Being in Debt forever :(

Since starting university back in 2009…I have accrued a massive and ever growing student debt… Australia is good in a way, that people with low income can still be able to go to University and to do further study. But, as a kid, no one told me how expensive it would be to finish a course… let alone for someone like me who jumped around doing three different courses over the first 2 years, because how are you supposed to know what you want to do when you are at a ripe age of 18?

While it is great that we can borrow the money for our student debt, but it is a bit depressing to see how much money we owe to the government and the increasing interest that is charged on it.

When I was younger, I did not think much about the debt…but now that I have become more interested in my financial position, I realised I still have this massive 50k unpaid student debt…and each year they are charging another 2k worth of interest….!! *EEK*

But, do I really want to use all my savings to pay for my student debt? Not really…I need that money now…but sadly I foresee that debt is going to be there for the long term. 😦

Was it worth accruing that massive debt for the benefits from studying to become a registered pharmacist? I am not sure really. =s

The Australian government will automatically deduct payments from our salaries once our income reaches a certain threshold…However, until recently, my income has been lower than that amount…I wonder how long until I can be debt free? To be honest, even though I have paid off some of it this year, the interest that keeps getting added to it means that the payments aren’t even touching it :(.

Credit Card Woes

I have had my credit card for less than a month..and oh BOY they really do a great job of trying to trap you to spend more than you earn. :(. I think I have spent more money in the last month than I have in this year so far…that’s terrible :(. But I guess, I try to reason with myself, these things are necessary…but are they really?

Did I really need to splurge on the newest iphone model, or could I have gotten a cheaper but older model? Did I really need to get that fancy epilator with 5 different ways to use? Did I really need to get my car serviced at TOYOTA when I could have done it way cheaper anywhere else?!!? As I think of my spending habits and question whether I am wasting money…I think it has made me rethink my choices. I understand why some people can max out their credit cards…it’s just so easy..Just pay wave this, pay wave that. You don’t see the money come out of your account straight away, so you think you can spend a bit more. It’s ADDICTIVE and you tell yourself, it’s okay…I can get points for every dollar I spend! You think about the long run about what you are saving up for. But are you really?!?! IF YOU ARE SPENDING MORE THAN YOU SAVE?

So many questions. But anyways, I have got my first statement from my credit card and I am pleased to say I have paid it off. But, this month’s bill is gonna be huge 😦 eeks.

Be careful guys, staying at home makes it so much easier to buy things online that we might not need!  Just rethink if you will regret the decision later.. >.<