5 FINANCIAL TIPS

For the past 86 years (at least it feels ) my new year’s resolution had been to have more financial freedom. Sadly I had been making the same mistakes over and over until recently (for the record I’m still broke lol) when I did my homework and found some solutions. So here it goes grab your pen and paper, or in this case have your ‘copy & paste’ thumbs ready.

1. KNOW WHERE YOU STAND- This means writing down all your income, debt, bills and investments. More often than not we think the situation isn’t as bad as it actually is. Put everything in ink so that you have a clear understanding of where you stand financially. Knowing what comes in and goes out will help you tremendously. Even if you were to hire a financial advisor that’s exactly what they would have you do first (well after you pay them) so why not be in charge of your own finances?   
2. FIND YOUR SOLUTION- Now that you know where you stand, what do you do with that information? Is your goal to build credit, pay off debt, save money or what? Are you wanting to go on a vacation but are not sure how to go about saving? Or do you want to purchase your first designer bag, shoe or even home? Then follow me closely. Let’s say your goal is to pay off debt and you followed step #1 by gathering your coins. Second step would be to put a plan in place and that would roughly look like this; Bills first ( Rent, gas, electricity etc), debt, and then save/invest. Setting a goal and time frame will save you a lot of trouble. Let’s say you wanted to pay off $1,000 debt in 6 months, $41.66 per week could get you there. Or if you wanted save $1,000 for a vacation in 6 months, $41.66 would get you there. So putting a plan in place makes it even more achievable. Small achievable goals are by far greater than larger daunting ones in the grand scheme of things.
3. MINIMIZE: If financial freedom is what you really want, then you may have to cut back on unnecessary expenditures. For me I cut back on eating out, I used to find myself making a turn at every Taco Bell even when I wasn’t hungry hungry (You know that kind of hunger that gives you an attitude). Fast food was not only draining my pocket but also increasing my weight line lol so you know that had to go. Also I found that doing my own toenails saved me $10-$15, it’s not like I get anything special done on these funny looking toes. Lastly, I only shop the essentials be it groceries or wardrobe (let me know if you want me to share some shopping tips) just because I am done wasting.
4. GIVE : You must be thinking “she just lost her mind” first of all, I did but that was a long time ago lol. In as much as you are on a budget and are trying to get your life together, there is someone out there who has it worse. The Bible tells us that it is more blessed to give than to receive. Also there is something rewarding about being a blessing to someone, so go ahead and find something that’s close to your heart and be a blessing in that area. You could give $5 to the cancer foundation or children’s hospital, or you could volunteer at the local shelter, church, school or even help a friend organize their space. There is something about helping others that just improves your esteem and helps you see that “it could be worse”. It takes the focus off you for a couple of seconds and transforms you in a way. I’m not saying be a big spender and pop bottles at club
5. YOU’LL  FAIL : I know what you are probably thinking but hear me out lol. You will fail, you will break your budget from time to time but quitting is not an option. Quitting won’t make you attain your goals any faster, so when you find yourself sneaking a Starbucks coffee into your budget or buying the same pair of jeans that you already have just remember that you are human. Instead of beating yourself up and cursing your ancestors, pick yourself up the next day and continue on your journey. Consistency is key. Even if you save $1,000 of your $2,000 goal that’s still a win because you are in no competition.

Avoid looking at your goal to financial freedom as a punishment for past mistakes, but rather as an investment for the future. There will be times when you will feel deprived and feel like quitting but just ask yourself this “what does financial freedom mean to me”. As for me Fatima; financial freedom means NOT ever having to looking at my son and tell him he can’t go to college because we didn’t plan/save for it, or having him go to bed hungry because we had no food for that night. I would much rather clip and paint my own toenails today and save for the future than to look at my own child go without a meal. Does that make sense? So think about what it means to you, what ever it may be and stick to it.

I thank you so much for reading.. Before you go, please share with me; What is your #1 financial goal? And what is your #1 tip for saving money?

My dress is from GoJane and unfortunately sold out ($20), cross body purse TJMaxx and my booties are from Burlington ($20). Photo credit ; Lloyd Mack.