Now I’m no financial guru or anything, but I have come to realize just how important keeping track of your finances can be. In my first year post grad, I’ve taken on responsibility for most of my financial obligations (excluding groceries and housing, thank goodness for loving parents). However, in this last year, I’ve also seen myself creating poor financial habits. Trust me when I tell you, it’s beneficial to build up good credit, but the credit card companies are NOT your friend! I’m not an expert and I will definitely not try and give you advice on a topic that I’m not fully educated on, but I do want to share my story and my goals as I journey to change my bad financial habits into healthy habits.
I know first-hand how poor financial habits can put a strain on your personal/social relationships, your self-esteem, and ultimately your future. It’s probably hard to save up for a new car or house when you have $5,000 in credit card debt with 15% APR looming over your head, right? Obviously, writing a fashion blog requires you to be on trend and up to date as far as fashion goes (duh), but it also takes good financial habits and a lot of self-control so that it doesn’t interfere with the rest of your life.
This new Ballin’ on a Budget series is a way for me to be accountable to myself and anyone who reads my blog. It’s a way to track my progress, share my goals and hopefully give you some inspiration to get yourself on track with whatever goals you have. What’s that old saying? Old habits die hard? I don’t think that’s right, but it’s going to be right because that’s what I’m using in this post. This process will take me a lot of time and patience because these things can’t change overnight even if I wanted them to (because I get paid bi-weekly lol). However, I think that by working on them consistently and reminding myself of my end goal every day I can make a lot more progress than if I didn’t.
So, I’m going to share my first set of goals and tactics with you so I can have some progress information to share with you next month!
- Pay off credit card balance in full by September 13, 2018 (July & August Statements)
- Reduce credit card balance to less than $300 by September 30, 2018.
- Have $500 in savings account by September 30, 2018
- Have $500 in emergency account by September 30, 2018
- Use credit card only for gas and vitamin subscription (because it’s an automatic subscription and as long as I pay it, it’s beneficial to my credit!!)
- Transition to paying with cash only if possible (only use debit card if cash is not a payment option)
- All bills (Student Loans, Credit Card & Phone Bill) must be accounted for before paying for anything else (money should be in the proper bank account or payment must be submitted prior to paying for food/clothes/recreation/etc.)
- Moving money to Expense account, Savings Account & Emergency Accounts is the priority and will be done on pay-day.
I want to get past my mindset of overspending just because I have a credit card. I hope that this can be helpful to someone out there and I am looking forward to checking back in on my progress next month. I have a lot at stake, but I truly believe that I can make this happen!