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This episode is very different from my usual content on the podcast.
I feel a little uncomfortable sharing my credit/money story, but I also realize I’m not the only one out there with this struggle.
What does this episode have to do with vegan life? Everything! If your money ain’t right, you’re probably not eating right too. Money affects other areas of our lives…especially how we eat and take care of ourselves.
I’m starting this MONEY series because I always see people in their 20s and early 30s talking about how much money they’ve saved and how many student loans they paid off.
I rarely see content from people like me…starting “late” and still want to build wealth.
Some background about my relationship with money and credit…
Growing up, my parents always told me to pay myself first and to never charge more than I could afford to pay off monthly on my credit cards.
My dad even made me watch Suze Orman and other financial shows and lecture me about money as a kid/teenager.
The problem? I didn’t listen to a damn thing.
I can remember getting my first credit card as soon as I turned 18.
In fact, it was as if the credit card companies knew when I was turning 18 because the solicitations came right away.
Even though I knew it wasn’t free money I still felt like it was in a way…I could run up $500 and pay $20 a month…interest be damned.
My first experience with credit debt was in college. Do you remember when credit card companies used to set up booths giving away free pizza and a sweatshirt for opening up a line of credit? By the end of that semester I had about $6,000 in credit card debt.
Then at 20 years old…Navy Federal Credit Union gave me a personal loan…for $25,000!
I have NO IDEA what I spent that money on. I couldn’t keep up with the nearly $500 payments and they refused to reduce the payments (my fault of course) so I filed for bankruptcy.
I didn’t have a credit card for a while, but I would allow medical bills and other bills go to collections instead of making payment arrangements.
I was so ashamed about my financial situation.
Once I got married, I really didn’t care about money or credit because my ex-husband had excellent credit and a decent job.
I hid behind him.
Once we separated (16 years later), the reality of my situation slapped me in the face. I lived with my parents for about six months licking my wounds and getting myself together.
I started saving a little money and then got nervous about applying for apartments because I didn’t know what my credit score was at that moment, but knew it was likely in the gutter.
After moving into my new apartment, I pulled my FICO scores and my median credit was a 471!
Tell me why I didn’t know scores went that low? How dreadful.
What to expect in the MONEY series? Candid solo episodes from me, everyday people, and financial experts about money mindset, credit, saving for an emergency fund, investing, and homeownership.
Be sure to send me a DM on Instagram if you have any guest suggestions,
Thank you!
Resources mentioned:
Trello - used this software to help
