No summer is ever complete until “The Song of the Summer” is crowned.
It’s got to be catchy. It’s got to be poppy. And it’s got to be impossible to go to a beach, a barbecue or a neighborhood pool party without hearing it. It’s the hit pop song that even people who don’t listen to hit pop songs know the words to — and probably like more than they’re willing to admit.
Think “Call Me Maybe” — the syrupy-sweet 2012 “song of the summer” that was so huge that it inspired awkward-but-endearing sing-a-long videos from U.S. Marines stationed in Afghanistan and from the entire U.S. Olympic swim team.
Sometimes, however, there’s more to a great pop song than a killer hook and fun lyrics. Sometimes there’s a lesson to be learned or inspiration to be drawn. With that in mind, we took a lighthearted look at some of the leading contenders for the title of “2015 Song of the Summer” to see what money lessons you might be able to take from them.
Taylor Swift, “Bad Blood”
Money quote: “Band-Aids don’t fix bullet holes.”
Lesson: The ubiquitous Ms. Swift is talking about repairing a relationship after a betrayal. (I’m looking at you, Katy Perry.) However, the same sentiment applies to your credit. When you’ve shot your credit full of holes, don’t expect to fix it quickly or easily. It typically takes time and consistent hard work to bring damaged credit back up to par. (One exception: If you remove errors on your credit report that were wrongly weighing down your credit score, you can see a meaningful jump in a hurry.)
The good news is that if you do stay on the straight and narrow — paying your bills on time every time and reducing your debt — your situation will likely improve. Set up auto payments to make sure you’re never late again. Ask your credit card issuer for a lower APR to keep interest from growing out of control. (You’d be surprised how often it works.) Transfer a balance. Sell some valuable things you no longer need. Even small actions can help you pay down your debt, and as you do that, your credit score will rise. Just don’t expect it to skyrocket overnight.
Wiz Khalifa, “See You Again”
Money quote: “I know we loved to hit the road and laugh/But something told me that it wouldn’t last/Had to switch up/Look at things different, see the bigger picture”
Lesson: This song — a heartfelt tribute to a dear departed friend — is ultimately about change. Unfortunately, however, many people don’t realize that they need to change their ways and see the bigger picture until it’s too late.
I’ve been there. A couple of years after college, I had $10,000 in credit card debt and it was nobody’s fault but mine. There were simply too many years of spending too much on tickets, electronics, travel and nice dinners and ignoring the debt that began to grow out of control. I ended up with no money in the bank, multiple maxed-out credit cards and a feeling of absolute terror at what I had done.
I knew I had to change, and I did. I figured out how much I had to devote to bills such as rent and utilities, and then I paid virtually everything else — minus a little bit for groceries and other day-to-day costs — to my credit card issuers. Life was a lot less fun for a while. However, the sheer joy I felt when I finally paid off my debts was one of the greatest feelings of my entire life. It made all the struggles seem worthwhile.
Andy Grammer, “Honey, I’m Good”
Money quote: “No, no, honey, I’m good. I could have another but I probably should not.”
Lesson: This song is all about temptation. He’s turning down a lady who offers to buy him a drink, and he’s doing so because he knows that if he doesn’t, he might end up doing something that he regrets.
For many people, a new credit card is that irresistible object that leads to future regrets. Remember: You don’t have to take credit just because someone offers it to you. If you don’t need it or don’t feel you can handle it, don’t take it. Credit cards can be great tools with fabulous rewards that give you cash back in your pocket or free airfare that can send you around the world, but the last thing anyone should do is increase their spending just to get rewards. If you do, it can backfire and turn what seemed like a good idea into a disaster.
Rachel Platten, “Fight Song”
Money quote: “Starting right now I’ll be strong/I’ll play my fight song/And I don’t really care if nobody else believes/’Cause I’ve still got a lot of fight left in me.”
Lesson: Belief and commitment are incredibly powerful. Whether your credit card debt wounds are self-inflicted or the result of job loss or medical issues or something else beyond your control, it’s incredibly important to believe that you can get yourself out of it. Then, you can turn that belief into action.
Even if the moves you make feel small and insignificant at first — and even if others doubt that you can change your careless spending ways — commit to do something to make your situation better. It certainly isn’t going to be easy. It certainly isn’t going to be fast. And it certainly isn’t going to be fun. But when it’s over, you’ll have an enormous sense of accomplishment and a realization that you can fight through darn near anything.
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What the 2015 Song of the Summer Can Teach Us About Credit originally appeared on usnews.com