Everything is different when you’re in debt. The concept of affordable goes out the window. Paradoxically, you can afford anything and nothing. There is no budget that does justice to this imbalance.
This fall, I’ll be making around $1300 per month, which is comparable to a single receipt from The Rich Kids of Instagram. I need to find a way to pay rent, utilities, gas, student fees and a portion of tuition, food, car insurance, and health insurance – all with about $1300 (after taxes).
I’ve poured hours into a budget that might get me there (if I sell my car). Each month, I may be able to net $100. Quite simply, that’s $100 per month that I need to be paying off student loans or saving.
This is where it gets tricky. With 6.8% interest piling on my student loan debt and a severely strained budget, I’m caught – close to being able to manage it, but still losing ground. This is the cycle of poverty and debt. This is why people can’t get out. When you’re finally making more, the debt you accrued is calling.
It’s fiscally irresponsible to do anything that costs extra money.
Truth be told, it was a huge splurge to buy a plane ticket this weekend to visit my long-distance partner. The price will come back to haunt me in loan interest. But despite this recent spending, I’ve been conserving nearly every dollar I have. This next academic year I want to stop the onslaught of debt – any way I can.