Authored by Stephanie May, NBR Summer 2009 Intern
After weeks of financial musings and bringing you (my wonderful readers) along on my journey of financial self-discovery, I feel it is time to return to our money makeover roots for a quick visit.
I am so appreciative of the comments I receive from you all. I love to hear what you have to say. One recent comment from reader "dmd" really made me think...
Stephanie, ...For your sake, I hope the job will be a well paying one or that the Bank of Mom doesn't run out of capital. Otherwise you may have to stop blowing an extra $2,000 a month, or not be able to afford $115 shades or weekend trips to Las Vegas. Let's see if you still take 15 minute showers when you're paying the water and electric bills.Stephanie, it's time to leave Fantasyland and move into the real world... most of us, including those of us who are fortunate enough to have well-paying, are still struggling with many aspects of today's financial climate. The last thing I need to read about is some college kid's out-of-control spending habits.
I've spent the last week pondering "dmd's" comment, and here's where I landed.
"Dmd" is exactly right. It is time to leave Fantasyland. But as I self-consciously took a long, hard look in the mirror, I realized I've already hopped on the Reality Express out of Fantasyland. I haven't yet arrived. It is a long trip, but I'm on my way. And, moving into the real world is exactly what this Fiscally Fit blog is all about.
This is new for me. If Fiscally Fit were more like AA, I would only have a 5-month chip! I'm only five months "semi-responsible," but Fiscally Fit isn't about being perfect.
Unlike the other talented NBR bloggers, my knowledge of our financial system is pretty basic. For the last week of each month, I'm on a "three quesadilla a day" diet because I've run out of money. I spend too much money at college bars, and don't save nearly as much as I would like.
I'm far from being 100% Fiscally Fit, but my money makeover has done wonders for me. I am staying within my budget (even though I'm scraping at the end). I haven't had to call 9-1-1-M-O-M in months for an allowance advance. I now have a savings account, a checking account and a credit card -- all set up online and managed by yours truly! I pay my own rent AND my water bill. (I only take 15 minute showers every other day.) And, I'm now grocery shopping and even cooking for myself to save money and stay healthy. I am extremely proud of how far I've come.
Through writing this blog, I've learned NOBODY is perfect in the management of their personal finances. EVERYBODY (except, maybe, the most dedicated of penny pinchers) struggles to save more money and rein in spending.
That's the other point I wanted to make in response to "dmd's" comment. He or she said, "most of us, including those of us who are fortunate enough to have well-paying, are still struggling with many aspects of today's financial climate. The last thing I need to read about is some college kid's out-of-control spending habits."
We all are working to stay within a budget that never seems big enough. No matter how well we plan, unexpected expenses seem to creep up at the worst possible moments. Several of my friends' parents have lost their jobs. Several of my friends are completely financially independent. And, a few of my friends aren't sure where their next meal is going to come from. Our struggles may be different (and some may seem more trivial than others), but they are all relevant. Of course, my friends and I are all relatively young, which proves adults aren't the only ones struggling in today's financial climate. In fact, we are probably under more pressure than many adults as we attempt to graduate and create a life for ourselves in one of the worst job markets ever!
I know some of my entries are lighthearted and can be silly at times, but I pride myself in that fact. It is impossible to escape the seriousness of our economic situation. My goal is to figure out little ways of cushioning the blow. I don't think this method discounts the seriousness or importance of my blog or of my mission.
As college seniors, my friends and I are the next generation of working Americans. We have the opportunity to either perpetuate the spending habits of Americans today or take a different route. I am not perfect. I am 21 years old and still have a lot of seriously stupid mistakes to make. But I would rather make them and learn from them now than drown in credit card debt or have to leave a foreclosed home later in life. I am more determined than ever to become Fiscally Fit... and I am well on my way.
Follow me on Twitter @FiscallyFit!
Comments
Rick,
Take a couple of minutes and read the posts to Terri Cullen's blog about the Pros and Cons of Extending Unemployment Benefits. Then tell me if I'm the only one who would think that Stephanie doesn't have a clue what suffering really is.
I'm not angry at the world. I'm angry at the spoiled 21 year old college kid segment of the world that thinks sacrifice means not calling 911 M-O-M for an allowance advance.
I found the variety of reactions to your blog almost as interesting as your blog itself. It seems that dmd believes that you haven't suffered enough in life to gave any credibility in your blog. It is sort of like my guitar teacher joking that unless you have to sell your guitars and live in your car you aren't a real guitarist. I have learned that most of us feel that our own problems are the worst because we have to live with them daily. I hope dmd is able to take a hard situation and grow from it and not just stay angry at the world. Stephanie, good work and keep it up. Rick
Ask the kid who was accepted to a prestigious eastern liberal arts university but who had to get a job and spend two years at a local community college because their father lost his job what they think about your $2,000 per month spending allowance, or your $115 shades, or that you're so good at managing your money that you didn't have to call Mommy to get an advance on next month's allowance. Ask them what they think about you having to spend the last week of the month eating three quesadilla a day because you spent too much money in college bars. Ask them what they think of the kind of "hardships" you have to go through because the airline tells you one of your bags is overweight.
Ask them if they think Stephanie needs a reality check more so than an allowance check.
You're half right on your sign off---Leaders are always targets. The part you left off is leaders have to demonstrate they can lead before they're targets. Until they lead, there's nothing to shoot at.
Hey Stephanie,
Good for you to evaluate the rather unkind criticism your blog evoked from the spiritually bankrupt DMD and recover with grace and truth that so characterizes you writing style and brave honesty. We love your blog because of your bravery to face even ugly criticsm rooted in jealousy and converse about it. You put yourself right out there on the line with your sweet honesty, and that is what makes your writing relatable, poignant and powerful. Your personal integrity is admirable.You even sign your full name to your statements. And as a final thought...this generation did not spoil themselves. And if being motivated to give up a few weeks to help underpriveledged people in a third world country is the hallmark of a spoiled college girl, perhaps a life of relative financial security has been a good investment in humanity. Leaders are always targets.
Aloha, Teresa
You are right that most people will bring their lifestyle up to the level of their budget -- so as you make more money you spend more. That's the great thing about automatic 401(k) contributions -- if you don't see it in your paycheck you won't be tempted to spend it!
Contrary to what you said about your blog applying to your age group, I want to say that it has had a major influence in making me look at the way I handle my finances which hasn't always been responsibly. You have grown a lot in the 5 months you have been writing this blog and that's admirable. So have many of your readers. The humor you have interjected into this subject has been a breath of fresh air in such a gloomy time. I think you will do well in spite of mistakes you will surely make just like the rest of us.
I admire your honesty. It's all about taking little steps. None of us are perfect and life is full of opportunities to step back and analyze where we've been and where we've going (whether that's financial focused or focuses on something else. I admire dmd's honesty as well. While I'm sure that truth is hard to hear, I bet it made you think. I think it's also good to realize that we are ALL in different places financially. Some of us are blessed with financial security in the form of family or a good, secure job. Some of us struggle on a continuous basis to even have enough money to pay the water bill. I think the important thing to realize that no matter where you are, we can all take steps to cut things out and rearrange the way we spend our money so ultimately we are making the most of it.
You sound like you've come remarkably far in a short time. I was 25 by the time I had worked out a decent balance, right at the start of the dot-com bust. I hope to one day live a happy life again, if we can go for a few years without any more nation-wide financial disasters.
Just because you're fit, doesn't always mean you're a bodybuilder ... it takes people years to truly master living a happy yet fiscally healthy life ... I think baby boomer adults dont give young adults enough credit. For those of us who graduated in 2009, aka worst economic climate since Great Depression, were thrown into reality after many of us were spoon fed for most of our lives - how can we be expected to be fiscally fit when many of us were never taught what that even means? September 2008 brought on a grim reality and quite frankly an overwhelming sense of gloom and doom - therefore a lighthearted yet realistic take on money issues in young adulthood is just what our age group needs. Fiscally Fit can help you or give u insight into what the age group hardest hit by this economic crisis is dealing with. Keep up the good work Stephanie and thank god for your optimism because Lord knows there isn't enough of it in this country, online or outside.