This post was inspired by the darling Elle Swim.
I love spending money.
Much like any other young adult, I have a credit card. This credit card was originally for 'emergencies only' with a $1,000 limit. Emergencies quickly came to include must have clothing items and makeup, lattes and dinners with friends, drinks (for me and my cronies), taxis. I was still living at home and not paying for my own vacations, so I had no fathomable reason t0 need a credit card.
Let's keep in mind that I worked solid jobs until February 4th of this year. Paycheques were regular and spent before they came in. The balance of the card was always paid off before the next month's bill came in, but I would spend as much as the previous balance. I wanted to go on a vacation so my limit went up. Then I went on vacation and pushed my limit higher. Eventually my limit shot up to $3,000 – and why not? I was a 21 year old working a full-time job paying the bills on time. When I moved out last July, the things I charged went from 'fun' things to needed things – groceries, home accesories, a barbecue, appliances. When I went back to school in January, I naturally had to furnish a study space and buy books. And of course there were some luxuries I couldn't rid myself of – regular trips to the spa, the occasional mall trip, little gifts for myself and others.
It was a simple process. Buy with credit card, pay balance with paycheque. Then the cheques got smaller until they eventually ceased to exist. My plan was never to be unemployed for this long; I just ended up getting an opportunity that I couldn't pass up that required me to wait until just recently to start working. Sometimes you have to take a chance, and is a calculated risk I chose to take. With this lack of income, my spending habits changed drastically. I am no longer able to buy things for the sake of it. I don't eat out anymore – something that my SO and I would do the few nights a week that we are actually together. Those regular trips to the spa have ceased to happen and birthday gifts have turned into homemade cards (for now). Instead of splurging on a new laptop when mine broke, I have no choice but to borrow one and use the facilities at my school. So the problem now is not erradic spending in the present, but paying off erradic spending of the past. In fact, the only items that have been charged to my card are my monthly payments for my phone and gym membership – both of which I can't cancel because of contractual obligations.
I want to have a 0$ credit card balance by my 22nd birthday. That gives me 5 months to pay off a maxed out $3,000 balance. It will be hard, but i'm confident because:
My spending habits have changed. I have control over what I do and don't buy. I've stopped buying things just because they are nice or I want them, and have started to buy things only when I need them. Right now it's not about buying new things, it's about paying off the balance of wreckless spending. Savings have taken on a whole new meaning. True story: I have managed to get through two unemployed months with $500 in my bank account. I've been lucky enough to get help from my SO, but $500 got me a lot further than a phone bill, a grocery bill, a nice purse and a few dinners out. I want big things. Recently, my friend told me a story about her boyfriend who saved up a preposterous amount of money so he could buy a sports car cash. He did it legitimately and saved for the better part of ten years so he could buy his dream car before he is too old to enjoy it. While I have no affinity for cars, I really respect his capacity. Maybe it's time to put some money in the Dana fund — for a trip across Asia or Central America spanning longer than two weeks? My priorities have changed. The SO and I are finally moving out, just the two of us. I will have to take care of my home, and am planning on adopting a dog. I am also a full-time student and volunteer regularly. I have things in my life that give me happiness regularly without the unneccesary charge.
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