The First of the Month

Today is Tuesday, March 1, 2011. For some, it's just another Tuesday. For me the only thing exciting about Tuesday is "Glee" and "Raising Hope" on Fox. Well, "American Idol" is on tonight instead of "Glee" so I guess we can forget about that being the reason Tuesday is special. [Sidenote: I will admit, however, I really like this season of American Idol.] Some might even recall that on this day in 1781, the Continental Congress adopted the faulty Articles of Confederation as the official law of the land for the United States of America. Yeah...that's not special either. After all, we saw how long that lasted.

Sure it may be the 208th Anniversary of Ohio's statehood, the 144th Anniversary of Nebraska's statehood, K-Mart's 49th Anniversary, Mark-Paul Gosselaar's (Zack Morris from Saved by the Bell) 37th Birthday, and Justin Bieber's 17th Birthday, but today is special for another reason. Today...is the first of the month.

The first of the month means a lot of things to a lot of different people. As a kid, it meant that we were getting our monthly Welfare check. Yes, I will admit, I was a Welfare recipient for a large part of my childhood and adolescence. On the first of the month, we got a new wad of food stamps to spend on food (obviously) and a cash stipend for miscellaneous expenses. I can remember my parents giving one of us (my brothers and me) an interestingly colored "dollar bill" to go to the corner store (that we lived above...literally) to buy candy and junk food.

We loved the Strawberry Shortcake Rolls (we called them Jelly Rolls) and Swiss Rolls. We also used to stock up on Air Heads, Lemon Heads, Jaw Breakers, Fire Balls, and the bubble gum with the tattoos in the wrapper. I remember one kid who lived in the projects across the street from our apartment put his tattoo on his..."place where the sun don't shine" and his mother gave him a beating after she caught him flashing the kids outside. Yeah...that was awkward...

Now, it is 2011. The Welfare system has moved to EBT cards and has stopped distributing Government Cheese (Google it). As for me, out of college and on my own, I have more important things to worry about: BILLS. I'm not sure where the Washington, D.C. Metropolitan Area is ranked in terms of cost of living (because I don't understand any of the charts I looked up on Google just now) but I'm pretty sure we have a pretty high cost of living. Sure, there are a ton of jobs, several tourist attractions, and nice neighborhoods to live in here in the DC Area but the prices add up.

On the first of the month, our rent is due. Our apartment building provides an easy way to pay our rent via an online portal, which is convenient. I live in a high rise so we have to pay for parking also. Trust me, it is super convenient to have access to a parking garage when living in a city. You don't want to risk getting your car towed or stolen or broken into.

The worst things that the first of the month brings to my household are STUDENT LOAN BILLS! Between Danielle's student loan bills and my student loan bills, we pay quite a hefty sum every month. We have three student loan bills due on the first of the month. Then we have a few due on the fifth and sixth of the month, and two more in the middle of the month. We tried consolidation but that failed thanks to our nonhelpful loan companies.

Oh well, I guess they still need to be paid off anyway. So far, our student loan bills haven't broken the bank for us, which is a great position to be in compared to some of the positions that other people our age are in. I just wish I didn't have to spend my money on paying back student loans. I'd rather be jetsetting across the globe and fulfilling my goal of visiting all 50 States and all 7 continents before I die. However, the "real world" doesn't work that way for most people, me being one of them.

Here are some things I have learned in regard to keeping up with my bills and expenses:

1. Do NOT spend money you don't have!
• Credit cards and other lines of credit may seem like a dream come true when you really want that little something extra that you really don't need but would be really cool to have; but don't let temptation get the best of you. You'll be setting yourself up for a trap that will take you years to get out of. I'm only 22 and I am already experiencing the perils of credit card debt (thanks college). It's not fun. 
2. Everything in Moderation
• Stick to the essentials. There is no need to go beyond the bare necessities. Cable sounds fun but when you get the bill in the mail, you'll be second guessing your choice of a fancy cable package. You might really enjoy Skippy peanut butter but you better get used to the Walmart brand to help save yourself some money.
3. Stagger your Bills
• You definitely do NOT want all of your bills to be due on the same day. That is 100% unrealistic and impossible to take on. Set up payment arrangements with whomever you owe money to. Have some bills due during the first half of the month and others due during the second half of the month. It helps you to stretch out your paychecks to make them last a little longer and possibly give you some extra pocket change.
4. Budget
• You absolutely need to keep a budget! You need to monitor that budget closely and often. Sure, life will throw unexpected expenses your way from time to time (i.e. medical expenses, car repairs) but if you have a budget, you'll know how much money you have to work with. Make a Microsoft Excel spreadsheet and list out your expected expenses line by line. In addition to your expected expenses, give yourself a miscellaneous expenses line to cover any abrupt and unexpected costs.

With these tips, you can avoid stress and the horror of uncertainty. You might still be living paycheck to paycheck but you'll at least have a little peace of mind to help you sleep better at night. I have only been living on my own since June 2010 but it did not take long to learn the tips that I have just given you. Everyone's experience will be different but sharing these lessons I have learned will help people in many different circumstances. 

I'm glad I traded in my food stamps for real money. Happy March!

Sincerely,

J.A.B.