Black Friday Thoughts
While many Americans excitedly spent their day shopping I rested. After a few random naps I allowed my body to soak in a hot bath and let my mind drift to the past.
Growing up I usually got money for Christmas and spent the next day at the mall buying things I didn’t need with what was gifted to me. I learned quickly though that shopping was a source of frustration for me. Regardless of what year it was or the friend group I was with, they were able to leave the mall with what they wanted while going from store to store seemingly carefree. It was never that way for me. I felt anxious. When it was time to leave I always felt disappointed, to be more transparent, I felt like I wanted to cry. While they were able to get what they wanted, I had to really be strategic with what I chose to spend my money on because I didn’t have enough.
As time went on I had more money and shopping became somewhat of a pastime for me, especially when I was going through tough emotions. I found myself with too many clothes and not enough money in the bank, and since life has a tendency for irony, when I was the brokest (new word alert!) I’d been in adulthood, my water pipe broke and flooded my backyard.
I was a mom of three very young children, living in SoCal, retiring from the Navy, going through a divorce with a $600 past due water bill. That was the first time I had to take a look at what I was doing wrong and figure out how to begin fixing my finances.
Many years and lessons later I no longer use shopping as a coping mechanism. I know how easy it is for me to get caught up in buying things I don’t need so I’m much more intentional about where I send my money. There are some items that are much harder to resist and I don’t always, but for the most part I make healthier financial choices for myself.
Here’s My Top Five Money Tips
Before sending my money off to pay bills or buy groceries I take a portion of it to pay myself first.
I use investment strategies that provide safety and growth.
I do my best to prevent carrying a balance on my credit cards and if I have to, I keep my utilization under 30%.
Eating out is treated like a treat, not a way to get out of making meals or grocery shopping.
I create multiple sources of income with my talents and interests.
That’s all the gems I’ve got for you today, check out my post Explaining Compound Interest to understand why carrying a balance on your credit card is rarely a good idea.
