Debt Series: Digging My Way Out of Gigantic Looming Debt
Being an accountant and in debt sounds like it makes no sense at all. Probably because…it makes no sense at all. Knowing exactly how to manage money, while not being in a position to manage your own is a discouraging feeling. I had thing under control and my credit score as high as it’s ever been before I purchased my condo. Oddly enough buying a home is not what sent me into this debt, it was relying on an income source that stopped completely.
When I was finally in a position to comfortably pay for thing (I.e. making more money at work), the child support payments stopped coming, but ridiculously high daycare bills did not! After dealing with this for over a year now, I’ve finally realized it’s not coming, at least not anytime soon. So now, with my accounts reaching all time lows it’s finally time to take charge of my finances and do something about it!
How I Plan To Get Myself Out of Debt
Well for starters, I finally took my child out of daycare. Not the choice I wanted to make at this pivotal time before kindergarten, but a necessary one. Second, I’m making more money in my career than ever before, so I should be more stable than I was when I was receiving support. The reason I’m not is credit card debt! The monthly payments of my credit card debt from when I was still spending and banking on that other source of income is crushing me! I need to get a handle on it before school starts so we can reap the benefits of my labor.
Credit Cards
As I stated, my credit card MINIMUM payments are sky high and all cards are maxed out. My budget is bursting at the seems just for the essentials so I have little money to fund my debt pay down. Not to mention using a portion of my funds to start side hustles (like this blog). My lack of disposable income has led me to picking up other side hustles that generate more immediate funds like UberEats.
Making More Money For Debt Pay Down
UberEats has been a God send as a single mother. I make most deliveries on my own. I do not recommend doing this side hustle with your children. I’m sure it’s in some kind of agreement not to do so anyway, so do with that info what you will.
With UberEats I don’t have to have strangers in my car, I make mostly contactless deliveries, and I get paid weekly. Having fast access to the money I’ve earned is what makes this a better debt hustle than my business. Mommy Hustle Pro is long money, UberEats is quick money! So if you need a quick side hustle to get out of debt doing this for a couple hours a day will surely help.
Having a Plan
In January I started using my own budget template that I sell on my website. I will admit to falling off by March because my system was working like a well oiled machine in February. But as soon as I stopped using it my dining out expenses went right back up. In April, I will be going back to budgeting and tracking my expenses. Not only that, but I also have a debt calculator that will help me reach my payoff goals.
Follow my debt free journey on YouTube.
