It's Only Money

Illustration: "A World That Quickly Turns" (1855), Anonymous

My friend Gail seemed like a sensible person, certainly not someone who'd be considered irresponsible or wildly extravagant. She had a good job in a higher-than-average income bracket. Nothing made me suspect she had big financial problems.

There were little things about the way she lived that I noticed. When she needed cash, she went to a convenient drive-through ATM that wasn't owned by her bank, and paid a transaction fee every time. In her bathroom, she had the most expensive brand of toilet paper. Her cosmetics were a pricey imported brand. She had several sets of nice dishes and table linens that she alternated to match the season or the holiday. Although her fashion style was casual and slightly rumpled, she wore top-tier clothing brands. She leased her car. Her son took a lot of music and art lessons, and went to fancy summer camps.

These aren't bad things. I don't think any one of her spending habits doomed her, but I do think she had a habitually careless attitude toward money. There were probably a lot of things going on that I didn't know. Eventually, she accumulated unmanageable credit card (and other) debt and found hereself in danger of foreclosure, unable to pay the bills, avoiding phone calls. She got some relief by filing for bankruptcy, a long, painful process that trashed her credit score.

When it was over, I noticed some subtle changes at Gail's house. Her toilet paper was now the Kirkland brand from Costco, and her moisturizer was Olay. She bought a pre-owned car. She still liked those upscale clothes, but she waited to buy them at clearance sales. Her son was now old enough to have a job, and he paid for his own activities.

Overall, Gail's life didn't change much. She still had that well-paid job and still lived in the same lovely house. It seemed that now she paid more attention to costs, and that she was serious about budgeting for the big things, like a nice European vacation and a better car. But she still used the drive-through ATM.