Hello its "It's No Joke, I'm So Broke!". I am a new member to this forum and I hope that I will gain some much needed knowledge about debt reduction and maybe even some support from fellow members also in search of becoming debt free.

I am a 24 year old single female who has both a BA and MA and $95,000 in student loan debt, a $90,000 home mortgage, along with $2500 in credit card debt, $800.00 to get my MA degree, $300.00 to a family member.

I am a teacher, needless to say my income is not incredibly high.I need tips on creating an effective budget. My finances are going to change February 1st, I will increase my income by $3,000 a year and reduce monthly expenses by a least $200. But I can not seem to get a handle on my spending. To be honest, I do not like to feel constricted by my bills. I pay my mortgage every month on time without a problem. But I like to buy for my house, its my first one and I did not have a house warming so......I want my house to feel like my home. I dunno, any tips maybe even tough love would be helpful.... I just want to get to a point where my bills are mangeable. Where I can feel as though buying a pair of pants for work does not mean my lights will get cut off or not have gas money.

Any questions? Just ask..

Last edited by It's No Joke I'm So Broke (2007-12-14 18:17:20)

Welcome to the forum.

Hello to you!
Welcome aboard!
It would be great if you'll avoid using credit cards especially in shopping things that are not really important. Try it!

Congrats on the new house and here is a tip for you.

Figure out what you want for your house and then start setting aside money to buy them with cash.

The decisions you make today will greatly help you when you catch upto me.. lol  LONG time from now..

first and foremost create yourself a budget. know exactly where all your money is going and realize the interest charges alone on your mortgage, CC, and school loans can qucikly choke any extra income you thought you had.

Then come up with a plan to eliminate your debts before things happen and trust me they do.. car breaks down, A/c on house breaks..  Nip it in the bud now and you will be all set.

Good luck

-G-