A couple things you can learn from being broke:
1. Sometimes I waste our money on stupid crap
2. I need to save more
3. I know where and how I want all my future paychecks to be distributed
4. There are some actually fun things to do out there that don’t require money 12 months ago
So my roommate, who is well into her 20s, still has an account with her parents (which isn’t necessarily a bad thing) but doesn’t have one for herself, has had only one job in her life when she was in high school and only for a few months, and gets mad when her parents take away her money for failing classes. Wow, so sad. NOT.
I know I shouldn’t compare myself to others, and probably not bash them on the internet, but after listening to her situation I felt much better about mine. I was feeling pretty sorry for myself for not being able to afford a place to live off campus or not having as much in my savings as some of my friends, but honestly, I think my situation is pretty good in relation to my roomie’s. 16 months ago
Now that I don’t have to buy any more presents, it should be the perfect opportunity for me to really start saving. I have a job, so i need to come up with some sort of financial plan of how to split my earnings between checking and savings. Maybe every other check can go into savings. My savings account will be a place that I don’t ever take money from unless it’s some sort of emergency. I also can’t forget about my IRA. Maybe Christmas/birthday money can be put into there. As far as my debt card account goes, I plan to use it only for gas or a large purchase considering I mostly get paid in cash anyway. 19 months ago
My reading continues in Suze Orman’s book. There are at least two things I want to do ASAP: 1) Start a trust; and 2) Review my mom’s financial arrangements and make sure she has her trust fund set up correctly. In addition to these two things, I have a mutual fund that needs to be moved so have to get that done before its “done for me” by the holder. This experience and research provides good basic information and understanding about money and how to gain power over it. Yay! 2 years ago
So, I picked up a book by Suze Orman the other day, “9 Steps to Financial Freedom”. Its been enlightening on several levels. I didn’t realize one could have a fear of money. So, slowly I move forward gaining new understanding and confidence about my financial abilities. One of the next steps I have to work on is to determine where my money is going. She gives an exercise in her book and so tomorrow I will embark on a “jungle cruise” journey to learn where all my money is going! Of course I have a keen idea…Starbucks, hair dresser, mani/pedi, eating out, buying clothes without a clue as to what I need or could really use.
I mean, I know these things, but tend to look past them because they are my ‘comfort’. But, comfort for what? As I said, its a real eye-openner to determine why I do the things I do and hopefully learn from these past mistakes to have a brighter financial future.
Wish me luck! 2 years ago
im broke. the end. 2 years ago
Thank you J.D. Roth!
There are so many things I need to do this year. Time to change my IRA allocations, refinance my mortgage, move my money market account….and that’s just for starters.
I am challenged when it comes to understanding the ins and outs of finances. As they say…one step at a time! 2 years ago
I have created a budget in the past but haven’t really done much to stick to it. This has created stress on the family…It is time to turn that around. 2 years ago
work on getting it together! 2 years ago