As of today, it will make 30 days since I turned 30! YIKES! I am officially in the 30 Club! If you are like me, then you had benchmarks set for yourself by 30. I was supposed to have the following: $10,000 in a savings account, making over $100K a year, and owning real estate. Guess What?!?! I have none of that and that is perfectly okay. There is a time and place for everything. In due time, I will have that amount in my savings account and that large salary. In the meantime, I will blog about my journey toward those millions. LOL! As I reflect on my twenties, I realized a few financial mishaps that I and hopefully you can learn from.
- WHO CARES ABOUT JONESES?
Ever heard of the phrase“Keeping up with the Joneses?” I was paying too much attention to the rappers, reality show stars, and local Instagram celebrities. I thought that I HAD to HAVE the latest and greatest clothing, cars, and VIP bottle service at the club. One of the reasons that I have debt is because I was trying to keep up with people who I don’t know. Those same people wouldn’t care if I had it anyway. I will no longer go broke trying to impress people that I don’t know. Those people are not lining up to pay this Diva’s bills so I will just stick to my little cute budget and strive toward being free from debt.
- NO, YOU DON’T NEED CABLE.
Cable is a LUXURY NOT A NECESSITY! Contrary to popular belief, you don’t need cable. Ask yourself, do you really watch that much TV? While I was in graduate school, I would leave home for work at 8:30am and get home at 10:30pm. That gives me just enough time to shower and get ready for bed. Yet I was paying $100 in cable every month. Why am I paying for something that I am not enjoying? I cut the cord in January 2014 and I haven’t looked back. I am a subscriber to Hulu and use my friend’s Netflix account so I can watch a show or movie when I am not busy doing other things. Also, Scandal and How to Get Away with Murder comes on ABC which you can get without a cable (Think Antenna!) so I really don’t need it. I have been living my life cable-free and I am surviving ! If you really trying to trim the fat off your budget; I would suggest that you join me on my cable free journey. Think of extra $100-200 dollars that you would save.
- DEPARTMENT STORE CREDIT CARDS are agents of satan.
Yep, I said it! You know how the conversation starts….
You: Hello! I’m ready to check out.
Cashier: Awesome! Would you like to save an additional 15% off today’s purchase?
You: Sure! How?!
Cashier: Apply for the store’s credit card! If approved today, you can start using today and receive 15% off your purchase. It takes 5 minutes. All I need is your social security number.
You: Ok…. ***-**-****
Cashier: Types in the register….. CONGRATS! You qualify for a credit limit of $250! Would you like to use it today?
You: Sure I would! *puts debit card back in purse*
And the rest is history… That is how Victoria’s Secret and Nordstrom got me. Now I must warn others! That department store credit card is just another credit card. Now you have another debt on your credit report. Some people have 4-5 store credit cards stemming from this conversation. That extra 10-15% percent discount is not worth it. Don’t add an $250 debt to your credit report because you are trying to save $20 on your purchases. DON’T SUCCUMB TO SHOPPER’S TEMPTATION! JUST SAY NO!!!
Those are some of the financial mistakes that occured in my twenties. I refuse to make these same mistakes in my 30s. I am now focused on debt reduction, savings, and investing. Stay Tuned! My journey to being debt-free is going to be a tough but necessary one to watch.
If you are 30 and up; what financial mistakes did you make in your 20s? What are you doing to ensure that you don’t repeat them? Do tell DIVAS and DIVOS!
Keep Saving DIVAS!
Miss Diva Dollars