The Journey Begins

Inspired by reading several other awesome debt blogs, here's my stab at things. To give a little background, I am a grad student with a couple years left before I enter the (real) job market. I worked full time during my first 2 years, but recently quit so I could focus on school and pulling up my grades. My primary income is now student loans -- roughly $24,000 per year (10k in January, 4k in May, and 10k in August).

I am in a committed, long-term relationship with my live-in boyfriend and he has been very supportive thus far. Right after I quit, he gave me a $10,000 loan to help pay off my credit card. He has said I can pay it back once I graduate, but has mentioned the loan a few times in a way that's made me feel bad, i.e. 'That money could be used to start paying me back' (admittedly, only when I make purchases that I probably shouldn't be making). I would like to start paying him back ASAP. We have always been been even where finances are concerned -- each paying half of the rent, bills, furniture, etc -- and I really hate having this 10K "cloud" hanging over me. It's depressing. At the same time, my grades were really suffering as a result of working full time; I know I can't go back to that. At most, I can try a part time job -- I'd like about 16 hours a week, if possible.

To elaborate on my aforementioned "purchases" -- I love purses. And shoes. And clothes. I'd like to think this is the only way in which I'm a stereotypical woman. My love for these things has really skyrocketed in the past 2 years (FT job plus nightly school did NOT equal a happy girl). They've been the things I've turned to when I'm stressed. Yeah, in a way -- shopping is my crack (or my nicotine, or my alcohol -- neither of which I use or abuse; at least I save money in some areas!). It was fine when I was working; I could shop as much as I wanted and still get every bill paid. Now it's a bit different. I have school only now, but I've been stressed in a different way -- stressed over being productive (constantly running through my head: must study, must get exercise), not having enough money, the absolute NEED for great grades (to justify quitting my job), and family stress (since my relative is living with us -- "just until she gets a job" -- of course, that's been almost a year now). And that stress has fueled a few new purse purchases.

I've been trying to shop smart (as in, only buy stuff that's discounted), but I've been in denial about what I think is the reality -- I need to stop shopping altogether. I need to keep my eye on the prize; in 2 years, hopefully, I'll get a great paying job as an attorney, and I can go back to buying what I please. Until then, I should be frugal, and not only make sure all my extraneous debts are paid down, I need to prepare for the inevitable student loan payback. gulp.

I'm hoping this blog will help me stay on track; remind me of my debt and my income (or lack thereof). And maybe it will inspire some other people along the way? The first step towards a (meager) income was signing up for SendEarnings which allows me to earn essentially free money while on the web. Please click on the link to sign up if you're interested -- I earn a little bit from referrals, and every penny counts!

Here is a breakdown of my current debt:
Visa: $8,864.11 (11.24% interest)
Mastercard: $2,494.65 (24.99% interest)
Car Loan: $10,961.00 (payments @ $370 per month; done by 5/8/2011)
BF Loan: $10,000.00 (interest free)
TOTAL DEBT = $32, 319.76

(I'm separating out the school loans, because I won't have to start making payments on them until 2 yrs, 6 mos from now, and because I really can't think about them now and remain sane. Sadly, this number is only going to increase.)
Student Loans: $10, 301.14 (govt) + $114, 700.23 (private) = $125, 001.37