millennial money lesson
save save save
When I started working, I told myself, I would save almost all my money except for the monthly obligations like my DC parking, groceries, student loans, etc. I was doing pretty good. A solid amount of savings and the only debt was from my student loans. Then one weekend I went to NYC and I was surrounded by all the fashion designers – Chanel, Prada, Gucci, Burberry, Yves Saint Laurent, just to name a few. Since I was little, I always had an eye for fashion but couldn’t afford it. I always thought one I had my own money I would treat myself to these high-end items and so I did. I took advantage of not having to pay for rent at the time and just go for it. I thought I had saved up a good amount of money, you’ve earned it. This became a dangerous mentality. After that NYC trip, you would often see me at the Neimans in Tyson’s looking for my next purchase. I became obsessed and I almost want to say addicted to luxury retail. I found myself "happy" once I purchased a pair of Christian Louboutins but then would find myself looking for the next style. It became unhealthy and my credit card debt was racking up. I started becoming anxious at the debt and seeing my savings dwindling. It got so bad that I didn’t even want to look at how much money I had left. It was at this point in my life that as beautiful as these were my financial freedom was more important.
Within the last year, I have made great efforts to not fall into those bad habits. In fact, I haven’t purchased any luxury item in almost a year. Now beyond saving from my fashion obsession, I have also saved from everyday things. I don’t buy a coffee in the morning like I used to. I pack my lunch about 99% of the time and honestly almost all meals are home cooked. The dance studio I used to workout at has been closed since March, so I have turned to at home or outdoor workouts. As I’ve started my health journey, I rarely drink alcohol meaning no more happy hours. There have been a lot of sales during quarantine and believe me it was tempting. My advice on sales is don’t just buy something you see because of the discount but buy the item you have been eyeing for some time that is now on discount. You can still treat yourself but get a deal. I will not say I won’t ever buy a luxury item again because I will, but it is all about balance and priorities. All in moderation. If you know you will end up paying interest on it, then it probably doesn't make sense. I promise to create a space for myself where I am not financially anxious but instead strive to be financially comfortable. As I am getting older, I care more about my savings, credit score, purchasing a home, retirement, etc.
Paying off my credit cards gave me much more happiness than a pair of red bottoms ever will and honestly, it’s sexier.
