From Stigma to Strategy : Life on a Budget
As some know, I began a journey of financial freedom in February 2017. My goal is to aggressively repay student loans accumulated from college and graduate school within the next 3 years. To successfully achieve this goal requires a detailed plan, self discipline, and a healthy dose of discomfort.
Social Pressure
Living on a budget can be hard, especially in a city — like Atlanta — that’s always on the move. It requires one to turn down coffee, lunch dates, and social gatherings. We want to be socially engaged and “keep up” with our peers.
Sometimes we tell ourselves that we’ve earned the right to spend a little. Who doesn’t “treat” themselves to retail therapy after a long work week? Discipline and long — term vision are needed to hold us accountable. Having an accountability partner, or group, is also helpful.
We can’t allow social pressure from friends, family and social media to derail our goals by spending money without restraint, or making investments we’re not prepared for. We have to exhibit the willpower to express, “I’m on a budget”, or “I can’t afford that right now”. Surprisingly, when one person opens up about their financial journey, it naturally gives others permission to do the same.
Stigma
Having conversations about personal finance is taboo. We go out of our way to avoid conversations about debt. However, 1 in 5 millennials is not confident about their longterm financial future. That statistic should be enough to make us pause and seriously consider our current financial plan.
Where does the stigma related to being on a budget come from? For some, budgeting is associated with being “poor”. For others, it’s an admission of weak financial control/constraint and the end of one’s social life. We easily internalize these beliefs without realizing the impact. A budget, or financial plan is believed to be negative. In actuality, it can guide one toward their long-term financial goals, providing greater freedom to enjoy the life most desired.
Many of us — myself included — grew up not discussing personal finance with other people. I’m working on challenging this cultural dynamic and being transparent with others about the value of having a budget. A budget is nothing more than a written financial plan of action. We should manage our financial resources with the same level of detail invested in our work and social calendars. Calendars help us track when and where we “spend” our time just like a budget tracks our life priorities.
“A Budget is telling your money where to go instead of wondering where it went.” — Dave Ramsey
Strategy
Expressing my financial goals and limitations provides an opportunity to decide if I will participate in or forego an activity. Sharing my journey though this platform, personal conversations and small group discussions has been extremely liberating. If you’ve considered taking a leap of faith in your career, or have other personal goals, but debt is holding you back — give budgeting a try and seek out an accountability partner.
Let’s work collectively to eliminate the stigma of budgeting by opening channels of communication about debt. There is no shame in living within your means. Creating a “debt free community” requires encouragement to focus on getting our finances in order. It also requires we give ourselves grace. Missteps happen along the way, the only mistake is not learning from them.
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