my favorite financial advice
I was tagged by Debt Challenger to give my most favored piece of financial advice. Picking a favorite is hard, because every good thing I know about "being good" financially works together with some other good thing, so it’s hard to pick a standout. Perhaps the best thing I can say is "humble yourself."
Throughout this journey towards financial wellness, I have constantly had to humble myself. Even though I didn’t like the concept of failing at anything, I had to accept that I wasn’t on top of my credit card usage in order to stop using my cards until I could use them properly. I had to accept that there were things I didn’t understand about money in order to effectively learn what I needed to know. I had to cut corners, like shoveling the walk for my landlord in winter to save on rent, or using store brand products instead of brand name products to save on groceries. It’s not always easy to do things like that. I was a little embarrassed that one time my friends saw me mowing the lawn at my apartment building. Sometimes I wish I had a more extensive wardrobe.
But purposely being humble has saved me from spending more than I earn. It has enabled me to get through emergencies because I’ve been able to keep and replenish savings cushions. It has also helped me to stop my credit card balance from growing, and even to start paying it off more rapidly than it grew. Not taking myself too seriously and not feeling a sense of entitlement to more than my necessities helps me to appreciate what I do have, understand the difference between a needed thing and a wanted thing, and to be a good steward of my time and money. And one of these days, I’ll be debt free outside of the mortgage on my first humble home. It’s not that I lack ambition. I just don’t overreach or consume for the sake of consumption. To me, financial humility means understanding that I am young, and I don’t have to have it ALL right NOW.
