Apple Podcasts
Google Podcasts
Spotify
StitcherConfession time is either a cry for help or a gentle reminder to get it together. In this episode, we’re diving into some wild Reddit money confessions about how people got into debt and we’re going to give some insight on what we’d do if we were in their situation.
Don’t let your 18 or 22 years old dictate what you do for the rest of your life.
Am I Cooked? I’m 23 and 96k in debt.
This story is about a 23-year-old with $96k in debt. Jen points out that at 23, everything in life can feel massive because you’re so young, yet already burdened with adulting responsibilities. But that feeling is completely normal. Jill adds that this situation is absolutely tackleable.
What’s great is that she’s facing it early and, even better, asking for help. She also has a Roth IRA, which is an excellent start for her age. Jen and Jill both believe she’s not in a bad place at all, she just needs to build a few solid habits to improve her situation and pay off her debt faster.
I feel like I am actually drowning. I made the most irresponsible financial decision ever. I need advice.
OP took out three high-interest payday loans totaling $3,500 to cover an apartment deposit and car down payment, but now feels trapped by predatory rates and is struggling to keep up with the biweekly payments on a $3,000 monthly income.
Looking at this, Jill recognizes that when people seek help and truly feel the weight of their situation, it often leads to more intentional action. Jen recommends that the OP take on a flexible second job to bring in extra income and stay consistent with payments, so she can start building the emergency fund Jill suggests. They also strongly discourage taking out payday loans, recommending personal loans only as a last resort.
How did you feel about your finances at 23?
Jill felt defeated and a little bit angry. While Jen even considered declaring herself bankrupt (she didn’t know what it meant at that time).
Bill of The Week
Thanks Darcy for sharing your bill about buying OUR BOOK with your B&N gift card
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews of our book Buy What You Love Without Going Broke and we especially loved this one from:
✰✰✰✰✰
When I saw this on an audible sale I knew I had to buy it, pun not intended lol I admit I have issues with impulsive shopping and just enjoy shopping for shopping sake a lot of the time. As a psychologist, though I do understand that there are other reasons for the behavior and I often work with clients to curtail their spending, by looking at the underlying reasons for it. This is exactly what I needed both for myself and for the many clients I work with. No, this book may not make you "rich", however it may do something better, by quite literally stopping you from going broke. The authors do a fantastic job at making the concepts within both interesting, and accomplishable... something that we all need. After I complete a few more days of zero spending, I may buy the physical book to be able to loan out to others! Definitely worth the read, especially if you've tried other methods to curtail your spending and they haven't worked for you yet.
If you want to check out our monthly challenge community head to frugalfriendspodcast.com/club to see what challenge we have coming up next.
Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to reviews@frugalfriendspodcast.com. And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉
