So I’m pretty sure we’ve all done this: you swipe your card repeatedly, not really paying attention to the price and then when it’s all said and done you think, ‘Man I’ve spent a lot of money’. Common sense would be to check your bank account and see what the damage is right? But let’s be honest, opening up that bank app after a splurging weekend is like waiting on the results of the test you just took, NERVE WRECKING!!
Like I’ve said before, this is my journey to better finances in my life as well. I’m human. I’m learning. I also, did the one-eye, cringe face to my bank account after a quick road trip this weekend. (It wasn’t as bad as I thought if you were wondering)
Here is a video featuring financial planner Joel Johnson on being honest with ourselves when it comes to our finances. He gives us three great rules to get started.
1. Tell yourself the truth
2. Only borrow to pay for assets that will appreciate over time
3. Don’t get overwhelmed, take things one at a time.
Please watch the entire video to get more information ( what’s 3 minutes when its towards a better future!!)
- April Denise
Young people tend to have the hardest time of actually holding on to a dollar, we spend more than we save. With the introduction of social media sites such as Instagram and tumblr, we have been given the opportunity to show off possessions that we have; the clothes and shoes we buy and any other expensive items that we can purchase for the simple satisfaction of a “like”. What drives us to be so materialistic?
I won’t lie, I once was very materialistic. In college, I would buy shoes knowing that I would be eating noodles for the rest of the week, that one night in those pair of heels was worth the sacrifice. I would splurge on an outfit, just because I knew I would be taking pictures in it. I'm not ashamed to say that THE HYPE TOOK ME OVER AS WELL!
However, times were different then. The only bill I was responsible for was my Belk credit card payment. Now, I am a 23 year old recent graduate who has bills to pay. There is no longer the option to spend my last dime on shoes because my rent, renters insurance, car note, car insurance, utilities, cable, water and credit card bills must be paid (oh and lets not forget to add Sallie Mae into the mix as well).
When I first started working I read a portion of a book entitiled “You Can Buy Happiness (and it’s Cheap)” by Tammy Strobel it really opened my eyes to how confused we are as a whole on “happiness”. Her story is on how she and her husband converted to simple living. There are people who live with hardly anything who are happy, yet here we are in 2014 struggling to keep up with the Joneses buying things we can’t afford to impress people who, at the end of the day, don’t matter.
We’ve become so high and mighty as a people that we look down on people who don’t spend their money on possessions that we put on pedestals, and refer to them as “basic”. People strive to wear the same designers as stars but work 25 hours a week making minimum wage. Why?
There is nothing wrong with shopping at stores that bring you fashionable styles at lower prices. There is nothing wrong with not owning a designer bag in 2014. There is nothing wrong with not buying an expensive pair of shoes every time you go out. It doesn't matter that your suit jacket or your dress is not designer. Stop trying to look like a million bucks when you don’t have a dollar to your name in savings or investments. Build your wealth.
The hardest part for some of us to start saving money will be the part of TRULY not caring what others think of you. Here’s a way to start: every time you see a person on Instagram with something expensive, think of how much money you have in your bank account versus how much their “likes” are worth at the end of the day.
No shade, if you can afford those luxury items,, it’s your money, spend it how you please. Me personally however, I’d rather spend money on a memory than an item any day. If you have to take out payday loans to do everyday things, seriously get your priorities together-- we have a long life to live.
Email us over at TheeBlackSocialite@gmail.com or Tweet us @TheBLKSocialite and let us know of any other money saving tips you may have. Place "Cheap$kate" in the subject line.