She Strengthens

The Financial Blunders of Youth

As I reflect on my twenties, I’m reminded of the financial missteps my husband and I made during our early years of marriage. We were 26 when we tied the knot, after a five-year courtship. With no immediate plans for children, I wanted to pursue a graduate degree, and my husband supported my decision. We started saving together during our engagement, accumulating $20,000 by the time I began school at 27.

A Perfect Plan, or So We Thought

Our plan was to use half of our savings to cover graduate school expenses and the other half for a down payment on a house. However, I still needed to take out $15,000 in loans for my first year and $25,000 for the second year. I knew I’d be earning a decent salary as a registered dietician, but I was plunging us into $40,000 of debt. We had paid off our undergraduate loans, so we thought this investment would be worth it.

House Hunting and Financial Folly

During my first year of graduate school, we excitedly house hunted, eventually falling in love with a place outside of Chicago. It was out of our budget, but we were desperate to make it work. We used $15,000 from my student loans to cover the down payment, a decision that, in hindsight, was ill-advised.

The Consequences of Our Actions

We lived happily in our new home, eventually welcoming a son to our family. However, when we divorced at 34, I was left with the burden of paying off my student loans, including the $15,000 we’d used for the house. I had been out of the workforce for two years, caring for our child, and my ex-husband had retained his savings from that period. We divided our assets, but I was left with the financial responsibility.

A Hard-Learned Lesson

Looking back, I realize that I should have taken a more active role in our finances. My husband handled the money, and I was too willing to hand over my earnings and let him manage our financial decisions. This archaic mindset nearly cost me dearly. I urge young women to take control of their finances, even if they’re in a serious relationship. It’s essential to be aware of your financial situation and make informed decisions.

Moving Forward

Today, at 39, I’m still paying off my student loans, but I have a plan to be debt-free in three years. My son is nine, and my ex-husband remains a wonderful father and active presence in our lives. While I’ve learned from my mistakes, I hope that others can avoid similar financial blunders by being proactive and taking charge of their financial futures.