For those of you who haven’t heard of the Smart Cookies, this will be a real treat. I was reading an article today in the Globe and Mail again about how life as a twenty-something is financially challenging (ya think!?!). It made an interesting point. Instead of trying to maintain or achieve a luxury-item-based lifestyle in the wake of growing debt and dwindling career prospects and paycheques… why don’t we learn to embrace frugality?
Today I wore a $10 dress I found on the clearance rack at Walmart. I’ve gotten a number of compliments already and it’s only 11:30. My new sunglasses are cute and fashionable, and they were only $14.99… sure they might not last more than 1 season but I’d rather not be tied to wearing trendy sunglasses longer than socially acceptable because I spent a large portion of my paycheque on them.
Two Christmases ago Sandra Claus gave me the book The Smart Cookies’ Guide to Making More Dough. It took me 6 months before I would even open it. My finances as a grad student were in such dire straights, I didn’t even KNOW what my balances were on my lines of credit and credit cards were.
This is dangerous territory indeed.
Once I started working my internship last summer I was bringing in a decent paycheque every two weeks and finally cracked open the book… I even brought it with me to Ottawa knowing it would eventually get read. It was great! Written by 5 Canadian ladies, I loved how I could relate to the little things they spoke about… (e.g. Instead of Tim Hortons, bring coffee in a travel mug from home instead).
I devoured this book.
While I may still be in a precarious financially position as a recent grad with plenty of student debt and meager current earning, my attitude has definitely shifted. I know my financial position… knowledge is power. I pay my bills early. I make more than the minimum payments (sometimes even double). I know my interest rates, I know when money is coming in and when it is going out.
The one area I need to improve upon the most is savings. I know I could be doing better. And that is what I am aiming to do. I know the right people to ask. So it’s just a matter of doing it.