Get Your Money Right: Finance Tips You Need to Know
Build your wealth now!
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How Money Savvy Are You? - As women we are taught so many things, like cooking and cleaning, but how often are we taught about how to handle and manage our money? Not often. If you are struggling to get money savvy, read these tips to help get your finances on track. By Kellee Terrell (Photo: JGI/Jamie Grill/Blend Images/Corbis)
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You Are Not a Bank - First things first. Being a daughter, mother, friend and/or partner, there can be constant pressure to take care of everyone. And while it is good to help out when you can and want to, make sure that you set up healthy boundaries about what you can and cannot do. It’s hard, but do not feel guilty for wanting to hold on to your hard earned coins. (Photo: Randi Sidman-Moore/Masterfile/ Corbis)
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Educate Yourself - If you want to build wealth, you have to know the language of the game. Do you know what the following terms mean: Stock, bonds, IRA and interest? If not, perhaps now is the time to learn. Educate yourself with blogs such as Frugal Feminista and books such as Girl Make Your Money Grow. Remember: It’s never too late to learn. (Photo: Glinda Bridgforth via Amazon Books)
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Track Your Spending - The only way to know what you are spending money on is to do the work. Each weekend, look at your accounts and track your spending. How often are you doing to the bar or the movies? From there you can make small changes about what you can cut back on each week in order to make a huge impact down the road. (Photo: JGI/Jamie Grill/Blend Images/Corbis)
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Pay Yourself First - Saving isn’t easy, but if you wait until the end of the month, most likely you won’t have anything left. So in the beginning of the month or throughout the month, pay yourself. For example, if you set up your account to have $50 automatically added to your savings account each week, you can have $200 saved each month. (Photo: JGI/Jamie Grill/Blend Images/Corbis)
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Negotiate a Higher Salary - Did you know that Black women make 64 cents to every dollar a white man makes? One way to get your finances together is to make more money, which can mean negotiating a higher salary at your current job now. If you have been offered a new position, ask for something higher. All they can say is “no,” but just think if they say yes or meet you halfway... (Photo: Hero Images/Corbis)
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What You Need vs. What You Want - Every day we are bombarded with the lives of wealthy celebrities and ads that tell us that we need those shoes or that bag. But you have to be able to decipher between what you want and what you need each month and be more honest with yourself. (Photo: Jamie Grill/Blend Images/Corbis)
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Start Paying Off Those Credit Cards - If you are only paying the minimum payment every month, try stepping up your payments. Pay the most on the card with the highest interest and the minimum on the other until they're paid off and then repeat. Learn more about paying off your credit cards here. (Photo: Wavebreak Media Ltd/Veer/Corbis)
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Start Thinking About Retirement - Yes, the thought of retirement seems like eons away, but now is the time to start thinking about retirement. Whether it's a 401K or a Roth IRA, start putting away a little bit now in order to build over time. If your job offers a 401K plan, hop on it! Learn more about building your 401K here. (Photo: JGI/Jamie Grill/Blend Images/Corbis)