Here I am evaluating what got me to this point and slowly I am coming to terms with it.
I worked hard in college and paid my way through school. I never spent more than I had, so I left school with only $14,000.00 of school loans. That was the good ole frugal days.
When I started to work I had more money than I was use to coming in and so after all my bills were paid (thank God i had enough sense to pay the bills first!), I spent all my money on material things. I got a car(which I didn't need), more clothes than I knew what to do with, shoes, bags, and the list goes on.
Then my mom got sick. I moved back home, sold my car and started to pay for everything in the house. In the midst of this I realized that throughout my life I had been in a yoyo relationship with money. I either saved like a miser or spent money like I was worth millions! I never just spent in moderation for my needs. I associated looking good with being successful, but had no savings account to show for it!
I think realizing that I could lose my mom and there would be no one but me to save myself got me thinking. How dare I expect my mom to save me from my self-inflicted financial demise!?
So I am taking responsibility for myself.
I am proving to the people around me that although young people may not always make the right decisions, they can learn from mistakes. I have learned from mine and I hope this blog helps me chronicle my journey to a healthy relationship with money.
Monthly Spending Plan-August 2008
Food
Groceries/Meals $110.93/$40
Household Bills
TV $55.98/$136
Electric $90.03/$136
Laundry Supplies $0/$136
Self Care
Clothing/Shoes $478.47/$140
Hair $0/$140
Gym $82/$140
Beauty $4.95/$140
Entertainment
Movies/Club $19.45/$20
Repayments
Credit Monitoring $5.99/$529.99
Phone $49.35/$529.99
Macys $52.17/$529.99
Amx $0/$529.99
Capital One $72.17/$529.99
Discover $0/$529.99
Medication $0/$536.99
Small School Loan $50/$529.99
Big School Loan $220/$529.99
Miscellaneous $337.79/$100
Total Expenses $1895.14
Savings Plan
ING Direct $1075/$2000
BofA $800
Total Income $$2331.00
The Beginning...
August 4th, 2008 at 10:55 pm
August 4th, 2008 at 11:38 pm 1217893086
August 4th, 2008 at 11:40 pm 1217893213
I think more attention needs to be paid to the fact that spending isn't just about transactions and simple impulses- it's this whole psychological issue especially when you're just starting out... anyway good luck!
August 5th, 2008 at 12:22 am 1217895745
My thinking exactly. Sometimes for me it's like hobbling on one leg while trying to emulate people who walk on a full set, but there's the pride of independence as a reward as well...
And welcome, by the way!
August 5th, 2008 at 12:43 am 1217897039
August 5th, 2008 at 02:53 am 1217904808
August 5th, 2008 at 12:00 pm 1217937656
I think we're all struggling with the same main things... emotional spending, trying to enjoy being young, etc. I look forward to reading your blogs!
August 5th, 2008 at 12:00 pm 1217937659
August 6th, 2008 at 04:58 pm 1218041914
Mom is doing much better. She works at home now and doesn't make as much as she used to, but at least she is recovering.