New Year's Financial Resolutions...

Each new year, I tend to reassess my financial situation from the previous and for the current year. I've made LOTS of positive financial changes last year, and I'm excited and looking forward to the upcoming year. Most notably, my new job at NCTC has boosted more than just my checking account. I finally feel like the "grown up" that I am. Finally. I earn enough money that I can provide for my children all on my own and I'm paying off my debt steadily.

(And, just as nice as the financial reassurances, the job has also given me a much needed boost to my confidence. I feel good about what I'm teaching and the contributions I can make toward the college and my students. Last semester was a bit rough but I'm really excited about starting the spring semester, and I'm looking forward to what I can do for my students and the college.)

But, back to my finances... I probably should be more embarrassed about this, but I guess I'm not since I'm putting this out into the universe...

So, here's the cold, hard truth: Raising a family on your own while working on a Ph.D. is pretty much a financial nightmare. It's impossible to raise two small children on a GTA's monthly salary. At least, it's impossible without going into serious credit card and student loan debt. However, I make no appologies: Supplementing my meager GTA income with student loans, credit cards, and additional part-time adjuncting jobs made sure that the boys had health insurance, food to eat (even if it was sometimes just Totino's pizzas and pb & j sandwiches), and clothes on their backs (even if they often came from the resale store, much to my ex-husband's chagrine.)

I've charged on credit cards Alex's dental expenses, much needed groceries, back-to-school supplies, and the occasional winter coat at Old Navy. While I've driven a car with 200,000+ miles for the past 8 years and my boys haven't been able to do extra-curricular activities because we couldn't afford them, I must admit that I owed more than $14,000 in credit card debt in October. (In my defense, $8,000 of that debt was carried over from my divorce, which is another financial story. But, considering that I once owed $18,000 after my divorce, the fact that I paid it down so much is still quite an accomplishment.)

However, thanks to a small financial windfall here, an Earned Income Tax credit there, a whole lotta skimping and saving, and a new job w/ a "grown up" paycheck, I can say that by March 2009, I will have paid off more than $14,000 in credit card debt.

Here's the breakdown:

• As of 10/1/08, total outstanding credit card debt: $14,179
• As of 12/1/08, total outstanding credit card debt: $6,179
• As of 1/21/09, total outstanding credit card debt: $3,436
• As of 3/01/09, total outstanding credit card debt: $0
  

While I will have to start on my student loans next and I did buy a (new to me) used car this fall that I won't have paid off until the summer (fingers crossed), I'm feeling really proud of my accomplishments. Toot, toot.