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Struggling with Financial Freedom? Me Too!

Recently, I have decided to get my finances together. No, I had no choice but to get them together! My friend always says I operate on a “wing and a prayer” which isn’t a bad thing because God- period. Yet I did not like operating in the realm of last minute figuring it out. I didn’t like pinching pennies or moving money to make something happen. I also decided that I was tired of paying mortgage rates for rent.

So I decided to make my finances a priority. Now for some back story- I never really had someone educate me on what a healthy financial life looks like. Some of you may know what this feels like. You get refund checks in college and live life on $1000. Only to realize the extra 5-10 thousand you were splurging on actually had to be paid back with interest. Or a Discover credit card sounds really good when you’re signing up. Yet you didn’t know after the 12 month 0% APR period that shit jumps to 12%. Try paying down that balance. Or while you’re closet looks amazing with the nicest designer shoes, eating off ramen noodles every night ain’t it. The list can go on and on.

So when you finally decide to get your shit together, that first step is the credit check. It’s like a blow to your throat and you can barely find the air to breathe. How the hell did I get here? Well there I was – now I’m trying to get right. One thing I realized on my journey to financial freedom is I am an impulse shopper. Get that from my mama. I can go into target with a list of 5 things that should cost about $50 and be surprised when I walk out with 8 bags and $150 dollars later. If I like it I want it- even if I don’t need it.

And the problem with that? When you are trying to get better with your finances, those are the exact purchases you have to refrein from making. That shoe subscription is the reason you an’t save monthly. Happy hour every week is the reason you are living on $20 for a whole week. Your loneliness is the reason you take weekly shopping trips to marshalls. Or the reason you buy the clothes you wont wear for months. When you realize that your entire perspective has to change – and that family is the most difficult part.

I had my first experience of sticking to a list on a shopping trip- which meant sticking to a budget and it was difficult – there were so many things I saw on sale I wanted but know ere not on my list! It was tough but survived. It also didn’t feel good at first- but after I got home and sawy my account and how much money I had left, I felt a little better.

I also took some advice from the Budgetnista and opened up an online savings account at Ally Bank. At my main bank, I created a separate account for bills and spending. Then I also downloaded TrueBill. An App that categorizes all your spending to help you identify where the majority of your money goes. This allows you to have a clear picture of how much money you have left over after bills. This also eliminates the overdraft fee you acrrue from thinking you have more money than you actually do. This was was my issue. It opened my eyes to acutally how much I was receklessly spending.

Fast forward 1 month – I have a steady increasing savings account. No overdraft fees and a steady shopping list. Although it’s only been a month, I feel closer to to financial freedom and home ownership than ever before. I’ll check in with you all in a few months with an update!

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