I’m deeply in the red. Deeply, deeply, deeply, and with little hope of digging myself out in the foreseeable future. As a 26-year-old with a graduate degree and a number of marketable skills, the extent of my debt is a little embarrassing. Especially considering my salary, which is low, and my tastes, which are expensive.

Let’s start with some details:

• Amount of student loan debt I have: $55,760
• Current balance of my MasterCard: $8,275
• Balance of my savings account: $233
• Other investments: None.
• Knowledge about how to invest: Almost none.
• Amount I recently spent on clothes and shoes at Bluefly.com: $1,180*
• And, last but not least, my yearly salary: $26,000.

After I’ve paid my rent and bills (credit card, student loan, utilities, cell phone), I am left with just under $1000 a month for food, gas, health care, travel, clothes, cat-care items, socializing, shoes, wine, housewares and whatever else I need or want or want to need. Not to mention I’m trying to save 5 percent of my earnings so I can, you know, one day afford a condo and a car and children all that.

I’m learning to be fiscally responsible on a tight budget with a lot of debt - and expensive spending habits that, in the past, have gotten me into trouble.

I figure there are others out there like me.

That is the point of this blog. I want to learn how to get my finances in order, from saving on student loan payments to cutting a few bucks off my grocery bill. I’ll track my fiscal situation openly and honestly, sharing advice and news and real-life anecdotes, with the goal of helping you and me attain a bit more financial stability.

I would love your feedback as I try to balance my books, so email me with any stories, links, tips or questions.

*Don’t worry - I am returning all but $250 of that.