The He and His Debt

When I started this blog, I intended for it to chronicle my journey out of debt and the way I deal with money. But when I opened my budget last night, I realized that I could never just talk about my money if I wanted to give a clear picture of my finances. So without much ado, let me introduce you all to my husband of a year and a half – Michael aka Mike.

Mike and I were neighbors growing up and we dated through High School. He is a year older than me and moved away for college. Soon his family moved states too and we lost all contact with each other. In my fourth year of college, I got an internship at a different city and Mike was working in that city (for a different company) and we got back in touch. We started dating again and he proposed to me just before I entered grad school. We got married a month after graduation and have been happily married ever since. 🙂

Mike didn’t have student loans and got through college with scholarships and part-time jobs. However he had about $9000 in credit card debt. Our wedding was not extravagant, but it wasn’t very frugal too. (I should have started reading PF blogs a couple of years sooner) My parents paid for most of the wedding, but we still had to pay for some part of it. I had been a bridesmaid for a couple of weddings and hated paying for the bridesmaid dresses that I could never wear again. So for my wedding, I decided to pay for the dress and makeup for my Maid of Honor and bridesmaids.  I also didn’t feel comfortable asking my parents to pay for my makeup and hair, since I went all expensive on them. Since I was in grad school and had no money saved up, Mike paid for all of this with his savings.

So when we got married, we had my student debt, our car loans (he drives a newish car that we still owe about $9000), his credit card debt and no savings. We had a rocky first year, Mike had to move away to a different places for work and we spent a lot of money traveling back home. I couldn’t quit my job and be with him because I was worried about my student loans. However he was able to move back to the city where I work in and things have now settled down. In the past 1.5 years we have managed to save about $15000 and pay off his credit card. I hope to save more in the coming months since we don’t have dual housing costs and don’t have to spend on travel.

As I was typing this post, I cringe at the number of mistakes we made. While I don’t regret paying for the bridesmaid dresses, we could have cut back on a lot for the wedding and saved us and my parents a lot of money. Also the apartment we live in is super nice and we pay $975 for a one bedroom one bath apartment. This may not seem much for people living in high cost of living places like California, but it is at the top of the spectrum where I live. We have cathedral ceilings, the patio has a nice woods view, we have a both ac and heat and our apartment is in a nice part of the town – these are some of the reasons for the high rent.  When our lease came up for renewal a couple of months back, we really thought about moving to a cheaper place, but in the end we didn’t want to give up our apartment. But my apartment is less than 2 miles from my work place and I get to come home for lunch everyday.

So these are the (scary) details of our debt. I hope to get out of it soon and blog my adventures in the way

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