So I got my ridiculous payday installment loan in February 2018 and I started to face up to that I really should pay off my student loan even with the rules I do not have to because I am someone with a disability, getting disability income and how old my student loan is, repayment is basically semi-optional and any future tax refunds goes to paying off the student loan debt plus some other rules in there too like things that happened when I filed bankruptcy.

The balance on the student loan right now is $2,648.77 ( as of July 6, 2019) now with me learning about personal finance and really planning what I want my life to look like and I am less scared that I will relapse with my bipolar disorder and substance abuse it hasn’t happened in many years so it really is time to enjoy my life.

Yes, I am 34 and I have become super anxious that I only have $22.24 in my retirement savings account, I opened the account back in 2004 but I’ve done some stupid things with money but now I have a plan of what to do with my money and I’ve been moving towards just follow one proven plan then I can figure out investing for long-term savings for retirement.

I am done being stupid with money

I am following Dave Ramsey’s baby steps when it comes to take baby steps, get out of debt, pause long-term savings until I have no debt then I can build my emergency fund to 6 to 12 months of essential living expenses and then save for a down payment to maybe buy my first home it will be a condo and at a minimum I will invest 15% of my income into long-term savings.

I will keep my credit cards, this is where people would call me “dave-ish” and maybe in the future I will get a mortgage for a condo or just rent a condo in my dream home location. From reading Ramit Sethi blog I will teach you to be rich. I can see how renting in a better location would be ideal for me based on my lifestyle and I can be a millionaire without owning a home.

Baby step 5 save for kids college, it doesn’t apply to me which means if I start the baby steps plan now like really start it now and follow just the plan by taking baby steps I will see results and I don’t have to confuse and overwhelm myself how I have to do everything all at once.

With my bipolar disorder when I have a clear mental state, I tend to get super anxious over what happened in the past with my money. I can’t go back in time and I definitely don’t need to do everything all in one day. I need to follow, stick to a plan and we actually have a plan and majority of it has been proven to work by other people.

You reading this you must be confused well I am confused about managing my money every day.

Right now it’s save $1,000 as a starter emergency fund, happy to say at this moment there is $30 in there, and I’ve also created a one-month buffer account with $30, once I get to $500 in the buffer account, then $500 in the emergency savings account.

Then I can start the debt snowball pay off method I will be following the smallest to largest order, my payday loan is ridiculous it really is one of the stupid things I’ve done with money, the other stupid thing I’ve done was cash out my retirement account to give to an ex-boyfriend who had gambling debt.

The payday loan 46.96% interest and the minimum monthly payment $378.74 is current. I need to earn more so I can increase payments $800 to $1,000 a month. the debt pay off calculator from credit karma is saying that it could be gone in 6 to 8 months.

For me I want to have it all when it comes to my money, I want my debt paid off, access to credit cards, and other types of credit, money in savings for short-term goals, money investing for long-term savings and enjoy my life as wealthy and rich as I can. With all the financial advice out there it can happen but I really have to plan it out.