I began tracking every penny that went in and every penny that came out. And although I didn’t feel like I could control my finances yet—because I was making so very little money that I didn’t have many choices about what to do with it—it gave me the sense of possibility someday. You know, if I kept this up and figured out how to earn a little more than what I was making as a telemarketer. Someday this would pay off and I would be in control of my money.
The reason our last budget didn’t work is because it was too much work to track & manage. The problem was that we didn’t have a system in place that would work for us.
So I recently set out to come up with a system that would fit our needs.
Because at the end of the day, the most effective budget is the one that you’ll stick to.
I was making about $14,000 a year when I became pregnant with my daughter… I was nowhere near my family, I didn’t even have a car or a driver’s license, and within a few months later, I didn’t have a fiancé either. So how did I go from that point to being a lawyer earning a six-figure salary? Well…
I don’t know why or how you got into your current financial situation, but it sucks. It sucks that some people assume you can just fix it by getting a better paying job. As if you wouldn’t already have that if it was an option. As if you haven’t already tried.
I swear there is a something in your DNA that determines whether you’re frugal or spendy. I definitely have the spendy gene. That doesn’t have to be a bad thing though. As they say, the first step is acceptance. Understanding yourself as a spender will let you build up an arsenal of tools to counteract that. And budgeting is a big part of that.
But, while frugal living is often a difficult way to achieve goals, there are plenty of painless money-saving tips for everyday life to get started. Once you’ve started with these smaller actions, you might start to feel a shift in the way that you think.
It’s so clear how these principles can affect an entire generation of African Americans. We consider the wealth gap to be a crisis, and we’ve seen firsthand how transparency around money has changed our marriage for the better, and improved our financial outlook. And raising a son in a debt-free household changes the way that we parent, it changes the choices that are available to us.
About 78% of full-time workers are living paycheck to paycheck, according to a recent poll, even while earning a decent salary. However, since they do not know what exactly they are spending on, most people end up throwing away money that could have been saved.
Investing is one of the most important ways you can grow your wealth over time, but it can also seem intimidating to people who haven’t invested before or who have lower incomes. Investing can actually be very simple, especially since the best investment advice is “set it and forget it.
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Your dedication and thoughtfulness will pay off. You won’t be among the 47% of people who can’t handle a $400 emergency. And when the right spending opportunity comes along at the right time, you’ll be able to make a well-informed, guilt-free purchase that fits perfectly within your budget.
The first 90 days of starting to budget, and starting to keep track of your money, and figuring out where your money is going, …
I finally had it with the whole idea of debt. Borrowing to get things we wanted just to be punished for the rest of …
It doesn’t matter where you start. Just that you do. Read the article and watch the videos: How to Invest in Your 20s – …