I've been thinking of a witty way to begin this column, but I can't think of anything except to tell you all the truth. I'm horrible with money. I'm miserable at saving it and budgeting it.
Don't get me wrong — I'm not a spoiled brat. I work hard for my paychecks. Yet, all that effort never really instilled a sense of fiscal responsibility in me. But now things have to change. I'm not happy about it either. Luxuries such as a Starbucks' addiction and dinners out shall no longer be a daily purchase.
Most parents try their best to teach their children to understand the value of money. And yes, Mom and Dad, I know money doesn't grow on trees, but it wasn't you that taught me this lesson. It's the reality of leaving college that has made me money-conscious, especially the sickening fact that my total student loan payments will cost more then my first year's salary out of college.
Even with grants, scholarships and my parent's help I've still managed to rack up quite a debt. Plus add in the price of rent, groceries, utilities, cell phone, insurance, a social life, clothes and unexpected expenses. What do you get? One sad graduating senior. I'm at a lost as to how I'm going to financially survive after college. This week alone I spent $270 to fix my computer, $50 on gas and parking to attend a job interview in Chicago and $80 at Pick n' Save.
So what's my point? I'm trying to figure out the best financial strategy for recent grads, because most of us will have to face this challenge at some point. There's the option to move back home and save money. While this may work for some, others need to take their sanity into account and decide paying rent all of a sudden doesn't look so bad. The alternative option to becoming a boomerang child living with mom and dad again is a small apartment with roommates.
If I opt to live in a city, I can ditch car expenses. I wouldn't have to deal with monthly payments and interest or the price of gas, insurance and parking to worry about. Looks like I'm soon to be a public transportation kind of gal who also mooches rides from friends (hey, I'm not paying for a cab either).
Next problem: shopping. From food to clothes I spend too much. Shop-a-holic rehab here I come. My solution is to become more like my mom (and this can be a good thing). Shop only when needed and go with a list. This is going to take willpower.
Okay, so I've thought of some way to cut costs, but the reality is no matter what you do, debt will still be a reality for many of us. So what have I learned from examining my money problems? Stressing over money is pointless.
Maybe the best any of us can do is reexamine what's truly important, make a budget and have a positive outlook.
