When it comes to money, a whopping majority of people make mistakes. Truth be told, most of us never take the time to get educated enough to either get out of the mistakes (unless we're forced to) or prevent them altogether. That's what this challenge is for - it gives us a chance to reevaluate not only what's wrong with situation, but take an honest look at how we got there to begin with. Hopefully, the revelations made during this time will make such a difference inyour life that you pass them onto another.
But before you can help others, you've got to help yourself:
Why are you here? What possessed to come to this page at this time at this point in your life?
How does your ideal lifestyle measure up against your current one?
Do you handle your money, or does it handle you?
Who dictates how you spend your time: you or your checkbook?
Are you adult enough to admit you're going nowhere fast?
Do you take pride in being busy, but don't have the paycheck to match?
If you could change one thing, how would it make you life better?
These are just a few questions I've recently asked, both of my peers and of myself - both sets of answers have been eye-opening. It's daunting to think that no matter how much money you make, or however much you save, if you play the money game the way 98% of America does - you don't stand a chance of enjoying it. It's terrifying to realize that your efforts in today's workforce earn you enough to make it to the next paycheck, if that. It's annoying to me when I see that same paycheck get swallowed up with bills, debt and frivolous spending.
That's why I'm doing this challenge: To get my hiney off this merry-go-round of monetary mediocrity. If you're trying to get rick, this isn't the challenge for you. If you're trying to figure the best way to erase all of your debt in 100 days or less, you may find this beneficial. But if you're just looking for a little bit of breathing room, you're the perfect candidate.
In doing this challenge, you'll realize a few things:
- 100 days goes by fast (which is why I chose that number)
- 100 days goes by real fast (so you'll want to stay on top of things)
- You have more to work with than you know (and this challenge will help you and me tap into those resources)
- Living within or under your means does mean that you have to without , but it's TEMPORARY
- You'll appreciate the things you have more and think twice before making any changes/additions
- The notion of Keeping Up with the Joneses will seem silly, Becca's you'll develop your own standards of living
So, take these next few moments and answer the questions from above. Be honest with yourself, and grab a tissue if needed. I'll start:
Why are you here? What possessed to come to this page at this time at this point in your life?
Money is tight right now, and I'm stressed. Ever since I moved out of my parent's house (in an effort to assert my independence) I've struggled to make ends meet. As a full-time student with a part-time internship, I make less than $600 every two weeks, and have bills that exceed that amount. I've mastered the art of paying for things at the last possible minute, and have gone so far as to have certain bills moved around to accommodate my 'bill schedule'. I have one maxed out credit card, and because I have rent due in two weeks, I've actually considered not paying the bill this month. As a fashionista, I enjoy the clearance racks of establishments such as JCrew Factory, Target and Kohls. Don't even get me started my passion for thrifting, between the two I can drop $100 bucks easy and not even remember I spent the money....until the bills come.
What brought me to this page was the realization that my bad habits are literally costing me more money. Just this past payday, 15% of my part-time paycheck was eaten up in overdraft fees. I had to take our a payday advance just to make ends meet. Now, I've got to come up with a way to pay that off and still make ends meet. I can't keep this up any more. I'm tired of not having any breathing room.
How does your ideal lifestyle measure up against your current one?
On a scale of 1 to 10 (from not at all to beyond expectations) I'll say I'm at a 3. I knew that I'd have to get creative with money when I moved out, but I wish that I'd taken better care of myself before then. Some of the decisions I've madeback in January I'm still paying for now. I'd love to be able to drop $100 on shopping every now and then; why not take an impromptu trip to the beach?; who says fine dining can't be done solo?! I have a laundry list of what I'd do if my income were a 10, but a paycheck that puts my at a 3. Lowering my expectations to match my income sucks, and I'm still in the hole.
Do you handle your money, or does it handle you?
Hands down, my money handles me now. I worry, and sometimes even lose sleep thinking about how many days I can put off a bill, how much time I can squeeze out of paying my roommates for my share of bills, how many times I have to plead with the vendor to erase the late payment fee or better yet, how much debt I'll have to repay once I graduate.
Who dictates how you spend your time: you or your checkbook?
Allow me to steal a page from my mentor's book: I go to a job that I don't like, to pay for a place that I don't own and live with people I don't respect, just to save face with people who don't have the life I want to begin with. As of now, my time is dictated by the lack of funds in my account...that's a whole lotta time. 