Since the last time that I blogged about personal finance, a lot of things have happened. I left the classroom to work at the network level. I completed a costly degree in Educational Administration. I started taking writing classes and Spanish classes consistently. I consider all of these changes or decisions to be short-term and long-term personal and professional investments. So the costs of paying back graduate loans and the costs of tuition do not get me down. If, however, there were a reparations fairy with well-conditioned locks that viewed the cost of schooling and training as our 21st century version of the "40 acres and a mule" that we never received on this side of the Atlantic back in the day, I would happily accept all loan forgiveness plans and dissolution of mandatory payments.
I'm just sayin....
Where Did All of My Money Go?
What I have noticed, though, is that in my spirit of self-improvement, I have found myself also justifying purchases to stores for outfits, shoes, and accessories-albeit cute- because of the nature of my work, because it was on sale, because I "deserved it", because, because, because....
I also found myself charging lunches for $10 in addition to $5 breakfasts because I was on the run, because I so hungry by the time I ate, or because that was what my co-workers were doing. These credit card charges were in addition to whatever incidental purchases I made in cash: mid-morning runs for tea, cookies, bottled water, blah, blah, and blah.
Because. Because. Because.
I opened up my most recent credit card statement and saw that I had racked up $1,800 worth of debt in the last three months. After I subtracted the costs of tuition, car repairs, and my $16/month gym membership, I was still left facing $900 of credit card debt.
Where Did All of My Money Go?
What I have noticed, though, is that in my spirit of self-improvement, I have found myself also justifying purchases to stores for outfits, shoes, and accessories-albeit cute- because of the nature of my work, because it was on sale, because I "deserved it", because, because, because....
I also found myself charging lunches for $10 in addition to $5 breakfasts because I was on the run, because I so hungry by the time I ate, or because that was what my co-workers were doing. These credit card charges were in addition to whatever incidental purchases I made in cash: mid-morning runs for tea, cookies, bottled water, blah, blah, and blah.
Because. Because. Because.
I opened up my most recent credit card statement and saw that I had racked up $1,800 worth of debt in the last three months. After I subtracted the costs of tuition, car repairs, and my $16/month gym membership, I was still left facing $900 of credit card debt.
But where did all of the money really go?
Most obviously, the clothes went on my back. And the food, especially the dishes with rich sauces and generous portions contributed to the expansion of hips, booty, and thighs.
"My Family Thanks You!"
But here is the most obvious, yet unspoken place to which my money went: a stranger's dream and a stranger's family's dream of financial security, early retirement, private education from their children, that hip-replacement surgery, or that teeth-whitening treatment not covered by insurance. Whatever. And conversely, my spending to finance someone else's dream has by its very nature prolonged the time that it will take to realize mine.
Kakra, Kakra, The Chicken Will Drink Water
So with that, I have brushed off the old blog and would like to use this as a forum for accountability--for us to start thinking about how our impulse purchases keep us for getting one step closer to investing in something that brings more meaning.
I will save you from having to read until the end of the story because they all end the same: there will always be something cute to buy if you go shopping. So, I have decided to start shopping in my closet and start using the money that I had been spending on clothes toward funding my trip to Costa Rica in August for a Spanish class or towards a down-payment for a condo(or whatever else I may want to do by that time).
Mindful Budgeting Equal Success
I refrain from cutting out buying books or doing my nails monthly for three reasons. The first reason is that I am self-aware and know that eliminating those things from my budget would make me feel deprived. Secondly, the cost of a used book on amazon + shipping and a midweek pedi once a month are a fraction of what I have been spending on clothes yet provide me with such a sense of joy and abundance. Finally, I want to succeed. Success for me is identifying and implementing small changes over a period of time, not completely upsetting the ebb and flow of my life.
Most obviously, the clothes went on my back. And the food, especially the dishes with rich sauces and generous portions contributed to the expansion of hips, booty, and thighs.
"My Family Thanks You!"
But here is the most obvious, yet unspoken place to which my money went: a stranger's dream and a stranger's family's dream of financial security, early retirement, private education from their children, that hip-replacement surgery, or that teeth-whitening treatment not covered by insurance. Whatever. And conversely, my spending to finance someone else's dream has by its very nature prolonged the time that it will take to realize mine.
Kakra, Kakra, The Chicken Will Drink Water
So with that, I have brushed off the old blog and would like to use this as a forum for accountability--for us to start thinking about how our impulse purchases keep us for getting one step closer to investing in something that brings more meaning.
I will save you from having to read until the end of the story because they all end the same: there will always be something cute to buy if you go shopping. So, I have decided to start shopping in my closet and start using the money that I had been spending on clothes toward funding my trip to Costa Rica in August for a Spanish class or towards a down-payment for a condo(or whatever else I may want to do by that time).
Mindful Budgeting Equal Success
I refrain from cutting out buying books or doing my nails monthly for three reasons. The first reason is that I am self-aware and know that eliminating those things from my budget would make me feel deprived. Secondly, the cost of a used book on amazon + shipping and a midweek pedi once a month are a fraction of what I have been spending on clothes yet provide me with such a sense of joy and abundance. Finally, I want to succeed. Success for me is identifying and implementing small changes over a period of time, not completely upsetting the ebb and flow of my life.
"You Talking to Me?"
Actually, I am. What are you thinking? What small shifts in spending can you make toward achieving your meaningful goals and aspirations? In the next entry, we will create SMART goals in order to frame our financial planning. SMART goals can help us become better, stronger, bolder, and more deliberate, and more courageous in all aspects of our lives...
9 comments:
Perfect advice for the new year. We have to be conscious of our choices before we can make any long term goals. Spending without thought, eating without thought, living without thought, is empty in the end.
Yeah, it's crazy how all of those 'little' purchases add up.....
I am inspired...in fact, I just opened a new savings account :) Like you, in the past six months, I found myself purchasing things here and there "because." I figured that if I could afford it, why not buy it. Besides, it was a good distraction from being unhappy with having to move. But new year, new focus. So thank you for this entry. It is encouraging to know that someone else is going through the same financial transitions.
I totally agree, I find that setting budgets and savings goals definitely curbs my spending on things I don't need. Also take a look at your expenses at least once every month, my bank gives me an overview of every debit purchase, every atm withdrawal. I use this info to try and eliminate at least one expense each month.
Love the blog! You write like you speak and I feel like I'm in the room with you. Ready for your spin on SMART goals.
I thought your blog was great. Something i need to do! I love your writing style as well.
Love your article.Keep shopping in your closet. At this rate and your forward thinking your grand children will be millionaires!!!Keep up the good work. the anon person who commented is sooo articulate. HATER!!!!
Love the blog!
Very inspirational!
Your financial thoughtfulness, even in your lapses, is so inspiring. And your insight goes beyond money. You write about growth and the responsibility of all humans to invest in positive transformation. Gracias mujer!
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