Older Wiser Money MiserSharing practical observations of life and money in the 21st century.
Responsible money management is a skill I learned relatively late in life. My issue with money stemmed from my sense of entitlement. “I’ve worked HARD, I DESERVE whatever it is I’m whipping the credit card out for.” I got into a credit card mess that, with the help of a financial advisor, I was able to get out of.
Fast forward 20+ years…You would think I had learned my lesson but no, I hadn’t. While I was no longer living beyond my means I was very self-indulgent and wasteful with my money. The day finally came when I decided enough was ENOUGH!
My husband’s impending retirement was the biggest catalyst in my change of attitude. If he was going to retire successfully we HAD to get a handle on our money habits.
I was a bit ruthless-as my husband would say I was like, “Sherman going through Atlanta!” I fired my housekeeper!! I cancelled my spa membership. I cancelled my magazine subscriptions and started going to the library more. I stopped calling the pizza guy on nights I didn’t feel like cooking. Within 9 months round 2 of consumer debt was all paid off. The feeling of both relief and accomplishment I had when I made the very last payment was pretty overwhelming and I carry that feeling with me whenever I’m tempted to fall back into old, bad habits.
So the moral of the story is this: I learned late, but I learned. It is never too late to develop good money habits that will serve you well in years to come. My hope is that I can encourage my clients to find their way to responsible money management and discover the freedom being debt free brings.