What If You Had A Financial Mulligan?

Tiger Wood’s does not need a mulligan on the golf course & I am sure that Bill Gates is pretty happy with the way things have worked out for him and that little software company that he founded. A friend asked me for some advice on student loans today and the situation got me thinking back to when I first graduated college. I wanted to help this friend out with the right advice.

I know people say that you should leave the actions of the past in the past, however, sometimes we need to admit the mistakes to get over them. I would never want anyone t have to experience the stress of paying back loans the way I currently am, so I told her about my biggest financial regret.

One benefit of the structure of a student loan is that you have a six month grace period from the day you graduate to wait to make you first loan payment. I saw this grace period as an opportunity, except not the right one. I went on a spending festival, going wild without a personal budget on my mind. All I had to pay was my $355 car payment (That’s my car but not me!!) on the last day of every month.

I did not track, watch, or even second guess my spending! I was having way too much fun. I thought to myself, “This is my time to live life and do whatever I want!” Boy was I wrong! If I had the right mind, I would have saw this as a prime opportunity to save up as much liquid cash as possible. I was making over $2,000 a month and spending nearly all of it with ZERO dollars going into anything resembling a savings account.

Looking back, I could have saved a ton of money if I just realized what the hell I was doing at the time and made a plan to set some cash aside. Finding a balance would have been a great idea, but I decided to put the peddle to the meddle. What kills me is I have nothing to show for: No photos from trips, gifts to family members, or even a receipt describing what I bought. All I have to show for is numerous line items on my checking account at every single bar, lounge, pub, and tapas spot in the Philadelphia Area.

I got over it a while ago, specifically July of 2008 when I began blogging and tracking my spending via Mint.com. My life has changed as I have accepted a new routine to paying off my massive student loan debt (Now down to 82k!). The past is the past and I have admitted my faults.

What is your biggest financial regret? I am sure everyone has something they wish they could use a mulligan on?

I am just glad that I got to use my mulligan on a good friend who had his/her mind right to plan for the future. He/she is set to graduate this May (22/f if interested LOL!). I guess you can say I played the roll of caddy on this hole, even though it feels like I knocked in an eagle from 150 yards out!