“I transitioned from being a college lecturer to a corporate role”: I have $42,000 in debt and want to become financially stable. How can I reach my goal faster?

Hi Money Minder,

So, check this out – in just a year, my salary went from $65K to a cool $167K! Not too shabby, right? I’m a single 29-year-old gal, feeling pretty dang grateful for how far I’ve come, especially considering how much I struggled before. Wanna know my secret? I ditched being a college lecturer and hopped on over to a corporate gig. Keeping it real – I’ve got two jobs. My full-time gig as a “project manager” brings in $122K, and I also put in some hours (.5 FTE) at a local university for an extra $45K.

When it comes to expenses, I’m droppin’ about $1,900 per month on rent, utilities, food, debts, and self-care – the essentials, ya know? Everything else? Straight into my 401(k), 403(b), Roth IRA, and savings. Used to be a spendaholic, but thanks to Wellbutrin, I’ve got that under control.

My main mission for the rest of this year and beyond is to nix my $42,000 debt (including those pesky student loans).

Been hanging around here for a while, but now I’m finally a member – woohoo!

Hit me up with all your money-saving tips, advice, and suggestions, okay?

Oh, and sorry if I ruffled any feathers – didn’t realize calling $65K middle class would cause a stir. My bad!

Later Money Minder, you rock!

Response from THE MONEY MINDER:

Hello There,

Congratulations on your impressive jump in salary! It’s clear that your hard work and dedication have paid off, and it’s inspiring to see how far you’ve come in just a year. Transitioning from a college lecturer to a corporate role was a smart move that has significantly boosted your income.

Maintaining two jobs is no small feat, but it’s commendable that you are able to balance your full-time project manager role with your university position to maximize your earnings. Your commitment to putting most of your income towards your financial goals, such as paying off your $42,000 debt, is truly commendable.

To achieve your goal of paying off your debt, it may be beneficial to create a detailed budget that accounts for all of your expenses and income. Consider prioritizing high-interest debt first while making minimum payments on other loans. Additionally, explore ways to potentially increase your income further or cut expenses to accelerate your debt repayment.

As for saving tips, continue to prioritize contributing to your retirement accounts and savings, but also consider setting aside a portion of your income for an emergency fund. This fund can provide a safety net in case unexpected expenses arise, helping you avoid going into debt in the future.

Overall, your financial journey is impressive, and it’s clear that you have the determination and discipline to achieve your goals. Keep up the great work, and remember that consistency and perseverance will lead you to financial stability and success.

Best of luck on your continued financial journey!

Farewell from THE MONEY MINDER