I am a millennial with lots of student loan debt and other expenses that continue to pile up. I come from a poor family that did not manage money well. Moreover, what little knowledge my parents did have about finances they neglected to pass down to me because there was an air of shame and fear when it came to finances.
Now I’m feeling the same sense of shame and fear about my own finances as an adult. And I know I’m not being as responsible with my money as I should be. I feel as though I’m slowly sinking. But I don’t spend as recklessly as I once did. My over-spending seems to ebb and flow with the times, much like over-eating. I my have a few months where I do really well, but then I slip back again.
The student loan payments are a huge burden, they cost more than my rent each month. However, I am making enough money to pay both for the loan payments, rent, and other bills. It’s just that it seems to be difficult for me to handle one huge payment of something at one time of the month–the payments seem to always take me by surprise. Either that or I get behind and am in a monetary deficit, struggling to play catch up each paycheck. Meanwhile, bills fall behind. I wish I could just hire an accountant to take care of my bills for me, then give me a bi-weekly cash salary so I don’t over-spend. But I feel such an arrangement would be impractical as it would just be another expense.
Does anyone have any tips they can offer for keeping financially stable? I am especially interested in people that come from financially well-endowed families and were well taught by their parents the methods of financial responsibility. Any help would be a great relief and greatly appreciated.