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The Beginning

December 23, 2013

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I'm just begginning my journey to a balanced budget and paying off my huge amount of debt. All while decluttering my closet and my life, one shoe at a time.I guess I’ll start at the beginning.

My name is Shoeaholic No More (update: I finally revealed my real name, Kayla) and this is my debt story.

I am a mid-20s single girl living in the Midwest. I graduated from an in-state university with a little over $8,000 in student debt, not bad compared to many of my peers. After graduation, I landed a good job as a, get this, credit analyst at an ag-related bank. Ironic isn’t it? It gets me all the time!

Since I was now earning so much more money and I landed this job in my small hometown I decided to buy a house as rental prospects here are nil to none, and of course moving back in with my parents was out of the question! Thus I added a $120,000 mortgage onto my debt total.

After moving into my new house, I realized how little furniture I owned and I proceeded to purchase some to the tune of about $4,000, which I also financed.

Many of my new co-workers are the well-dressed type and I felt I had to keep up and present myself in the newest fashions and accessories, which is where the balance of debt and a lot of the clutter has come from.

Now, I am up to my eyeballs in debt and I finally decided it’s time to reverse this trend by paying it down and investing in my future instead of the right now.

I have been reading PF blogs, debt blogs, and de-cluttering blogs for a few months now. I have also been intrigued by the idea of using a blog as a platform to express my ideas and goals, but also to stay motivated to achieve those goals.

My goals in starting this blog are to become free from my debt and clutter burdens. While these may seem different topics, for me they are related. I have read quite a few debt blogs and some clutter blogs, but no one seems to have married the idea that purchasing the clutter caused the debt. In my case this is certainly true! My love of shopping has caused my life to be stressful and disorganized, physically and financially. My basic idea is to solve both issues by clearing away as much of the clutter and debt in 2014 as possible.

As for my name, Shoeaholic No More, you could call me a shoeaholic, but also a bookaholic, clothesaholic, purseaholic, maybe just a general stuffaholic and I am certainly a shopaholic! But my goal is to change my ways to leave the materialism behind and reform to find time and funds for the more important things in life.

While, my budgeting doesn’t officially start until January 1st, I have been working on tracking my expenses for a couple of months to prepare a budget. I hope you stick around to see my progress and the setbacks that are sure to occur. Thus far I have no readers and I have no plans to tell my real-life friends and family about my blog or my shopaholic tendencies! This is the beginning of my journey toward freedom from debt and clutter.

My Debt

I finally got the last of my balances figured out so I can give you a debt total. Adding up my total debt was scary, but I know this was a really great way for me to get a full picture of my financial status before I begin diving into my debt payoff journey.

I currently have 10 credit cards/lines of credit, 1 student loan, 1 house mortgage (which I won’t include on the side bars), and 1 loan to my parents.

A complete breakdown of my debt is below. It includes my home mortgage, but I will not be discussing my mortgage very much because my primary focus is the credit card debt, student loan, and the loan with my parents. I will at some point tackle my mortgage head on too, as I don’t want to pay on it for 30 years.

My current debt total is:

CC#1 – $0
CC#2 – $569.65
CC#3 – $260.82
CC#4 – $603.47
CC#5 – $658.40
CC#6 – $1,383.02
CC#7 – $1,221.54
CC#8 – $1,189.94
CC#9 – $1,397.57
CC#10 – $1,339.60
Student Loan – $7,382.74
Home Mortgage – $118,763.30
Parent Loan – $2,899.00

Grand Debt Total: $137,669.05
Debt Total w/o Mortgage: $18,905.75

How did I get myself into this mess? Shopping and living beyond my means, keeping up with the Joneses or rather my friends and family who are older and more established in their careers than me, not to mention they are all married with 2 incomes while I am single and have only 1 income.

How am I going to get out of this mess? Slowly and surely, I hope. I plan on complete honesty: showing my income, budget, and of course my total debt numbers. I hope to have this info ready to post later this week so it will all be out there prior to the official start of my debt crackdown beginning January 1st.

Are you trying to get out of debt? What is your clutter situation?



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