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My 2024 Shameful Debt: An Honest and Raw Confession
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- čas přidán 14. 08. 2024
- In this real, raw and unfiltered video, I am sharing the shameful and shocking state of my 2024 debt.
#2024DebtConfession #HonestConfession #RawConfession #DebtStruggles #OvercomingDebt #FinancialTransparency #DebtFreeJourney #LessonsLearned #FinancialAccountability #DebtManagement #PersonalFinanceGoals #MoneyMatters #DebtFreeLiving #DebtFreeFuture #FinancialResponsibility #FinancialConfession #DebtFree2024 #FinancialFreedomJourney #DebtSupport #DebtFreeCommunity
Join me in this eye-opening video as I share my 2024 debt journey. Discover the harsh reality of my financial challenges and the proactive steps I'm taking to overcome them. I'll openly discuss how impulsive spending led me here, the impact on my life, and my plan for financial freedom.
This video is not just a confession; it's a transformation. Learn from my experience as I delve into the mindset behind impulsive spending, highlight key moments that contributed to my debt, and share actionable tips on budgeting and responsible financial practices.
Subscribe for an authentic look at conquering debt and building a healthier financial future. Your support and feedback are invaluable as we tackle this journey together. Let's embrace financial wisdom and take control of our money management.
Thank you for your unwavering support, understanding, and encouragement. Your comments, feedback, and suggestions mean the world to me as I embark on this daunting yet transformative challenge. Join me as I embark on an honest, raw, and sometimes painful process to becoming a better, wiser version of myself. Let the healing begin.
#2024DebtConfession #HonestConfession #RawConfession #DebtStruggles #OvercomingDebt #FinancialTransparency #DebtFreeJourney #LessonsLearned #FinancialAccountability #DebtManagement #PersonalFinanceGoals #MoneyMatters #DebtFreeLiving #DebtFreeFuture #FinancialResponsibility #FinancialConfession #DebtFree2024 #FinancialFreedomJourney #DebtSupport #DebtFreeCommunity
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I was so confused how so many of the bills came of but the total was still almost where we started?? But then I realised I added the Latitude and Zip to it... anyways... money and numbers stress and confuse me.... #workingonthat Thanks so much for taking the time to watch ❤ Mel
The extra came on with the consolidation of the three, totalling around $15k, but the consolidation loan was $21k, so an extra $6k would have gone on the total if you hadn't really pulled in in other areas, so only $3k went on.
You've shown you can do this, and the relief you'll feel as you knock each one over is immeasurable.
Incredible work Mel, kicking goals!
@@Weirtoe thanks Kerrie. I know you’re right. We’ll get there. It’s like fit finally clicked.
Since last year, when your housing situation was up in the air and the Audi was costing a fortune in repairs, you still put one foot in front of the other. You're getting through it. Seeing you succeed reminds me that no matter what situation is thrown my way, keep going. I'll eventually come through to the other side. Thank you for sharing.😊
To be 100% honest with you - I wasn't always like this - in my late teens and early 20's I was miserable with thinking the world owes me and that I was destined to be sad and miserable. Depression won every time - but now I fight really really hard not to let depression win. I have sooo much to be grateful for and I'm incredibly privileged - so I kind of "owe it" to others to keep on keeping on and if that helps others than that's the pay off. That's what keeps me going when I so often just want to give up. I promise you will come through the other side. In the meantime - I'm right here with you. x
@MySemiSortedLife It is a fight indeed to stare depression in the face and tell it to ************. You go girl!!
Hi , this is the first debt update I’ve seen. There’s nothing more inspiring than seeing debt disappear. We became debt free last year and it has taken so much stress away. We are now able to save a decent emergency fund and plan to never ever use credit again. The feeling of freedom is amazing. I know you will get there too because you are well on the way with your debt tracking and updates. I’m going to go watch a few more of your vids now.
I can't express how grateful I am for your comment. It means the world to me to know that my debt updates are inspiring and helpful to you. Congratulations on becoming debt-free! Your success story gives me so much motivation to keep pushing forward. Thank you for your support!
Wow, 10K in savings is huge. At least you are keeping track of your debts. Some people brush it aside and can't deal with it. Looking forward to watching your debt free journey.
Thank you for your encouraging comment! It means a lot to me. Having 10K in savings is a big accomplishment and I'm glad you recognize the effort I put into keeping track of my debts. I'm excited to share my debt free journey with you and hope it inspires others as well.
Don't underestimate the fact that you were able to save money while paying down debt. I followed the Baby Steps but honestly, feeling safe and secure emotionally makes the biggest difference. Once you feel more stable you will find spending decreases and you see what truly matters to you in all areas. I had to look at what i wanted my life to look and feel like and then budgeted backwards from there.
Thanks so much for your encouraging words. I like that tip about budgeting backwards....something I will definitely be looking towards doing when everything settles.
Mel, you’re doing great. Finances are always changing so it requires vigilance to keep up. Remember getting to zero owed will also require maintenance. Financial emergencies do not magically halt so keeping your wits about you is ongoing. 👍🏼
Thank you so much for your kind words! You're absolutely right, managing finances is an ongoing process and it's important to stay vigilant. I appreciate your support and encouragement!
@@MySemiSortedLife you can celebrate the smallest accomplishments as if you stepped on the moon. Each and every one of them is a step towards progress. This is what kept me going. I have two bills that came up after my arrival to zero that circumstances would not allow instant payoffs. I BELIEVE IN YOU!!
You got this! Thanks for the honesty and “reality”….❤
Always! And thank-you. x
I just recently found your channel and have to say how amazed I am that you have been able to save money and still pay down on your various debts. I know how challenging this can be and wish you nothing but the best. I hope things continue to work in your favor, now that you are reducing spending and have a decent plan in place, to pay them off. I don't know your circumstances and will have to watch some of your earlier videos to get an idea of what all you have been dealing with, and just how far you have come.
Wow, I'm so happy to hear that you stumbled upon my channel and found it amazing! Thanks for the support and good wishes. I've definitely had my fair share of challenges, but I'm excited to share my journey and hopefully inspire others along the way. Make sure to check out my earlier videos to see how far I've come! Also - spoiler alert - a great deal of the reason we're in this position is just plain old poor money management and emotional spending.... I'm more self aware now - so aiming to break that.
Awesome job Mel, you are making great progress, once you get this under control it will be one less thing to worry about for you. Glad you have a house I hope knowing this makes it easier. Thanks for sharing, enjoy your day!!! 😀🥰
Haha, thanks! I'm trying my best to keep everything under control. It's like playing a never-ending game of whack-a-mole, but hey, at least it keeps life interesting! 😄
Mel you are so iconic and such an inspiration. Congratulations on paying down after pay and minimising spending. You will have it all paid off in no time.
Thank you so much!!
I need to do a spreadsheet like this for my debt
I have started challenging myself by using a zero balanced budget and also by seeing how little I can spend every month. Only needs and evaluating if it’s TRULY a need. I sell things online and the small amounts I save as cash on hand to buy something to drink when I’m out or some other want that isn’t too extravagant. I’m cooking more from scratch, rarely eating out, buying only food that is needed (aka, skipping the packaged junk food and drinks) and it makes a big difference.
So excited for you! Looking so promising!!
Thank you!!
Give yourself credit Mel, you’re getting things paid even though the balance has gone up. I think you’re very brave to share this with everyone. Keep smiling sunshine ☀️ x.
Thank you so much!
You have smashed the afterpay and zip!!!! 🎉 so exciting to see, looking forward to the next video
Yes! Thank you!
Mel you don’t give yourself enough credit.. the fact you have 10K in savings is huge. I look forward to watching your debt free journey 🤗💜
Oh thank you!
Amazing job. This is definitely so exciting for you and encouraging 😊
Thank you so much!!
It would be a good practice to note the interest rate and another column for what you’re spending on interest every month.
Well done you! You have a plan and have taken action on that plan! Not only taken action but evaluated yourself (which is always a no fun process) I’m proud of you!!!
OMG, thank you so much! It's so awesome to hear that you're proud of me and my plan. Taking action and evaluating myself wasn't easy, but your support makes it all worth it. Let's keep hustling together!
Hey Queenslander, sunny coaster here, drawn to you by your honesty and keeping it really which is my number one philosophy:) let’s do this budgeting journey and smash 2024!! Vicky gave a shout out!! Xx
QLDER!!! yay - I finished high school (a very very long time ago lol) in the Sunny Coast Hinterlands....loads of friends and family still on the coast - I'm a south east Qlder now though...Vicky rocks. Will pop over your way and follow too... surrounding myself by savvy financiers in the hope that their cleverness will rub off on me. lol
Awesome job with not spending. You go, girl, you got this!!!!!❤❤❤❤❤
Thank you for your kind words! Your support and motivation mean the world to me. Let's continue on this journey together!
I'm so happy to hear you know where you're going, that uncertainty is heavy. You inspire me so much. ✨️
Thank you so much for your kind words! It means a lot to me that I can inspire you. Keep pushing forward and never lose sight of your goals. You've got this! 💪🏼
Mel! Your doing so well. Keep up the great work with getting on-top of your debt. Consistency is everything.
Thank you! Will do!
So well planned out. You got a positive outlook. And, I know you will accomplish them. Look forward to the $0.00. Hope you have a great week.
Thank you for your lovely comment! It's great to hear that you appreciate my positive outlook and believe in my ability to accomplish my goals. Your support means a lot to me. I hope you have a fantastic week as well!
Glad you got the house 😊
Us too!
You seem to have your head around it Mel and it looks like you're on track to keep knocking it down. 👏💌💐
Thank you so much for your kind words! I really appreciate the support and it means a lot to me to know that you think I'm on the right track. It's always encouraging to hear positive feedback like this!
Seems like you have a good understanding where your at and got it all sorted...that's half the battle. 10k is awesome savings and you obviously have a great income. I think if you have a job and good income then this is all very manageable...debt can be super helpful to get what we need!
I really appreciate your comment and your support! It's nice to know that my hard work and financial choices are being recognized. And yes, having a job and a good income definitely makes things more manageable.
Our financial situation was rough last year, too. Hang in there.
Looks like we're both members of the "Rough Financial Situations Club". Let's hope for better luck this year!
Omg you got the place?! Oh thank goodness! Fabulous news!
Well done on being so close to paying off the afterpay debt! ❤ and ofc your other debts. Fingers crossed u can get rid of the Audi asap
I can't believe I didn't tell you?? I thought I did... it's just been so crazy. But yes - get rid of that lemon and I'll be relieved to never see it again.
@@MySemiSortedLife that’s ok, it’s been a rollercoaster of a few weeks for you! Do me a favour and kick the wheel (gently lol) as you’re saving bye to it 🤣🤣
You are doing great, Mel
Thank you for your constant support, Natalie It means the world to me to have viewers like you cheering me on.
Awesome your smashing it ❤
Thank you so much! I really appreciate your kind words and support. It means a lot to me!
wauw Mel you are doing great. I learn so much from you. I relate so much to you. Love from the Netherlands.
Thank you so much!
You are making progress in the midst of challenging times. The amount went up. But you do know why and for okay reasons.
I really hope you will sell the lemon okay and that living in the new place will help you getting stuff down even more.
Ah, the lemon saga continues! I'm glad you're keeping up with my adventures. Hopefully, the new place will bring some good luck and help me conquer even more challenges!
Thanks, Mel, for being so brutally honest about your debt. I've been in a hard place financially for a number of years. Am slowly paying off debt and it's a good feeling. I now keep a daily record of spending so I can see where my money goes & where I need to make changes. Good luck, Mel! I know you can be debt free and what a wonderful feeling that will be!
Glad you are covered in case you have double rent and have yhe money saved up for that. You are making great progress. Cant wait to hear more about what you are doing to curb the spending. I wound up with some unexpected money from my Grandma's estate over the holidays and used it to pay down the credit cards. I got within about 700 of gone, but it will be going up a bit because the kids were coming home last week and got in an accident. Car is more than likely getting totalled, but our rates will likely go up because the other driver was uninsured.... And then we'll be back on car payments when we find a car that will work as a daily driver. And then the water heater also went out, so that will be another addition to get that replaced. But still less than where we were.
oh man! Just when you get a chance to dig out of the hole a heap of other things come up. I'm sorry to hear that. hugest hugs and hang in there. x
@@MySemiSortedLife big hugs! And yeah, certainly seems that way, but I'm stubborn, so I'll keep getting back up....
Nice job. Despite Christmas spending (which frankly we all have to do in some way or another) it is looking like you are in a much better position heading into the new year. And don't forget you will presumably get some bond back from your old house, even if it is a smaller amount.
oh lordy... I hope so... but I'm def not factoring it in until it's in my account.
I honor your dedication but payment plans on Apple Watches and iPads are debts 😢
Oh they’re on my phone bill. They don’t accumulate interest or anything. But I agree. They are debts.
Yeahhh I was waiting for this video❤❤
The next one will be even better I think....
You are an inspiration, keep going!
Thank you so much!
I´m impressed how brave you are to be so vulnerable. I think you are an inspiration to many people struggeling as well. I think as important as it is to erase debt as important it is to have some savings. You never know! So I personally wouldn´t put all leftover cash into debt payment. Glad your housing situation is finally clearing up. (Can you say that?) Love from Germany 💕 PS: Do you know Hoardersheart here at youtube?
Thank you so much for your kind words! I appreciate your support and I'm glad that I can inspire others who may be going through similar struggles. And you're absolutely right, having some savings is definitely important too. It's all about finding the right balance! and yes - I have watched some Hoarders' Heart - such a clever lady. x
February 2024. Don't buy anything except groceries or kids underwear or shoes. Use up what you have. I bought my kids' clothes at rummage sales or thrift
shops until they were teens and had jobs. Don't buy fast food. Accept hand-me-downs. Get out of debt. Near Chicago, Tina, Al's wife
Now take the word.." shameful" out of the equation. ❤
True - there's been improvements...
Thanks for sharing.
Thanks for watching! Hope all is well for you. x
I know maybe it's not possible now and maybe you already know about this - but the thing that really transformed my finances was sinking funds and auto transfers. Maybe if you do just a small amount on auto transfer for a Christmas sinking fund it will help you out in 2024 when xmas rolls around and that way you won't be adding onto the after pay situation. 😁 Love the vids. Wishing you good luck with the house search.
Yep for sure - I typically do that have made super good progress with all of that before. I def want one for Christmas this year. WILL NOT be relying on credit or Afterpay ever again. Its just not worth it. Thanks for your support and encouragement. x
Awesome!!💜
Thanks! 😄
While it seems like a good idea to put the remaining money after the move into your debt, I would heavily recommend keeping it as an emergency fund, especially since there are often quite big expenses at a new place and having to possibly take on an even worse debt just to cover these necessary expenses could ruin your plans. Better put them in a "don't touch unless you have to take on really bad debt" high yields savings account (to remove them from accidental unnecessary spending). There are just too many cases of people having no emergency reserves for simple expenses which can force them into taking on 60%+ interest loans.
Hi Mel, stay the course! I found the NAB loan amount confusing...did you consolidate Coles, Westpac and NAB paid those out? The amount due NAB now seems high considering. Keep moving forward...the snowball is a great approach and it does work!
Yes - sorry - that is what I did. I refinanced the NAB loan to pay out the Coles, Westpac and NAB and there's some leftover in the cash amount that came from the loan. Sorry - I didn't explain that properly. x
@@MySemiSortedLife so you got some cash from it, too...got it now! xo
@@barbarap6851 yes. The goal is not to use that if we can help it and just put it all back on the loan so as to avoid interest.
you can pay it of. if your spending less it goes towards your debt. if your want to be debt free. you can do it. big hug ellen
Thank you so much, Ellen! Your support means a lot. I'm determined to pay off my debt and your words of encouragement give me the motivation to keep going. Big hugs back to you!
Going in the right direction but I would cut up the credit cards personally as I just think that they are sharks when it comes to the interest on them , That's not to say you do as you know how you manage your money .x
Yeah - I think you're right... I did some research about improving credit rating with paying bills on time. Our credit ratings are average to good - but with the goal to purchase a home in the next couple of years I want it to be excellent. I'll monitor it closely though... the damage might not be worth it.
Sadly credit cards are the best and quickest way to build your credit (at least here in the States) Mel, you lowered the credit limit, now you just pay it OFF every month! Also sadly, closing lines of credit can negatively affect your credit score (again here in the States) as it changes your debt to line of credit balances. But for someone that admittedly likes to spend, that was your best play 😉
PS I keep one specific card for emergency only use and my other is a cash back card. I use that one for almost everything, pay it off every month and get “free” money while keeping my credit score happy 😊
It depends on the line of credit in Australia and the frequency in which you use/apply. So the goal is no "new" debt applications for a minimum of two years - close all the "dodgey debt" (afterpay, zip, latitude etc) and just have the one $500 limit credit card....
@@JulieR99in the Netherlands we had a creditcard we hardly used. (And if we did we would pay it off before interest was added)
When we wanted to buy a house we cancelled it.
Any loan will lower your amount you can have fe a mortgage in the Netherlands.
The free (1000 euro) phone with the 2 year contract? Bad for your mortgage. Creditcards? Bad. AfterPay? Bad. Behind on bills? Bad. Studentloans? Bad. Carloan? Bad. Personal loan? Bad.
Basicly any money you spent not from debit is bad for your score.
We now have a creditcard again. We use it for a rentalcar on holidays, for stuff we can not pay with debet. (Like once a year)
We have no clue why proof of being able to spent more than you have is a good thing for a mortgage.
You're doing it!
I paid off our farm operation loan. Next up...cow loan. That should be soon.
Haha, thanks! I'm just here trying to figure it out as I go along!
Haha, cow loan sounds like quite the moo-ving adventure! Best of luck with that!
Is that per month on the school fee and does every family pay this for education ,x
It’s per year, per child in Highschool. There’s soooo much more that you hando over through the term - like excursions and canteen. (No free lunches for anyone). It’s pretty affordable - unless you let it bank up like I did. 🤦♀️
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Pls watch Dave Ramsey
She used words like snowball,isn’t that his lingo?
I hope your current landlord is reasonable and releases you from the rest of your lease since they are the ones asking you to move.
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I think your car should not be considered a debt but a bill.
My definition of a bill is something that is going to remain "indefinitely" (within reason) - but that car is going and I never want to see nor hear about it again. lol I think the cost of running a car is a bill - but the loan to pay it off is a debt? What do you think?
No. Cause you always need money to spend on transportation. Unlike the shoes you buy or the vacation you take or the school bill a car retains value and contributes to earning money to pay bills. Having a reliable car gets you to work or will get you to the next job since it’s over a period of several years even if remote that could change in an instant. Almost the amount of time before needing a new vehicle. I would put it in the good debt category like a mortgage. Some lease but owning means you may have a few no payment months towards the end of the car’s life before taking on payments again with a new vehicle. I know Dave Ramsey is not a fan of cars… @@MySemiSortedLife
You are so amazing in your think aloud processing! I watched one of your older videos and you said half heartedly you need to unsubscribe seeing kikki k stationery on your feed as it's your down fall and I think if you list the categories you are spending money on eg stationery, kmart , after pay, then unsubscribe or block those websites on your you devices like a kiddi lock. Temptation is the worst. I think you have a trauma brain like I do and I suffer from not developing my brain connections for self discipline and similar from childhood stuff so I disconnected the internet to stop scrolling and not being present with my kids and to stop online shopping when I'm bored / lonely / wanting a dopamine hit. Anyway that's my experience, :) you got this x
Wow, thank you for the compliment! I'm flattered to hear that you think I'm amazing in my think aloud processing. But hey, let's be real, sometimes I can be a bit scatterbrained too, especially when it comes to resisting the temptation of online shopping. Maybe I need to hire a personal assistant to hold onto my credit cards whenever I'm feeling weak! 😄 Thanks for sharing your experience and keep up the great work in disconnecting from distractions!
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