Photo by Sam Truong Dan on Unsplash
Growing up under the roof of a single mother with two children, I always saw money as something to be saved. From the time I had my first job delivering newspapers at 12 years old, I had two wallets: One that I took with me everywhere (though, looking back, I don’t know why I needed it nor what it could possibly have held), and one that I hid in a secret spot in my room where I stashed all the cash I was saving (not sure why I didn’t put it in a bank account).Â
From a young age, I’ve been conscious of my spending. Moving to a new city and making new friends recently, my saving skills have been put to the test. I believe now I’m making more money than I ever have (the bar is pretty low, to be sure), but I also have more bills to pay, plus student loans and — my most recent purchase — a loan for a new (used) car.Â
Up until recently, I also had a roommate, so as I embark on living on my own, I’m going to have to budget double the housing expenses each month, which adds up quickly in a city where it’s hard to find a 1-bedroom for less than $750 a month.Â
While searching for a place to live, I’ve found myself wanting to compromise: Well, I could settle for this outdated, dark apartment with maze-like hallways; or a bathroom that could double as a dungeon; or maybe I don’t need WiFi? (I’m a writer. Yes I do.)Â
Then, as I was talking to a friend one day, I realized something else: I don’t want to settle. That’s what almost led me into a marriage I wasn’t ready for. If I’m about to embark on this brand new life by myself, I want to do it right. So if that means paying a little more per month to have the apartment I envisioned — one with a lot of natural lighting, light, airy and open spaces and a modern vibe to it — then so be it. I want to position myself for a fulfilled, happy lifestyle in whatever way I can.Â
I’ve also got two big trips coming up: A spontaneous visit to a friend in North Carolina, and an 11-day venture island hopping in Greece. If you’re anything like my mother, you’re probably asking, “how can you afford those right now?”Â
My answer is that 1) I have the money saved to do so, but also 2) how can I afford not to? Both are opportunities to reconnect with two of my best friends from college, and both allow me to explore parts of the world I’ve yet to see. I’m young enough that I can plan something flexible and spontaneous without feeling guilty, and I believe experiences are far more valuable than material objects.Â
Disclaimer: I know I am able to do these things because there are other aspects of my life I’m willing to scrimp on. For me, having the latest fashion trends and enjoying expensive meals are not fulfilling. The furniture and decorations I put into my new apartment are not going to cost me hundreds of dollars — they’ll most likely be refurbished or from secondhand stores.Â
And those saving skills I started when I was 12? I still have them with me, though now I use a bank account. I have an automatic withdrawal from my checking account to my savings account every two weeks, ensuring that no matter what I am saving 10 percent of my income. It doesn’t seem like much, but over the years it’s been a financial cushion that encouraged my decision to purchase a new car and live on my own.Â
For some people, priorities might be different. But when setting a budget and considering what’s necessary and what’s “extra,” I would encourage you to think long and hard about the things that matter most to you in your life. Don’t spend $70 on a new pair of jeans when that could get you a one-way flight to your best friend (and you can buy three new pairs of jeans for less than $20 at your local Goodwill). Don’t drop $50 on drinks for a night out when you could be putting that money toward a new car.Â
Priorities can always change. With my new move, I’m sure in a couple months I’ll be less interested in dropping $300 on a flight to visit friends. That’s why it’s important to remain conscious of your budget and actively prioritizing. Emergencies always come up, too, so be sure to have enough saved that, should the worst happen, you’re prepared for it.Â
Author: Katy Macek
Editor(s): Cole Schenck
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