Ok I’ll be honest. I have a ton of student loan debts (like many of my peers) but I also have what my MIL likes to call “champagne taste on a beer budget.”
Personal style is really important to me. I went to a private school where I wore the same thing day in and day out. I feel most like myself when I can dress the way I want, which often comes with a high price tag.
Recently, I’ve begun to accept the fact that I really need to focus on spending better and spending less.
Spending better – only buying things that are 1) quality and will last longer. That cost per wear y’all. 2) make me feel good and no buyer’s remorse. I recently have begun swapping my beauty products for green & clean ones. 3) things that better myself, like my yoga studio.
Spending less – This is pretty self-explanatory but does ladder into spending better. If I buy better quality things and only things I truly love, I’ll buy fewer items. I also love a good coffee out, but that racks up quickly. I’m not going to ditch it all together, but just do it less.
Some things I’m doing to help me be better with money:
Podcast Bad with Money by Gaby Dunn – I recently discovered this from listening to another podcast called Glowing Up. What I appreciate about this Gaby’s refreshing take on “who was going to tell us this?” Meaning, who was supposed to tell us about 401ks or investments. It’s also super interesting from the perspective of the societal structures that keep the rich rich and poor, well, poor.
Investing/Saving – I’m a little ashamed to admit, I only just started a 401k about a year ago. Late is better than never I suppose. I’m also dipping my toe in investing with Ellevest. I don’t put in more than I’m willing to lose, because to be honest, much like Gaby Dunn investing still mystifies me, but I know the investing gap is REAL.
Using services that help me save – when I do shop online, I’ve started to make sure I use ebates. It’s not a ton of money, but in the past two years, I’ve probably gotten a return of ~$100, which adds up! Also I make sure that I constantly use things like Hotels.com to get rewards. My husband I were recently able to get a hotel room for free on a last minute trip.
Shop used – I’ll admit sometimes this is hard. Because shiny new consumerism! However, things like Luxury Garage Sale and The Real Real is a great way to get something in a good condition at sometimes half the cost.
I’m really focusing on making a huge dent in my debt this year and to have financial freedom. What steps do you take to feeling in control of your finances?