home. It all comes down to self control and sacrifice; giving up what I want now for something I need later.
My next step is to have a financial plan. It is pretty simple but every time I get paid, half my paycheck goes into savings, no questions asked. After that I will pay my tithing. Every paycheck I am going to set aside 10$ to buy a laptop in the spring. after that I will but the rest of my pay check towards paying off my debt.
Ex.
Paycheck : $458.22
-
Savings: $229.11
tithing: $45.82
School=183.82
I know many will think, this is hard and it will take so long to reach my goals. You are right. But it is worth it. Just like getting a college degree, it is a long process that is going to take time as well as dedication and determination, but it will be worth it in the long run.
I can do this, I will do this. I will escape my financial bond! Now who is with me?
