I’m drowning in so much debt that I have to get a second job

Hey Rosie I’m drowning in so much debt that I have to get a second job

I AM IN SO MUCH debt it’s crazy. So much so I don’t know how to tell my mom that I can’t come home for the holidays. Even worse I’m backed up two months on my rent and I’m about to start a second job part time. How can I tell my family that I will not be there? I feel as though I’m letting them down.

Dear K,

Knowing that you have a problem is half the solution and it seems as though you do realize that this debt is weighing you down. This is not your parents problem, but yours.

Now, doing something about it is another important step as well. Sitting down and writing out all of your expenses and then listing your income brings it all home in terms of your financial situation. After looking over your expenses it will become very apparent where you can cut back on some of your frivolous spending .

Come up with a short term 30-day plan to cut at least 10 per cent of the fat or things you can do without. It could be as big as eating out everyday to not buying that cup of coffee or pack of cigarettes (that could save your life too).

Then work your way up to a three-month plan in paying back some of your smaller debt and continue along your way to take care of what you owe. The bottom line is that you really have to make some lifestyle changes, make sure that you are also accountable for every penny you earn from your second job.

Finally, speak to your landlord and see if he would let you pay for your current rent along with splitting up the past two months over a short period of time to catch up.

It will not be easy and you may have to cut back on some of your social activities. But after you stabilize your financial life you will have a greater appreciation for your money, having some savings and being financially cautious. Good luck!

Rosie

● Send questions to Rosie at: heyrosie24@yahoo.com or PO Box 152, Kingstown, St Vincent & the Grenadines

Hey Rosie,

Rosie Small-Morgan K