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The Beginning...

August 4th, 2008 at 10:55 pm

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

8 Responses to “The Beginning...”

  1. FinanceWhiz Says:

    Good Luck!

  2. spendinginsocal Says:

    Welcome! I understand what you're going through, and the emotional relationship with money, etc. (I also have experience with serious illness in the family- I hope your mom is all right!).

    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!

  3. PauletteGoddard Says:

    --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!? --

    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!

  4. JanH Says:

    Welcome! You have stated MY relationship with money very clearly and wisely. But, you realized it a couple of decades earlier! That's wonderful. Looking forward to reading more during your journey. And, I hope your mom is doing much better! You are quite a daughter to be taking on the responsibilities you have at such a young age. She's blessed to have you. Keep us posted.

  5. Broken Arrow Says:

    That's quite an entry. Welcome and please take care!

  6. sillyoleme Says:

    Welcome... there seem to be quite a few of us early-twenties joining these days, and I'm so glad!

    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!

  7. Blue Eyes Says:

    Welcome...I look forward to reading your blog.

  8. TryingHard Says:

    Thanks for the warm welcome! Smile
    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.

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