She Strengthens

From Spending Addict to Financial Redemption

A Personal Journey of Overspending and Recovery

I’ll admit it: I was once a spending addict. In a single week, I spent a staggering $4,000 on donations. It was a habit that nearly drained my savings account, leaving me with less than $400 in just three months. But how did I get to that point, and what did I learn from my mistakes?

The Road to Financial Disaster

After COVID-19 hit, I was diligent about saving. I stashed away my unemployment benefits and added them to my emergency fund, which grew to $15,000. Feeling financially secure, I started paying rent to my dad and had a comfortable cushion in my checking account. However, when my mom called about an apartment opportunity in Huntington Beach, I jumped at the chance to live on my own. I convinced myself that I had enough savings to cover the expenses, but soon after signing the lease, I stopped caring about my spending habits. The result was devastating: I racked up massive debt, and my savings dwindled to almost nothing.

The Wake-Up Call

The guilt was overwhelming, but I finally sought help from a free counselor who specialized in spending addictions. With her guidance, I began to confront my financial demons and take steps towards recovery.

Getting Back on Track

I confided in my boyfriend, who reassured me that we were a team and would face our financial challenges together. We started checking in with each other whenever I considered making a purchase, and I began asking for his input on whether it was worth it. I also landed a job at Burlington and set up direct deposit to my savings account. To avoid temptation, I put my credit cards away and started using my debit card exclusively.

Building a Better Financial Future

Today, I’m proud to say that I’ve rebuilt my savings to $1,836. This time, it feels different – it’s money I’ve earned through hard work and discipline. I’ve implemented systems to help me stay on track, including autosaving my income and tracking my spending with a physical transaction register and Google Sheets spreadsheet. I’ve also rediscovered the importance of distinguishing between needs and wants, and I’m committed to increasing my income through side hustles and dedication.

Tools for Success

I’ve found value in using YNAB (You Need A Budget) to manage my finances. By focusing on the money I currently have, rather than what I expect to have, I’m better equipped to make smart financial decisions. I’ve also learned to appreciate the support of online communities, like Talk About Money, where I can share my experiences and connect with others who understand my struggles.

A New Chapter

As I continue on this journey towards financial redemption, I’m grateful for the lessons I’ve learned and the progress I’ve made. I’m committed to staying vigilant and keeping my spending habits in check, knowing that every dollar I earn from now on will be entirely my own.