I began my arduous budgeting journey upon receiving my first paycheck. At 16, I had no clue on what to do with that much money and so, as any music obsessed teenager would naturally do, I indulged in a great pleasure: concert tickets. Rarely cheap, these tickets allowed me to see the artists that I only knew through the music app on my phone. It was incredibly gratifying until it wasn't. I've attended many concerts that I could have definitely lived without, yet what had gone through my 16-year-old mind at the TicketMaster checkout page wasn't "is this worth $80?" but instead pure, reckless excitement.
After some disappointing concert experiences and frighteningly low checking balance, I knew my priorities needed some serious adjustment. The expenses of university were creeping up on me when I made a realization that shifted my perspective, something that helped me define financial responsibility. It was investing, not spending, that I was engaging in. To be financially responsible was to have the ability to look at the future, the bigger picture, and invest your funds where they were needed. And my college funds were where I needed to invest.
I could not continue to mindlessly buy the countless things that caught my eye. Whenever I got a notification that an artist I liked was going on tour, I asked myself if the memories of being there were a worthy investment. If, in 10 years, I'd think back to it and savor the experience like an infinitely sweet piece of candy. Whenever I went shopping, I asked myself if I'd wear it every week, without complaint. If I'd pay double just to get it. If it was a worthy investment. At the beginning of each month, I would make a wish list, putting on it the various things I wanted. At the end of the month, I'd look back on it and check to see if I still really wanted them. I ended up deleting most of the items. I portioned my paychecks into a checking and savings account, putting a certain amount in the former each month. With limited funds in my checking account, I had a more tangible sense of how much I could invest.
Through these tactics, I learned to put my money where my priorities were. Although I'm not perfect in my finances, I have a stronger resilience to impulsive purchases, a solid amount of money for next school year, and a much more satisfying list of concerts to attend. Financial responsibility not only helped my bank account, but helped me elucidate the priorities in my life. Now, I not only carefully choose where I invest my money, but where I invest my time, my energy, and myself. I'd suggest that those struggling to budget ask yourself this: what are your priorities and how much do you want to invest in each of them? Because I still love concerts, but not as much as I love avoiding college debt.
I'm currently a sophomore at Colorado College. The generosity of the Money Key scholarship will assist in offsetting a significant portion of my tuition fees. I plan to study English to pursue a career in publication.
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