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I first realized my relationship with money had worsened during my free-spirited days at Norfolk State University. Sallie Mae’s deep pockets fully financed my course load during that time (and a little extra for books and some spending money). Ever since then it has been an uphill battle to regulate my budget while climbing out of steep debt that averages about a hundred grand. Add to that the fact that I am now a 27-year-old freelance writer and that checks don’t always come on time, and it is safe to say that my money can be quite funny. Nonetheless, even with the financial hurdles and constant #BBHMM (“B***h Better Have My Money”) attitude, I always believed a credit card led you down a winding rabbit hole to a financial abyss. I ignored the applications in the mail and assumed that a credit card would make a tough situation even worse.
Until a few weeks ago.
My financial illiteracy started as a kid. Growing up, I never wanted for much. My dad, with his own set of emotional issues tied to the almighty dollar, bought me almost anything I asked for. As for my mom, well, I learned later on that she made ends meet with ease having witnessed her mother struggle to do the same before her. It was not until my parents split, and I matriculated into middle school, that I realized my family was not sitting on piles of cash. Debt pretty much became a part of my family. Still, I received an allowance like any other teenager, opened birthday and Christmas gifts I’d asked for (but most likely not the entire laundry list of ridiculous items desired), and had enough lettuce, so to speak, to eat and hang with friends after school. This made it pretty difficult to understand the importance of having and saving money.
By 17, I’d finally acquired my first taste of employment (to this day, I still hate that looming smell of popcorn when I enter any Target and the sterile scent of a nursing home). However, making my own money created even more of a financial monster. With the help of team sports, our local mall, my boyfriend, and gas prices, money did not last long after payday (see: shopping).
Fast forward to that hellish window of time post-graduation before you gain your footing in the world. The financial stains I acquired from living in New York City as an unpaid intern (so much fun…) wreaked havoc on my wallet and wrestled away the tight grip I’d had on my simple finances. Even after I snagged my first salary-paying gig, I was renting a room in Brooklyn, racking up more bills (and paying off old ones because such is life) and fighting the ever-present dark cloud of “unforeseen expenses.” It was tough. Eventually, all of these spinning plates converged, making it imperative to reroute my habits with money in order to build stronger credit and map out a budget that reflects my means.
So after extensive research (and harsh warnings from my sister), I made a major decision a few weeks back. I found that having a credit card on ice could be both great for emergencies and a springboard toward the type of good credit that’ll set homeownership and healthy financial fitness in my sights. It takes discipline though.
Understanding your money and designing a realistic financial plan is the only way to keep your head above choppy financial waters. Therefore, balling out at brunch or taking weekly trips to Topshop must take a back seat to the bigger picture. Even traveling must sometimes be nixed or found for cheap in order to bring proper balance to your finances in the long run. If I could give my younger self any advice, I’d remind her to simply be smarter; save at least 10% of every paycheck; know that every party doesn’t have to be attended; and realize that keeping up with the Joneses is a frivolous feat.
So as I stare at my mailbox in anticipation to start a new financial chapter, one that requires less free-spirited spending, and more economic responsibility, I look forward to breaking the financial illiteracy that often runs rampant in my family and build a strong financial future my kids can one day be proud of.
