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.
