Before this year, I was terrified to talk about money.
Don’t get me wrong. I was responsible. I paid my bills. I had an average credit score. And to be clear, it was only merely average because I had a lot of credit card debt and a high credit utilization ratio – i.e., the amount of credit you have vs. use (if you use a lot/max out your cards, your utilization is high). And that happens to be one of the top factors that determine credit score. All my other factors were good to exceptional, even before this year.
But I still hated talking about it. And I still felt guilty about it.
Part of that is that my family is so good at managing money, and I felt bad that I wasn’t better at it.
A bigger part of it, though, was that I’ve often taken financial literacy courses and read financial literacy books, and most of them come overcast with a large dose of shame that I don’t already know or haven’t been able to do what they’re teaching me. The prevailing message from experts is that if you are struggling, it’s because you suck at money and it’s all your fault. Because the prevailing agenda of most people who have excelled under capitalism is to uphold capitalism as the ideal at all costs. And they can’t do that if they actually admit the system doesn’t work as well as it should for everyone.
But every system has weaknesses. Every. System. *cough*especiallyAmericancapitalism*cough*
Yet that is the system where I live. So this year, I decided to face my fear. I resolved to set and meet 50 small financial goals to point me in a better direction. I met that goal by the end of May and just kept going. By committing to small, incremental changes, I have:
- Raised my credit score by 40+ points
- Built an emergency fund
- Financed a car without a cosigner
- Had some important financial discussions with my dad that I had been avoiding
- Stopped feeling guilty about spending according to my values. In fact, I made value spending a whole budget category
Shameless plug time – I did this with the support of Tori Dunlap’s 100K Club. This community was the real MVP when it came to getting past my financial shame and trauma so I could even think about goals. The community is not currently open, but you can get on her email list and get a lot of the same information from the resources on her website and from her book Financial Feminist (which is actually a workbook, so get your own copy or make sure you have a journal handy to write in if you borrow it from the library).
Another resource I like is Moving Beyond Broke by Dasha Kennedy (aka @thebrokeblackgirl). If you are new to budgeting or new to saving or nervous about saving or need regular encouragement, get this book and follow her account.
Just as important as the practical goals I met, here are some things I learned this year that I want to pass on:
- I’m actually really great at managing money. I was good at it before this year, and I’m even better at it now. I’ve had to be, because I have never in my adult life made what was considered a livable wage for my area. And yet, I have lived. I have always had food to eat and a home to live in and managed to pay all my bills (even if sometimes the way I had to do it was credit and then find another little temp odd job to pay it off). Turns out, I can squeeze blood from a turnip.
- As proud as I am of what I have accomplished, I did not do it alone. I have resources I can reach out to when unexpected things happen, and I have a solid community support system. This is essential. This is non-negotiable. Get yourself in community.
- So does anyone who is financially successful. If they try to tell you their success is 100% self-made, they are either incredibly lacking in self-awareness or they are flat out lying to you.
- If you are struggling financially and making less than $50,000 a year in most places (more in places with a high cost of living), I guarantee your struggles are not your fault. You are working your ass off in a system that was not designed for even your survival, much less your success – a system that rewards greed and treachery instead of the actual hard work it claims to reward. Let go of your shame, and get mad instead.
- You’re probably already mad about it. Focus that mad where it’s deserved – toward the manipulative system and the greedy assholes who blindly uphold it without question – and fight back. This anger has become excellent motivation for me. Every time I want to slack in my goals or spend money on some nonsense that I don’t really want or that doesn’t match my values, I have a little voice in my head that says, “That’s how the oppressors win.” And then I make a better choice. Works like a charm.
- Greed is rampant in our society, but if you’re actually worried about being too greedy, you’re probably not. In fact, you’re probably settling for way less than your work is worth. And by you, I do mean I. I am settling for less than my work is worth, and the financial goals I’m currently working on are to help me remedy that.
- When I am struggling, it is easy to fall into the trap of trying to find ways to monetize the things I do that bring me joy. It is essential for my mental health and that of my community not to do this. Most things need to remain as gifts to yourself and the world around you. Cultivate generosity and protect it.
Well, that’s more than I planned to share, but hey – I’m clearly less scared of talking about money now. So that’s a win!
M. Suzanne Terry 