FAST: I will stop 'spending' for a year. From 10/10/10 to 10/09/11.
My dad is a spender. My mom is a saver. I realized at 30 that I take after my dad. My mom taught me to be a frugal shopper, only buying what I need and only really spending money on quality items. My dad was always taking us to lunch or buying flowers for my mom or giving more than I knew he could to the church.
I'm not a shopaholic nor do I spend outside my means. I'm a big giver when I do have money and often find great things for my friends or family and give more to the church when I have it. Every once in a while I'll go on a little splurge but I've never been in debt. I have no credit card debt, no outstanding loans... I also never have any money.
I buy quality clothes but not designer stuff. I make sure to have staple items in my closet for all occasions. I rent an apartment with a roommate and never buy ostentatious things. I have driven and paid off the car I bought 6 years ago and have no plans on an upgrade any time soon. I have a dog that I am quite self-sufficient with between cutting his hair and bathing him myself. I do trade to get massages and my hair colored. I do my own nails. My roommate & I keep our thermostat low in the winter and high in the summer. I know how to keep my grocery bill down. You get the point.
All of those things would typically mean that I could easily save money. Yes, living in the DC area (man, it's expensive) & being a new business owner (sacrificing salary & spending savings to get things started) are two of the biggest reasons for not saving much lately but there's something more than that.
What caused this epiphany? Two things:
- A girlfriend told me a story about a neighbor of hers who can't stop spending. Patra told that neighbor that if she didn't buy one piece of clothing for a year that no one would notice.
- A 23-year-old girl I know lost her job, her car & her home and decided to sell everything else and go on a tour of the US to write a book about the homeless in every state and she's doing it! Check out www.shaykelley.com
A switch flipped in my head and I looked around me. I have a closet stuffed full of clothing that all fits and works for every occasion. I have all the electronics I could want (camera, laptop, phone). I have a normal set of bills but nothing I'm paying off. Aside from the daily life stuff, I already have absolutely everything I need to comfortably live for a year.
As a working American, I have access to anything and everything I can possibly need or want. If I lost it all, what would I do? As a business owner, I have to trust myself enough to make sure I keep income flowing but do I really need to keep spending?
Spending money on things I don't absolutely need has stopped today. No more Starbucks, no more weekend trips to my parents, no more online shopping, no more wine, no more purchasing for myself or others, etc. I have everything I need and if I need anything, I can make gifts or borrow items from friends.
I will set a monthly budget & stick to it for the following things:
- bills
- toiletries
- groceries
- dining out
- tithing
With the money I hope to save over the next year, I want to:
- Take a real vacation
- Give more to my church
- Put money into my retirement
- Build a savings
This is something I need to do if I want to do the things my heart longs to do. Working 7 days a week and never seeming to save is getting old. It's time I started acting my age and started thinking about my future. Being healthy physically, emotionally, spiritually, and financially will allow me to be the woman I set out to be.