Out of Debt!

[shanecurran]

Between being unemployed after grad school, car troubles and three weddings (two of which I was in the wedding party-expensive) I racked up some debt with the credit card and with the parental units.

I had a car back home (honda accord), and a car in the Virgin Islands (grand vitara) where I now live. I had held onto the honda thinking that I might ship it down. Repairs on the suzuki GV were mounting but I was unwilling to accept such a low price only one year after purchasing the car. I finally found a more reliable and inexpensive car. I traded the suzuki for a brake job, belt replacement and other work plus $500. Then I sold my honda back home. Between figuring out the car problems and saving some money I am now out of debt! It feels good and now I can concentrate on saving money (assuming I don't have more car troubles).

I am around the age where it seems all of my friends are getting married. I decided to pass on one wedding already this summer, and I have decided to skip my 10 year HS reunion (too expensive-I rationalized it by looking at flights to Europe, which were the same price). I will only go back to Cali for a wedding if I am part of the wedding party. But that can set you back (a tux rental alone, at the mens warehouse is just shy of $200). I hope that I am able to stay out of debt.

[creditcardfree]

Congratulations! That is a great place to be...debt free.

If you don't have an emergency fund now is a great time to start one, so that you might avoid debt in the future.

[shanecurran]

Originally Posted by creditcardfree

Congratulations! That is a great place to be...debt free.

If you don't have an emergency fund now is a great time to start one, so that you might avoid debt in the future.

I need a wedding fund too! LOL

[cypher1]

Congrats! Keep up the hard work. Speaking of weddings, I'm in two of them also. One this summer and one the next, both as best man. To be honest I'm not too excited. But not for monetary reasons, but speeches/presentation.

[shanecurran]

Originally Posted by cypher1

Congrats! Keep up the hard work. Speaking of weddings, I'm in two of them also. One this summer and one the next, both as best man. To be honest I'm not too excited. But not for monetary reasons, but speeches/presentation.

The speeches can be intimidating but the expenses are huge. For me I have to purchase flight, hotel, tux rental, present, and money that you will blow at the bar or rehearsal dinner. Planning the bachelor party as the best man can be expensive and time consuming as well depending on what you decide to do.

[Mr Nice Guy]

Atta boy!

[GREENBACK]

You'll likely incur some debt again given your young age. The key is to have a plan to make it managable debt. Don't be afraid to spend on opportunities but do have The resources and the mindset to gain the upper ground in a precise and well thought out manner.

I have been debt free a couple times in my life but have taken on some debt for the above mentioned reason. You sound like you're doing well.

[studentloansescape]

Congrats.Its been a nice read on hows cars can get into debt and out of it as well.Is the part-II going to be on Marriages - and how they get in and out of debt.

Nevertheless,its good to see you planning your expenditure and trying to be debt free- which is indeed a great place to be.

[snafu]

Hat's off to you for all you've accomplished. It's a big deal to finish grad school and being flexible enough to move all the way to V/ Islands for employment. [what a great location/resort]. Being able to trade work for auto is so great. I wish someone in my family had those skills.

Best of all you are aware and mindful of spending and not racking up tons more debt for all those *wants* encouraging credit overload. Obviously friends and relatives think very highly of you as they want to reward you with participation in their most important event. While it gets expensive, bask in their non verbal compliment.

[maat55]

My daughter was in a sorority, it seemed like she was in a wedding every month after graduation. I personally do not put rituals in front of personal financial habbits or goals. If I had a good friend getting married and I did not have funds set aside for that possibility, I would just send flowers and congrats.

[snafu]

maat: I totally disagree with a 'brush off' of a life changing event not only for the bride and groom but because so many people meet a SO at major events like weddings. Somethings are worth temporarily changing financial priorities. For new graduates, it can be totally practical as they may meet potential employers in a social setting. 2ndly, more than 60% of jobs are never advertised, slots are filled based on personal recommendations. It's not what you know...it's who you know backed up with needed skill sets.

[Little House]

Congratulations on becoming debt free! Have you started working out a budget? The next step is probably figuring out your budget and setting money aside for savings and investing. I have a couple of budgeting spreadsheets available for free download if you follow my signature link. Congrats again! And yes, weddings are expensive, even when they're not your own.

[shanecurran]

More car troubles hit this weekend. Finding a good mechanic down here is next to impossible. Grrrr. I am going to top $1000 within one month in car expenses.

[snafu]

Suggest you look up Suzuki GV in Lemon-Aid [Phil Edmunds] to see what problems you can expect and any recalls the dealerships *forgot* to tell you.