Inspiration and purpose

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I was drawn to this quote by Confucius when I saw it at a recent seminar for my MBA. As I sat in the class and viewed this quote on the screen, I thought of my family’s debt. The debt that was growing with each day that I studied on my expensive MBA, planned our holidays, and paid our bills. And it dawned on me that I did not have to tackle our debt head-on as I always had in the past, recklessly failing each time in frugal exhaustion. I could, instead, disassemble our debt mountain one small stone at a time. This is what I hope to do, and I want to capture it on this blog.

A blog will be good for me. I often find myself speaking about my personal finances with friends and family. I am open with my money and have no problem blurting out my debt, net worth, monthly bills or anything else. However, the response I get is usually silence (in a very polite and British way), but silence nonetheless. I soon realise, after awkwardly changing the subject, that what I desperately seek is a kindred spirit financially, someone to bounce ideas off, someone who wants to listen but also share. I am drawn time and time again to personal finance bloggers who pour their monetary hearts out. I like to read about successes and failures and to know that paying off debt is not only possible but achievable!

The purpose of this blog is to hold me to account. To help me reach the ultimate goal for my family, which is to be debt-free in 10 years. And I am talking completely debt-free: no student loans, no personal debt, no mortgage, nothing.  This is a huge task! Our debt at the end of April 2017 is just shy of £285,000! Based on my calculations paying this off in 10 years is a stretch, but with some support from the online community, I think I can get there.

I also have made the decision to write anonymously on this blog. I have written blogs in the past and happily disclosed my identity on those, which worked well for those blogs. However, for a finance blog I want the freedom of anonymity. I want to talk openly and honestly and anonymity will give me that for now.

I plan to post net worth updates to start and basic posts about how we budget, what our plan is to pay off our debt and any financial changes that we make to help us towards our goal.

Welcome to our journey!

9 thoughts on “Inspiration and purpose

  1. Great Article!

    First thing i would do is see if you can refinance your debt. Also the refinancing has to make sense for you. There are numerous apps (SoFi in the US) that have social lending programs with much lower interest rates than banks. Also, if you use these social lending platforms, then you are helping individuals out instead of mega corporations!

    Keep up the great work

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  2. Really intriguing first post, as you said we are in different situations but I recognise some similar reasons for starting a blog: needing to hold yourself to account, having that interaction with others on personal finance that isn’t usually possible with financial independence a relatively unknown concept and completely understand the decision to write anonymously.

    Looking forward to your future posts!

    TwentytoWealthy

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  3. Good luck with the blog and with your journey to becoming debt free. I don’t know if they are something that you would be able to consider but when I was paying down my debt, 0% credit cards played a big part in helping me reduce the debt. I cleared the ones with the high interest rates first as I felt that with interest rates on top of the debt, it was two steps forward but one step back each time. Also in hindsight, I would have also built up an emergency fund as a priority as it was the car repairs etc which caused me to build up debt in the first place as I had no plans to deal with unexpected expenses. Wish you all the very best.

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  4. Great blog entry! I hope this works out for you. I’m very much in the same situatrion where i don’t really have anyone in my life whom I’m comfortable enough to talk candidly about my finance. I’m very much in the begining of my finacial journey and have just started my blog but the online debt free community have been a great support. Good luck!

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    1. Thanks for visiting. This debt free journey can be very lonely without someone to talk to. I am getting a lot of support from the FI community online. I hope you can too.

      Like

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