During my last year of varsity, all I could think of was earning money. I couldn’t wait to get my first job and not have to ask my parents for money every month.
Fortunately, I found a job only six months after graduating. It paid me an entry level salary, but I was a young professional now, and I had to look the part.
Excited that I could open store accounts, I applied at all my favourite stores, and took up loan offers from banks. Looking back, I wish I had known better. I should have been more responsible with my finances at an early age.
On the popular blog by Phumelele Ndumo, Young, Black, Employed & Heavily Indebted, she talks about a trend she’s noticed amongst us young people.
“Young people are complaining about how hard life is yet some don’t even have kids yet! I would feel a little better if they got into good debt but what concerns me even more is that most are heavily indebted over trivial stuff e.g. clothing accounts, expensive cars, credit card debt, personal loans, furniture accounts, etc…”
When a friend sent me the link to the post, I was embarrassed because the title described me and my current state. I am young, black employed and yes heavily indebted.
Not only has this affected me and my family in a negative way but it has also been a wakeup call for me to watch how I use my finances.
I have learned that the decisions we make today will affect us tomorrow. But as much as this has been a setback in my life, I choose to look at it in a positive light since the damage has already been done.
I do not wish for any young person to go through what I am going through. I should be enjoying my life as a 25-year-old, but I am suffering the consequences of being irresponsible with my finances, and trying to live a life I could not afford, just to please friends.
It’s important to get financially educated, save from your first pay cheque, and not fall into the trap of loans and store accounts.
As Phumelele Ndumo writes in her blog, a personal loan is likely to make you personally poor.
I’ve learned my lesson, and I’ve taken the first big step towards changing my life, and my finances, for the better.
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