Home Economics No. 39: Single and paying off $18,000 in credit card debt in L.A.
Should we be celebrating debt payoff?
In July, we published a Home Economics featuring a single woman living in New Orleans. I got a bit of pushback on the definition of “single,” since the writer has a long-term boyfriend who frequently buys her dinner. But she still lives on her own, doesn’t split life’s big expenses with her partner, and worries a lot about having enough savings for both emergencies and retirement, especially if she never gets married.
After publishing that Home Ec, I was thrilled to receive a flood of new entries from single women. Earlier this month, we heard from a newly single woman in Missouri, and in September, we published an entry from everyone’s new favorite rich aunt in Brooklyn. These two women have really impressive financial stories—both have significant retirement savings, and our friend in Missouri also owns her condo.
Today’s Home Economics is a little different. Our writer is also single, and she does have some retirement savings, but she has struggled with debt much of her adult life. At its peak in 2019, she had close to $60,000 in credit card debt. That year, she decided she wanted to make a change, and she downloaded the You Need a Budget app. It was a game-changing move.
Payoff has been slow but steady—today, she’s down to $18,000. She’s also seen her salary increase, and she’s taken steps to decrease her spending. There’s arguably nothing sexy about debt repayment—it’s not something we often see shared on social media. But maybe we should celebrate it more?
Before we move onto today’s entry, just a reminder that I’m always looking for new entries! We’ve had a lull in submissions over the last couple of months, and the coffers (so to speak) are looking a little bare. We love to be able to share a range of stories from around the country (and maybe it’s time for an overseas edition?). You can submit here! And if you have any questions, please feel free to reach out to hello [@] the purse [dot] co.
This entry is behind the paywall, and if you’re on the fence about upgrading to paid, here are a few more paywalled editions of Home Economics that we love.
Home Economics No. 27: A Family of 4 Living In Chicago and Struggling with $82,000 in Consumer Debt
Age: 46
Location: Los Angeles
Relationship status: Single
About me: I’m a nonprofit performing arts administrator living in Los Angeles. I’ve been working at the same company for over 10 years, and I really love what we do, and the supportive environment has allowed my career to grow. My salary has increased a lot over the past few years, so I’m finally making six figures for the first time. The bigger salary has allowed me to focus on paying off my credit card debt.
Income:
Your job title/salary: Director of operations, $118,000. We’re going through a reorg right now, and I’m expecting to get a raise soon due to a salary rebalance and increased work load. I’m hoping for about 15%, but that’s a complete guess at this point.
Your monthly take-home pay (paycheck amount after taxes and other deductions): $6,196. I get paid weekly, so some months I get five paychecks. I do my best to live on four paychecks a month and the months I get an extra paycheck, I use it to make extra payments on my debt.
Side hustle: ~$2,000. In August, I started a side hustle of cat-sitting through Meowtel. It takes a lot of time, but I love animals, and the money is good for the work involved. I took everything I’ve earned so far and put it toward my credit card debt.
Total monthly income: $6,196