Let’s Talk About Finances

I always had a special interest in finance. I only knew that I wanted to be rich and I was happy to work.  I’ve been reading personal finance blogs for the last 12-15 years and became interested in the different stories involving money. The first blogs I read were “The Simple Dollar” and “My Money Blog” (just to name a few).

I felt these blogs were interesting because I was able to relate. I appreciate stories from writers that share their financial struggles and victories.  I wanted to save money and learn everything about saving and investing. I also enjoyed personal finance blogs catering to those struggling to get out of debt. It was an opportunity to follow real life stories of friendly strangers getting themselves out of debt.

Identity Theft

During this time I was attempting to alleviate the struggles of going through identity theft.- Let’s just say the people closest to you often don’t understand the gravity of their behaviors. It was hard. I spent a lot of time reading credit blogs and debt collection forums on how to write debt collection companies to dispute accounts.

Imagine writing letters to clear the debt that you were not responsible for. Imagine having to pay about $5-6 for certified letters with return receipts? The money spent on mailings and time invested took a lot out of me but I was determined because I had no choice.

I did not have thousands of dollars to pay back credit card companies that I never made the charges for.  It took me about 1.5 years of headaches and many certified mailings sent and levied bank accounts (imagine your whole paycheck gone because a creditor seized your account) until I was fortunate enough to find a lawyer that took my case pro-bono. By then, I was highly interested in investing, saving and reading blogs.

MONEY MISTAKES

Then I became obsessed with having credit and credit cards that I went over board with applying for multiple credit cards. Consider that I never had the opportunity to ruin my own credit for myself and I was young (25-26) and impulsive. I needed to make up for lost time and since I was rejected for credit cards in the past it is easy to see how I was a slave to seeing “approved”. The only good thing about this is that I was smart about my charges.

I just wanted to see how many credit cards I could get and it was a lot. I have about 15 credit cards and that’s probably down from 30. No, I don’t use all of those cards and I still have 15 because I’m waiting for them to close out on their own.

Fast forward 12 years later, I still have great credit however, I allowed myself to obtain a lot of credit card debt and $100k in school loans-who does that?! The same person that is pretty good with money is not practicing what she preaches.  It’s hard for most people to take their own advice.  

I took my savvy saving, budgeting, and investing for granted. If I needed a quick $500, I know how to make it. I also know how to stretch a bi-weekly check to juggle bills. I watched people pay way more than I struggle more. However, I didn’t always use the knowledge to work in my favor. I used it to compensate or offset what I gave to others on the side.

I try not to be hard on myself because I know I’m not the only one with a lot of credit card debt and school loans. I also landed on the rock of shame as a result of constantly saying yes, to family, friends, and people I dated. I’m sure we ALL have a few stories to swap.  You’ll read more about that in separate posts.

Taking Responsibility

Anyway, I spent a lot of time blaming others for my credit card debt and never took ownership.  It took me a long time to realize a common theme and that was me saying “yes” to all requests. Here I was saying no to my self by living frugally, owning a week worth of clothing for myself BUT trying to be superman and save everyone else.

Whether I wanted to or not, I always said yes. It took me a while to learn that my identity theft was a separate challenge than my inability to say no. There were situations I had no control over and other situations I could have easily avoided.

I also got here because I wasn’t decisive about my career goals. You can read a little more about at my About Me section. I thought going back to school seemed like the easiest option to get a raise.  I thought I could do better with a Master’s degree and totally ignored that the world we live in is an entirely different world.

Go to school, get a degree and you will be accepted into the middle class. Nope,  it’s been more like the poor middle class. Don’t get me wrong going back to school has given me a substantial increase in pay. However, I soon realized that there is more involved in your happiness than receiving a raise.

I’ve been fortunate enough to have a job that allows me to pay my bills.  I was also smart enough to invest in a few stocks and save with my company’s 403B. I also neurotically hide money in about 3 savings accounts and multiple saving avenues like Digit and Qapital.

Digit recently started charging a $2.99 a month fee for their services starting in August. However, you still can get a free trial. It’s a great company and I was able to save over $1,400 effortlessly because I never noticed the deductions.  I just don’t like the idea of having to pay a fee to save money. What I like about Digit are the morning texts. The texts were personable and funny at times. You can quickly text back for your balance or simply request a withdrawal via text.

I recently started using Qapital and so far it’s going pretty good and serving its purpose. I don’t receive daily texts from Qapital like I did from Digit but I’m still saving. What I like about Qapital is that I have to log in to see how much I saved. This helps to keep my money out of sight, out of mind. Qapital also has different ways to save by creating goals. You also have control in how much you save.

I plan to share what I know about personal finance and how I managed to get myself out of debt. Wait, that hasn’t happened yet. Consider that life lessons and where you want to be in life has a lot to do with the decisions you make emotionally and financially.

Of course, I’m not saying we can’t make mistakes because we all will. I’m not trying to be perfect but more real with money. I juggle bills very well but that’s getting old. So, why not discuss it and help others along the way. Plus this is something that I’ve always wanted to do and it’s the easiest way to hold myself accountable. For once I want to take my own advice and help myself as I have helped others. So, I created this section for me and you. 

Disclaimer: I am NOT a financial adviser (I only play one for friends). However, I know enough about budgeting, debt, credit cards and saving to hold multiple discussions on it.  If you are looking for a financial adviser or an accountant I can help you find one in your area.