I had a lot of fun in my early 20s. Maybe too much fun. I was a young and carefree college student living in this naïve bubble world where I had access to thousands of dollars of student loan and the best part was I did not have to work for a cent of it! Partying like a rock-star was my life.
I made a lot of money mistakes while I was spending like Sex and the City’s Carrie Bradshaw; mistakes that I am here to share with all the young ladies and gents who read my blog so that I can possibly prevent at least one person from repeating the same offenses.
Here are some of the ways I was literally throwing my money in the garbage when I was in my 20s…
1) When I was really strapped for cash, I would take a cash advance out on my credit card. Interest on credit cards are already high but interest on cash advances on credit cards are sky-rocket high and they start the second you pull out the cash. I swear I am still paying the interest on some of the cash advances I did years ago…
2) I never paid my credit card balance in full but I kept asking for an increase to my limit. For some mysterious reason or maybe not so mysterious greed, my bank kept allowing the increase.
3) I was on interest relief from my student loans and didn’t have to make any required payments towards it so I chose not to. I literally want to cry when I think of all the years I wasted not putting money towards my student loan considering I graduated in 2007.
4) I was buying boyfriends and friends expensive Birthday and Christmas presents when I couldn’t really afford to.
5) I was buying my friends rounds of drinks at the club when I definitely couldn’t afford to.
6) I decided that I wanted to collect makeup so I proceeded to build up a very nice makeup collection.
7) I wasn’t saving anything. Retirement seemed too far away in the future and I hadn’t even heard of an Emergency Fund.
8) I was living paycheck to paycheck and relying on credit to live beyond my means.
I’m rather embarrassed to admit how bad I was with money but this blog is to document my journey to a debt-free life and part of that will have to be acknowledging where I went wrong in my past…
As you all know, I am dreading my 30th birthday in a few months, but if there’s one silver lining, then it would be my excitement and motivation at not repeating any of these money mistakes as I enter a new decade of my life.
I have to end this post with a cheesy warning line because GMD loves the cheese…
Please don’t make the same money mistakes I did because I promise you they are costly! *insert groan*
Thanks for reading friends,