Life is weird in your ‘20s. While I claim all the rights of adulthood, I still rely on my parents for most of my needs. They pay for my rent, groceries and gas. I have my own part-time job, but being a full-time student keeps me from making enough money to support myself. I am blessed to have my parents’ support, both emotionally and financially. But, that support has kept me from feeling like my own woman at times.
My father often asks me why I keep a part-time job when I don’t necessarily need the money. My response? I use the money to support my shopping and caffeine addictions, which is true. But on a deeper level, I want to be able to buy and save my own money for things that my parents may not support. Concerts, road trips, vacations and fast food all fall into this category. That’s why I spend hours each week working a minimum wage job. I want to secure myself a small bit of freedom.
This past summer, I got the chance to use my savings when I decided to buy an Apple Watch and the AirPods Pro from Best Buy. I wanted AirPods when my dad and siblings got them the year before, but I wasn’t willing to spend the money on them then. The Apple Watch was more of an impulse purchase. I originally wanted a Fitbit, but after some research, I decided an Apple Watch aligned more with my needs. It seemed like a nice thing to own, and I had disposable income from my savings. So, I figured why not.
My parents bought me excellent electronics in the past when I needed them for school or wanted them for a birthday or Christmas present. But, my dad didn’t see a reason to have an Apple Watch. I took this opportunity to buy it (and the AirPods) for myself.
When I told my mom I wanted to make the purchase, she suggested that I look into opening a credit card with Best Buy. The idea made me nervous. I wanted to own the items outright and not have to worry about paying them off. My mom reminded me that it was a good idea to build my credit now while I was young instead of waiting until I was older. She said my credit score would go down at first, but it would improve as I continued making timely payments. With her advice, I applied and received a Best Buy credit card.
This was not the first credit card I owned. I already had a credit card in my name that I used to pay for my gas and groceries. I paid it off every month, but my parents always reimbursed me for those payments. The Best Buy credit card was the first card I would be paying off with my own money. I would be responsible for anything that went wrong. It was a terrifying yet invigorating step into adulthood.
As soon as I was approved for the card, I purchased the watch and AirPods online. My mom picked up my order from the store. Within 12 hours of receiving my credit card, I had gotten my items without any money leaving my bank account. That was when I realized how dangerous credit cards could be and how people found themselves in debt so easily.
The credit card allows me to make payments towards the electronics with zero interest as long as it is paid off within 18 months. This provides me with plenty of time to pay it off over the course of the year. Of course, my goal is to pay it off as quickly as possible. While I am only required to make one payment a month, I make one each time I get a paycheck. That means two times out of the month, I sit down and pay the maximum amount I can afford.
Showing myself that I am responsible enough to have and maintain my own credit card made me feel like I was more of an adult. The entire process taught me about applying for credit and how it can impact my future finances. It has also taught me to be on time with my payments and mindful of my budgeting. While my Apple Watch and AirPods were not on par with buying a house, they represented my small step toward financial independence. When it comes to building credit, financial literacy and independence, the small steps amount build-up to create a responsible and functioning adult.