Budgeting: You May not Think You Like it, but Give it a Try

May 27, 2011

So, this just might be the most embarrassing thing I have ever written. This is one blog I hope that NONE of my friends read, because this is just far too much information for them to have at their disposal. Here it is, my confession, I really like the show “Glee.” I can’t believe I’m admitting that. I watched one episode to see if it was acceptable for my kids to watch, and I won’t share my opinions about that part, but my daughter and all of her friends are huge Gleeks (fans of Glee), and now…so am I. Why do I tell you this most embarrassing of admissions?

Because sometimes things take us by surprise and we end up liking something that we wouldn’t ordinarily imagine that we would like. I’ll share a story of someone who I had the chance to work with. When I met her, she was a self described “shopaholic” who had a huge affinity for shoes and clothing. She paid no attention to the price of anything, if she liked it she bought it. If she didn’t have the money, she’d get the store credit card in order to get a discount on the purchase. It had become a part of her identity. The day I met her, she introduced herself and within 30 seconds I knew that she very strongly identified with the “character” she had created for herself. She was very fashionable, and her friends all looked to her as the authority on all things fashion-related. I learned that she developed this identity as early as elementary school, so it was very personal.

Her identity had a fairly serious downside. It needed funding. It needed a lot of funding. And, her income wasn’t nearly enough to feed her identity’s shopping habits. Without a change of habits, and her whole vision of who she is, she was on a straight line path to bankruptcy. She was engaged to be married, and her fiancé was having serious second thoughts, including a discussion about ending the engagement if she didn’t change her behavior, when she disclosed her financial situation to him. It was at that point that she decided to ask for help. She was not quite 30 years old and had acquired over $50,000 in credit card debt along with $60,000 in remaining student loan balances.

When we started to talk about “budgeting,” I thought she was going to be sick. She thought that the word sounded incredibly restrictive and she bristled against tracking her spending or living within “guidelines.” It was not an easy conversation, but because of the consequences (was she willing to risk losing her fiancé?) she decided to give this whole “budgeting” thing a try.

The results? Almost a year later, she actually LIKES living within her means. She has become a fan of paying down debt, finding inexpensive ways to have fun, and while she is still an amateur fashion critic, she no longer buys clothing and shoes at will. She says she hasn’t lost any of her friends over it, she is still the fashionista in her circle of friends, her debts are being paid off at a fairly rapid pace and within 2 years she will be debt free. And the best news of all is that her fiancé was encouraged enough with her progress that they have since gotten married.

It’s funny, just as I never thought I would like Glee (why did I bring that up again?), she never thought she would like budgeting. She even told me about a few shows on television (Extreme Couponing and Ten Dollar Dinners) that have become her new favorites!