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No Budget, 6 Student Loans Pose a Problem
Annie Schleicher, who earns $44,000 a year, owns her condominium in Adams Morgan.
(By Susan Biddle -- The Washington Post)
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Tough love: Schleicher had already planned to go to France with her boyfriend for Christmas. Had I gotten to her sooner, I would have nixed the trip. Her boyfriend paid for her airline ticket and they are staying with his parents. Schleicher hadn't budgeted spending money. She was going to rely on credit if she fell short of cash.
"Leave the card at home," I said.
"But I need it as a safety net," she protested.
"Cash is your safety net. Do not take that card even if you have to eat cheese and bread the whole time you are there," I said.
Schleicher followed my advice and sat down two days before her trip to figure out how much cash she had on hand.
"I've counted up the bills I need to pay while I'm gone, and with the $160 in traveler's checks I've had since I got back from the Peace Corps in 2001, $100 in cash from my dad, I think I can afford to spend $500 while in France without the credit card. It's not a lot but hopefully will be manageable."
Schleicher will be abroad for 18 days.
She e-mailed from France. She kept her promise. She didn't take her credit card.
I'm sure her mother would be proud. This was a big step toward achieving financial freedom.
