By Kendra Bryant
With forty-five minutes, half a tank of gas and a purse full of lint, I made my way to fashion paradise, aka. Saks Fifth Avenue. Determined to purchase nothing, you can imagine the stunned look on my face when I dashed into the shoe department and was greeted by a sale. On Christian Louboutins. Yes, the red bottoms, the âbloody shoesâ, the must-have in every womanâs closet, Louboutins.
I couldnât believe my eyes, nor the price. A pair of never-worn, authentic leather, sequenced Loubitons for a whopping price of $250. Need I remind you that on any regular day, these shoes cost up to $700. Iâll be honest and say Iâve never owned a pair of European shoes, so when the size 39 slipped on like Cinderella, I was sold. As I walked, well- more so attempted to walk in the shoes, my feet were simply in pain. It didnât take much, but letâs just say that the affirming âousâ and âahsâ of the customers watching me strut my stuff gave me the green light to utter the devastating words, âIâll take it!â
As the sales assistant escorted me over to his lair, he asked me the question that shouldâve come with a warning sign.âWould you like to sign up for a rewards program where you can save up to 10% off on all SAKs purchases?â. I donât think you have to hear me say it, but I will. Yes, I said yes. Despite being asked to sign for a thousand important questions, my only memory is walking out of the store, with the gift-wrapped bag, and the freeing idea that no money left my account. Call me foolish, unwise, or just stupid, but I call it…Â vulnerable.
One day of what felt like a free purchase carried over to months and months of debt. Everything from real estate courses, elaborate Target sprees and even occasional subscriptions to Zeus Network (donât be over there judging) were purchased. In three whole months, I, an unemployed college student, accumulated over $3,000 worth of credit card debt.
The simplest way to understand debit and credit is to know that debit is your finances and credit is borrowed money, which you will pay back each month. Iâm sure youâre probably thinking, âHow can I not be up in this mess?â Well, hereâs my advice.
Tip 1: If you canât afford it right now, donât buy it right now
Todayâs society has made debt so easy to obtain. Access to platforms such as Afterpay, Klarna, and even Affirm can turn a $200 shopping spree into $50 at the cash register. Now ask yourself, doesnât that just sound… odd? Yes, so stay away.
Tip 2: Consult with a parent or a trusted adult
As someone who has shared a bank account with their mother since 16, your parents already know your spending habits. You may think theyâre judging, which they may be a little lol, but they have been there before and have all the knowledge to guide you in the right direction.
Tip 3: Create a monthly budget plan
When living on campus, I had no idea how to stretch $40, let alone $20. Iâve always rejected this idea simply because my thought process was if I donât have a consistent source of income, then how could I possibly budget? Well, hereâs how you can. Download a free budgeting template from Canva and begin customizing it to your liking. Now itâs time to get real… first, decide how much you plan to spend on your needs (gas, bills, groceries, loans). Next, analyze your wants (nails, hair, shopping, Saturday brunch). Be sure to add all of your monthly subscriptions! When finished, add everything up to get your spending limit for the month. The remaining balance is not to be spent, but instead will be placed in the savings portion of your account.
Remember, the hardest part isnât making the budget plan, itâs sticking to it and Iâm confident you got it!