Megan Monique
 
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As a kid I wasn’t educated on financial responsibility. In fact, I think my parents are just now learning what that means. So after I high school, I did the typical thing & charged up credit cards, took out personal loans for things like tires & a computer, & traded in a car that was paid-off for a car payment.

Looking back I can see the error of my ways. I only wish someone had been there to slap me around a bit & knock some sense into me.

Don’t get me wrong, my parents aren’t to blame. I take full responsibility for my actions. However, I do wish that somewhere along the way I would have been taught about credit scores, interest rates & smart investments.

Right now, I am sitting on $14,000 of debt- I’m not afraid to admit it. My ideal goal is to be out of it by the time that I am 30 if not sooner (I am 24 right now.)

This was the first year I have been able to actively pay off my debt. Although this is true, my credit score isn’t showing the effort I have made (which is more than frustrating.)

Sadly, I am still generally uneducated when it comes to my finances & if there is someone out there now who has interest in sitting me down & teaching me- I am MORE than willing to listen.

I have chosen to be patient with all of this. I know my usual behavior requires instant gratification. However, I know the waiting game will pay off in the long run here- literally.

So this is my testimony & my cry for help. If you or someone you know is a money genius- I need assistance.

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Comments

Shannon link
11/15/2010 4:54pm

Good for you friend! We have a financial planner that has helped us - but mostly we've had to learn how to create a budget and stick to it. It's tough work but so very important - and it will be so worth your efforts now in your future! xo

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Sue O'Shea link
11/15/2010 5:08pm

Hi Megan, we've ALL been in that boat at one time or another. At one time I was $10,000 in debt on credit cards. Cut up all your department CC if you have any. They will get you into the most trouble. I use a debit/credit card now so when I buy something I have to have enough cash in my checking account to cover the purchase. And I always ask myself do I NEED this or do I just WANT this? I do allow myself to splurge once in a while, but not as much as I used to! And remember to alwasy pay your self first...meaning set aside 10% of your pay and put it in a savings account. Hope this helps in some small way!

Lots of love, Sue

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Megan Monique
11/15/2010 6:02pm

Thanks Shannon,
We have a budget and stick to it. But it hasn't made a big difference for us yet. I also have to consider that I have only been doing this for a little less than a year.

I feel like I need to find someone to help me wrap my mind around the reality of the numbers.

Thanks for your support.

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Megan Monique
11/15/2010 6:04pm

Hello Sue,
Thanks for your feedback. Right now, I am putting back $50 a week for savings. At this point that feels like all I can handle. I don't put things on credit cards at all anymore. I am focused on paying the debt down that I already have.

Thanks for the pointers! XO

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Megz
11/15/2010 8:51pm

Dear Megan,

WHile I intend to educate people about financial savviness one day (my site is still some way in the making),I recommend following two sites to educate yourself on financial concepts: http://www.mint.com/
http://www.dailyworth.com/

Lemme know if you need any help.

Care,
Megz

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Angela
11/16/2010 11:21am

Megan! I applaud you for making this admission and taking the time to tackle this problem. Debt is evil! The sites Megz recommended to you are excellent resources. Daily Worth is awesome and provides excellent info. Also check out Lora Sasiela of Financially Smitten. Good luck to you. I am tackling the same issue right now.

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Megan Monique
11/16/2010 12:20pm

Megz,
Thanks for your input. I will check out those sites and talk to you more (later) about what is going on for me. I would love your help. XO

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Megan Monique
11/16/2010 12:22pm

Angela,
Thanks for your advice and encouragement- I'm going to keep on truckin'!

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