Avoiding Debt (Indulging)

I can remember those days, when I used to march into the Dillard’s at the mall and drop a few bucks ($70-90 each) on a shirt or two, and some jeans. I would also go to the shoe store and get some new kicks, even though I didn’t need them, and I often ate out. I wasn’t worried that I didn’t have any savings or a decent car; that was when I was in high school and had no bills. I wish somebody would’ve advised me on saving to buy a house instead of blowing my money on clothes or food. Fortunately, by the time I got married and became a dad, I had shed those spending habits. I now will mostly get my stuff at the Goodwill or the sale rack at the mall, but I know too many college age friends, who spend $80+ on a pair of jeans or a shirt, but don’t own a car, or have any savings; they are always short on cash, borrowing money, and worst of all bumming off everyone else. These are kids working in fast-food joints or at low paying jobs, but they will drop their entire paycheck on one item, like an iPad or a purse; they are living above their means, and this will lead to financial disaster. I will share some tips on how to live within your means.

·         Eat out once a week, or twice a month.

·         Don’t buy the luxury car if you can’t afford to own it (A Mercedes or BMW is expensive to repair, and insure.).

·         The Coach purse can wait, the mortgage/rent can’t.

Here is an article that will provide helpful information on how to spend wisely: http://www.denverpost.com/ci_23740777/college-spending-tips-five-ways-avoid-going-broke    

Elana Ashanti Jefferson The Top 5 ways to Avoid going Broke in College with Spending Tips. The Denver Post. July 29,2013