shopping

Remember back in January when I was talking all that jazz about being financially responsible and no more frivolous spending; paying off credit cards and taking matters into my own hands? No? Me neither.

Just kidding! Go ahead and refresh your memory here. I had laid out three “simple” financial goals that I wanted to accomplish by the end of 2011. I’m quite convinced that finance will never be my best friend. I’ve already come to the point where I’ve realized shopping is my drug. It literally gets me high. The thrill of a new purchase — the outfits! the dinners! the outfit photos! — is unparalleled. But now that it’s been a year, was I just all talk and no game? Let’s find out.

1) Free myself of any credit card and frivolous debts.
While I wanted to pay off ALL of my credit cards (there’s a lot of ‘em friends), I didn’t 100% succeed. I DID paid off a few and am in the process of paying the remainder, so I should be on track for 2012. What I didn’t take into consideration was life - helping my mother pay rent, cable, phone on top of my transportation, Sallie Mae, food and, yes, my shopping habit. The problem: I wasn’t realistic. I assumed I can Wonder Woman my way through my debt without being honest with myself. BUT all is not lost. If I stay on track with the “budget” (using the term loosely here, guys) I created, I’ll be done in no time. It just took me longer than I anticipated.

2) Skip the cheap guys and purchase mainly investment pieces.
I’m going to go ahead and call this one a success. Yes, I shop to my hearts content much to the chagrin of my bank account BUT those frequent trips to Forever 21 has become MUCH less frequent. I hardly go into Forever 21 for my clothing, choosing instead to go to Zara, J. Crew, H&M (still kind of crappy but not as craptastic as F21). Now don’t get me wrong, I still walk in from time to time in search of good deals on costume jewelry but the biggest difference in my wardrobe has been the quality. Now I’m not shopping because my clothing has teared, shrunk or stretched out due to horrible material. After taking a good look at my closet, I’d much rather save up and spend my money at Zara where the clothes not only LOOK better but last me from one season to the next. Now if only I can make those visits less frequent, ha!

3) Stick to budget.
I failed miserably. The concept of budgeting is mind-boggling! How does one stay within a limit? What about emergencies? What about that YSL lipstick? Now, just because I didn’t create/ stick to a realistic budget doesn’t mean I didn’t save. No, sir. I may spend but I’m also putting that savings account to good use. I just had to get creative with how I saved my money (mind games, removing my savings account from my debit card, etc.). Also, if you’re anything like me and tend to dip into your savings account, I suggest you open up a CD (certificate of deposit). Interest rates are shit but I’m not focusing on that. With a CD, you can’t touch the money for a dedicated period of time or you’ll get charged a penalty fee. Having worked at a bank for 4.5 years, I can personally attest to the fact that these fees are harsh and merciless. Check your local bank for options.

My credit is in a much better place than it was end of last / earlier this year but I can do better. As I take a deep dive into what I want for 2012, I’m going to look back at my successes and failures to get a sense of what is truly achievable. There will always be student loans and I will slip up and go on a binge shopping spree. It’s how I manage these and rise above that will really count. That’s why I named that post “Goals for 2011 and Beyond” — everything takes time.

And that Mulberry I spoke about? It turned into an Alexander Wang that I bought for myself (plus it was cheaper than the Alexa!)

Please don’t forget that you can still help the people of Haiti, donate to the Red Cross today. Thank you.