Pop quiz. Which of these experiences do you find more mortifying?
- Finally, at age 30, moving to the big city but only being able to afford housing options that include four housemates
- Having your credit card declined in front of all your friends
- Over drafting your bank account
- Learning your car has been repossessed
If any of these scenarios hit too close to home as plausible, I completely understand. All of these humbling experiences were mine. Why? Because, like most, I learned about finances through the school of hard knocks.
Full disclosure: my parents set me up with a great academic foundation – private school education that culminated into Ivy League graduation – but zero financial literacy.
The reality of an entry-level salary plus student loan debt minus basic cost of living expenses didn’t leave room for error. Hello self-sufficient adulthood. Never mind, this version of adulthood included living paycheck to paycheck and “nuisances” like overdraft fees and making minimum payments on credit cards. Not looking at your bank account balance equals blissful ignorance, right?
Wrong. The day my relationship with my finances changed is still crystal clear. At the age of 24, after a missed loan payment, my car was repossessed. That was it; the wake-up call that there had to be a better way to handle my money.
So where does one go to learn health financial habits when turning to family is not an option? Traditional sources like banks, financial advisors, and other financial institutions can be perceived as intimidating and often assume even a basic level of financial literacy. Antiquated approaches to financial literacy have a way of repelling those of the ‘I cringe when I look at my bank account persuasion’. Recognizing emergency savings is a critical factor in financial health, we sought to reimagine how might we change individuals’ experience with money in a relevant and beautiful way and created Beldwell.
Beldwell is dedicated to helping people build happier, more financially secure lives through beautiful physical artifacts that connect to, and reflect, your financial progress. We believe that every person should have the opportunity to achieve financial independence and understand the solutions offered should keep up with the times. Think Fitbit for saving money, minus the wearable part. Beldwell is designed to fit in with the décor of your home or office. We value a non-invasive approach. Beldwell is simply there to genuinely encourage your progress.
Follow our blog at https://medium.com/@beldwell to learn about the meaning of our company’s name.