Full House
Join Date: Dec 2004
Location: TN
Posts: 883
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I'm 34 now, but I also had a student loan when I graduated @ 20. I bought a new car, which was a mistake in hindsight, but not as big of a mistake as other people make with other decisions like getting a credit card and buying things without cash. After I paid the $17k car off in ~2 years, I focused on my $10k or so student loan which I paid off in ~year. Those were the only two debts I've had EXCEPT in 2005, that car broke down and I bought another new car ~$25k car that I paid off in ~ a year which was also a mistake in hindsight to buy a new car. You really shouldn't buy a new car unless you have several hundred thousand in the bank because you lose so much value in the car once you drive it off the lot. One thing I did during that earlier time after college graduation which many people don't do was continue living at home, so my expenses were low, but I still could have done well on my own - it just would have taken longer.
I did have more of an inclination to impulse buy when I was younger in my mid-20's. I'd surf the Internet and come across something and think, "Hey, I want that" and just buy it. Sometimes they were smaller items around $200 or less, but sometimes they cost more. I don't think I was irresponsible, but I did begin to realize it was more impulsive than it should be, so I started working to reduce all impulse buys and sleep on those decisions more. Now that I'm so focused on a clear cut goal like paying off my house, it's much easier not to impulse buy because I know the adverse affect it will have achieving my goal. Every little bit helps, so if I don't need to spend it, I'd much rather throw it at the mortgage.
Anway, thanks for the well wishes and good luck to you, too.
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