Confessions of a Finanshionista: Action Plan

Well it has been over a month since my last post (a thousand apologies). And while I was away I was being bad. Very bad.

A few weeks ago I received a very substantial refund from my University/Loan originator. Usually I take out more than what would cover basic tuition. Ya know, for books and such. Well lets just say I didn’t have thaaaaaaaaaaat many books to buy so I was left with a surplus.

I started to rationalize my purchases (purchases that I would not have been making otherwise) as necessary objects.: a new winter coat, winter boots, professional pants and shirts, and of course accessories to match. I also rationalized home purchases: a new theme for the bathroom with matching yellow towels (man towels are expensive!), new sheets and list goes on. Even a new mattress!

To make a long story short, I lost my freakin’ mind! Budget? Ha! Spending in moderation? Ha! Everything that I knew was wrong felt oh so right. I was able to buy anything and not worry about it. “Yes, I would like a bottle of champagne with diner!” Ok I didn’t take it that far but I did eat out at last twice a day. It wasn’t until I looked at my bank statement of transactions and realized that there were about 20 debits for every 1 credit.

Basic math can predict that with a spending record such as that, the funds were sure to eventually dry up. And what happens then? A huge onset of B.R.O.K.E! Buyers Remorse Over K-rappy Expenses!!! (that one was a bit of a stretch) I needed to take a step back and really evaluate why it was that I was being so bad.

At my age, zero spending is unrealistic. Miss New Money is all about making practical choices now to both further your quest towards a fabulous (and fun!) lifestyle but by incorporating realistic spending habits that will ultimately set you free financially. As I realized the errors of my ways, I took the appropriate steps towards correction:  Saving, Investing and Re-organizing (Yes, SIR!) I moved some of my money into my accounts that were ultimately going to afford me the freedoms to spend in the fashion I want to, also known as my money making accounts: my savings accounts, my Roth IRA (retirement), my TD Ameritrade Brokerage Account and my newly funded Money Market Account. In addition, I eliminated the accounts that where costing me money, my money taking accounts: my nasty Credit Cards.

I still needed to do more.  This relapse into commercial and retail spending made me realize that I still had work to do in terms of discipline. So I am going where no finanshionista has gone before. Introducing the “Thirty Day Full Price Cleanse” *insert dramatic music here*

For thirty days starting last week I will only purchase items that are either A) on sale, B) have a coupon associated with it (coupons are cool–just breathe), all while C) not using my credit cards. Now C shouldn’t be too hard, seeing as how I am now 100% CC DEBT FREE!!! Each week I will tabulate my savings and invest that into a money making account.

I challenge you all to do the same and see if you have what it takes to make smarter choices right now to recognize the benefits both now and for your future.

Keep reading…


7 Responses

  1. […] See original here: Confessions of a Finanshionista: Action Plan […]

  2. […] I have built, scratch that, am building my cash cushion. As you already now, I have successfully eliminated all bad debt (stickin’ it to the man!) and I invest on a regular basis in both a Roth IRA […]

  3. […] smart ways to pay for them that are just as cute, and won’t leaving us feeling B.R.O.K.E (what she say?) […]

  4. […] expense accounts tally at (7) too. I’m C3 debt free, remember? Unfortunately, all of my expense are recurring and quite necessary. Since I like having […]

  5. […] Christmas gifts I purchased last month but I went ahead and bought charged them anyway. Bringing my C3 debt free victory right back to the beginning, and I’m starting “behind” b.k.a. “in […]

  6. […] too suffered from closet envy which led me to charge up my credit card (at one point I was free of the C3′s). I’ve since recovered and no longer feel such pressure but I relapse from time to time. I […]

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