Common Sense Ain't Common

Yes. I am a 28 year old full time college student. Most would agree that the average 28 year old would have a Master's degree by now with a full time job related to his or her major. Well, I'm the exception. I'm not ashamed. I'm not in competition with anyone but myself. I'm not comparing my life with anyone else's. I decided to go back to school and earn a Bachelor's degree because it will increase my chances of getting a job where I can earn an income that will sustain my family.

I'm learning about information that many adults would assume is common sense. In my economics class, Common Sense Economics, I've gained financial information that has seemingly been hidden from me. Before taking this class, I would hear people say, "save your money" "budget your money." Yet, I didn't fully understand what they meant. I didn't know how to save money, or what I was saving for. I had no discipline, and little care about how I handled my finances.

In the course text book, it states something profound about the spending habits of many Americans. "Avoid the temptation of instant gratification by considering the future consequences of current choices." BAM! Just like that! Lately I've been pondering on some of the poor financial choices I've made over the years. I'll share a few with you.

My first mistake was leaving Bowling Green after only 1 semester. Education is an investment, a very expensive investment. However, as I learned in Econ, people are much more frivolous and much less frugal when spending other people's money. So give an 18 year old girl $20,000 for tuition and see how she values it, with no prior financial skills...

My second mistake was opening revolving debts without having a budget, sufficient income, or a financial plan. I chose to rent an apartment, get Time Warner Cable, have a cell phone, and pay utilities. I was working at a retail store making about $8.00 an hour... Common sense ain't common...

My third mistake was making payments on a brand new car with a note of over $400.00 per month, not including insurance. Need I say more?

Thankfully, I made all of these mistakes before I became a parent. But I'll be paying for these mistakes for years to come. Those mistakes all resulted from falling for the temptation of instant gratification. I should've stayed at BGSU for at least a year to give it a chance and see if I liked it. And you'll never guess why I left... I wanted to be closer to my boyfriend at the time, who ended up dumping me shortly after I moved back home.

Instead of renting my own apartment with no money saved up, I could've lived with my parents until I had enough money to get my own place. Why didn't I want to live with my parents? Because I didn't want to follow the rules. I wanted independence and freedom to do my own thing. Instead of the brand new car, I could've selected a used car for half the price, lowering the monthly note significantly. I didn't do any research on the Kelly Blue Book value. I didn't try to negotiate the price of the car. I was in need of a car (or so I thought), and I took the first deal that was offered to me.

Life is about choices. College is exposing me to new knowledge and resources that I was unable to access in the work force. College is making me think about my decisions thoroughly before acting impulsively.

Personally, I was used to "doing what I had to do to survive." I thought that my success was determined by having my own place, my own job, and my own car. I didn't care about the future, I was caught up in the now. I thought I was grown and mature, and that I knew everything. WRONG. It's cliche, but knowledge is power.

Now that I'm in a comfortable position, I have the time to learn and practice money habits. I am putting just a few dollars away every month that I DO NOT TOUCH. I am spending less than I earn. I'm even using the money that would've been given to me as a refund, to put towards my unsubsidized loans. I see the value in doing these things now. I'm understanding how money works, and aligning that knowledge with my life experiences.

I know that unexpected things happen all the time, Whether it be a flat tire, dropping and breaking my cell phone, unforeseen illness, etc. I know that by saving a little money every pay, I'll be able to cover those emergency financial situations with my own money. I don't have to call mom or auntie for help. I know now that by budgeting, I can see exactly where my money is going, and how much of it is going there.

I don't plan on being broke and in debt for much longer. By developing discipline, good spending habits, and budgeting I am on my way to financial success. Won't you join me?