ABOUT ME

 All About Me:

 30 Days of Savings Challenge

As a new student in college, practicing smart spending habits are beneficial to my success in the long run. Going to college is expensive, and paying it off can be a pain. I want to spend the next 30 days practicing savvy spending. Saving my money now will help my financial situation later, and teach me how to build better spending habits.


30 Day Challenge Essay:

Fashion Diva to Bargain Shopper

          Fashion culture and social norms varies year to year, from every corner of the world. The latest trends styles, and hobbies to follow are constantly changing. Although brand names give a product more credibility to customers, they usually also cost more. Customers are willing to invest more money in a brand name product, as opposed to getting a generic brand product because it has a reputation, and sometimes looks aesthetically more pleasing. As a freshman in college, it is important to learn to save money and cut costs. I will limit myself to a weekly spending budget and make lists before going shopping to reduce compulsive and random spending. My dad used to say a “penny saved is a penny earned”, so I challenge myself within the next 30 days to reflects my parents smart spending practices. I will break my bad spending habits and build a routine of smart shopping, and spending in moderation.

          I like shopping just as much as the next girl, probably even more. Thinking back, I could’ve been saving a long time ago, but its better late than never. For years, I spent foolishly spent money on things like a new computer, phone and clothes instead of saving for an education and a home. With my parents helping me pay part of my education and financial aid paying the rest, my only expenses now are day to day. Driving around an economical car has also left me more room for saving because I only need about $35 to fill my tank. This month I want to my spending in half or more, by reducing the luxury items I buy. I also want to finding new inexpensive ways to entertain myself. I will set up a spending budget so I can see where my highest and lowest expenses are, and what I can cut from my budget. For example, on my down time I enjoy tie dying as a hobby which can get expensive when I replace my supplies. I can replace this hobby with taking my dogs to the park or exercise around the block. As a vivid shopper, I also frequently visit Park Meadows Mall. The stores are huge, my biggest weakness is Forever21, Pac sun and H&M. By not going to the mall at all this month, I will be less tempted to see things that I want and will in turn spend less. While exploring my unneeded expenses, I also realized that I drink Starbucks or Keva Juice every day or every other day. These drinks may be delicious and satisfying in the moment, but they are definitely an overpriced and unneeded expense. Pinching pennies where I can will help build better spending practices and improve my financial situation, which will improve my life condition.

          Focusing on saving money for a money will help me make it a habit. This month my goal is to go from fashion diva to bargain shopper. I will find coupons online for any products I do need to buy in grocery or retail stores. I will also stop eating out and buy more food at grocery stores that will last longer to also cut my costs down. These savings will help me get one step closer to getting my own place here in the city. Living in the city is costly and every penny I save can help me get on my own feet. My mom told me that if you write something down enough times, you will make it come true. In my journal, I have written “You will save $1000 by Christmas” over and over again. I look at this paper every day to remind myself that saving money is more important that what I want in the moment. Saving $1000 may seem difficult but if I tried saving more than I did spending, I could make it happen.

          Compulsive spending is an addiction that is growing rapidly. Much like gamblers or drinkers, we don’t realize the problem, much less how to help that addiction. Across the country, 17 million Americans fight compulsive spending, and have an average credit card debt of over $10,000 mostly from unnecessary purchases. Practicing efficient spending habits and saving methods will help me combat my addiction before it even begins. To get $1000 in my saving account, I am going to have to really make drastic changes to my lifestyle. Saving money to in turn own a home late won’t happen overnight, but by setting saving goals, it becomes more realistic and achievable. Christmas is about 80 days away, and if I make sure to that $15 goes into my savings every day, a $1000 goal becomes easier to look at. Learning to say no to myself will help reduce my compulsive spending, and give me a better financial situation in the long run.

          Saving money can be the difficult, especially when choosing between early retirement, and life-long debt. My financial situation has control over different aspects of my life, and if I don’t start saving now, the stress of coping with bills and expenses will become a burden I can’t handle. By budgeting and putting more money away, I am practicing savvy spending and saving methods. Taking out avoidable expenses such as clothes and electronics, has also reduced my chances of getting into financial debt later and got me one step closer to buying a home. These 30 days will help me improve myself and my life by learning to make better financial choices, and passing on that knowledge to my children.