This is the story of how I got into debt the first time, I don’t blame anyone, I was the one that got me into debt. I needed other’s help to get out of debt though. I hope you enjoy the story.
I was 4 when I realised we were poor, but I didn’t know what that meant other than there was only Weetbix for breakfast. I still ran around and had a great time with my mates and there was a huge amount of love in my family.
As I grew up Mum and Dad ‘showed me’ what to do with money by saving and paying the mortgage and keeping a close eye on what was spent where. They didn’t specifically show me what to do with money, I just knew that I didn’t get the same as some other kids because we had to be careful with money. I also started to know I didn’t want to be so restricted with money when I was older!
I did get pocket money every week from about 7 or 8, this was awesome and often this was spent on lollies after I rode to the shop on my 10 speed bike. Thanks for the money and the bike Mum and Dad, that was cool.
I wasn’t shown what to do beyond spending on myself by the schools I went to either. So I got to my first job and my first proper pay check and I spent it all. It felt great!! I still had the credit card the bank had given me at University, and the overdraft, that had all been spent long ago.
I was definitely on a roll, a spending roll and people were happy to give me finance for anything I wanted! I must have been important for them to give me so much money. I got a car, a new TV and cabinet, an increased credit card limit meant I could have new clothes and a holiday to Australia with my new girlfriend.
The debt started to pile up, but I was having fun. Until one day when my girlfriend of 6 months said to me,
‘What do you do with your money?’
I stopped cold and realised I had a lot of guilt and shame about this debt I had grown. How can I explain to my girlfriend that I am now stuck with $38,000 of personal debt? By spending money I didn’t have, to buy things I didn’t need, to impress people I didn’t know or like was foolish. Which I know now.
How was I going to tell her this? Did you know 71% of people in a relationship have a money secret from their partner. This was a biggie.
It took me three long weeks to tell my future wife the whole story, and that in itself is a real story.
I'll share this with you next time. I hope that you continue to follow along with my story, and learn how I got out of debt not once, but twice.
If you're wanting to know how to get out of debt, you can read through the free eBook which you can download below.