The Long (money) Game

Howdy!! I am extremely embarrassed that I have neglected you all!! But I am back with a very personal post that I normally would not talk about to anyone. But that is what this blog is all about. Sharing all the ups and downs in my life after 30 with the hope that my life and lessons can help you feel like you aren’t alone! So with that being said, please accept my sincere apology and let’s jump into this post. Please don’t forget to share in the comments! I love hearing from you all! 😉

The older I get and the further along I progress in my career, I find myself thinking about the long game and what that looks like for me. (And by me, I mean myself and the boys)  I would like to think I’m a smart cookie. I have read read a ton of articles on how to save money, how to plan for your future, etc., but I cannot seem to put any of it into action. Let’s talk about the thing that I feel hinders me the most. Money management. I hate to admit it, but my money management skills are lacking big time. My money controls me, not the other way around. I make a decent salary, but I still live check to check. My savings is non-existent because I am continually looking for instant gratification. Shit I don’t need but because I am a self-diagnosed shopaholic. I convince myself I do. Clothes, shoes, food, and other crap that brings zero value to my life. The craziest thing is that I know better! I am a very idealistic person and I have dreamed a little dream of the life I want, but for whatever reason I cannot abandon my bad habits to take the steps to get it. Time is not on my side, I need to develop and plan…and fast.

Last year I facilitated a marriage seminar on Financial Health at my church and my money personality is SPENDER (go figure)…I was convicted right then and there and did’t deny it! I live for the gratification of bringing something home shiny and new! So much so that I don’t even like shopping online anymore because I want what I want right then…or not at all. Then I get pissed when I can’t ‘afford’ it and the self deprecation starts all over again. I have internal battles with myself daily about what to or not to buy. And the majority of the time I give in to myself. When it comes to money matters, I just have ZERO will power. Why is it that I am such a control freak in pretty much every other area of my life, but I cannot control my money? What am I going to do when life happens? It’s not just about me anymore, I need to plan for my son’s future and making sure he has experiences I never did as a child. I should be thinking about how I want my retirement to look like and taking that honeymoon trip we never had. Can we survive a job loss, sickness, injury, or any other catastrophe? The answer right now is, no.

So, what exactly am I going to do about it? I’ve got everything I need…you know from all those articles I’ve read! ;). Let’s see if I can get myself on track TODAY.

First, I want to give my savings a boost. Hubby and I have a joint savings account and I have money being deferred there every time I get paid, but I want to increase it by at least 25%. It goes over automatically, so I don’t even notice it. The other thing I have done (thanks to my good friend Nadia!) is started saving for a “rainy day”. She told me about this cool app called Digit that saves money for me without me even thinking about it! The app will withdraw money from my checking account and put it into an FDIC insured savings account based on my spending and only if I can afford it. I can withdraw the money any time and are even saving bonuses!

Next up is debt. I went a long time without credit cards and I don’t know what the hell possessed me to fall back into that trap. Oh wait…my shopping addiction! I have read a million times over to pay off the credit card with the highest interest rate first. So, putting my money where my mouth is, I have identified the accounts that need to be paid down first and began to pay the  minimum on all the others. I take the extra that I was putting toward those other accounts and funnel it into the one(s) with the highest rates. For my student loans, I have worked out repayment plans so that I can get those paid off…before I die.

Now to retirement and college savings. My company offers 401k and does matching, so I have increased my deferral percentage to my 401k. Why not get more of their free money! I will be meeting with a financial adviser at my bank to get a 529 Savings Plan set up for Ethan’s college. I am a bit behind the 8 ball on this one, but it’s never too late to start! Still hoping he will be granted a full ride scholarship to the school of his choice. #mommydiaries 😀

These are just a few steps that I plan to take to make my financial future look a bit brighter. As I begin to earn more I will make adjustments as necessary. As for my impulse shopping, I have to make a conscious decision to think about the things I purchase to make sure that I can afford it one, and do I really need it? But summer is coming and there are so many pretty dresses and sandals and straw bags…OKAY, focus Siara! I am very interested in hearing if you have been in or are currently in the same situation I am in and if there are any words of wisdom you want to offer! Let’s start a conversation about it!! XOXO