Managing Your Money: What They Don’t Teach In School
Let's talk money.
I grew up in a single parent household and was lucky enough to not only have a supermom but also a business savvy mom. In school we are taught all that we need to pass exams, but these lessons don’t include personal finance. Most people get into the real world and have no concept of money management or where to even begin.
I have a thirst for knowledge in this area and a passion for sharing what I know to encourage others to take money management and personal finance seriously. When it comes to money management, there’s nothing better than knowing your bills are paid, your savings is growing, and you have some extra funds to “do you.” If you haven’t gotten started just yet or would like to add on to what you are currently doing, here are some tips to jump-start the process:
1) Visualize what you are working with!
Have you ever heard people say that they are visual learners? Well, I consider myself one. Keeping an excel sheet is a bit old school but I love the flexibility in changing numbers, using formulas, and the ease of sitting at my laptop and being able to see all my funds at once. Depending on your pay schedule, list out which bills you plan to pay with what check. After you add these things up, subtract from your net pay and what's left over, you can play with! Now if you are more tech savvy and prefer to have your budget at your fingertips, consider looking into apps such as Mint, which allows you to have convenient access through your smartphone. Remember, the key to budgeting is to track your spending! By doing so, you’ll know where to cut back and where you have room to wiggle.
2) Don't forget to pay yourself.
Although we can get caught up in the hustle and bustle of life, there’s nothing like knowing you have some “tuck-away” funds. Before you do anything additional with your money, put away a set amount of funds into your savings account. Make saving a priority; don’t wait until you’ve spent most of your money and only save what’s left. “The goal of paying yourself first is to help make sure your future self’s key financial goals are covered, including building up an emergency fund, contributing to retirement and saving for any other long-term goals (Forbes).”
3) Have a savings account that is not tied to your primary bank account.
We all know the saying “robbing Peter to pay Paul.” This is exactly what happens when we co-mingle our funds, so to speak. You say to yourself you’re going to save $100 a check but once you start getting down to the last few dollars in your checking account, you start to slowly dip into your savings. How come? Because it's so easy. All you have to do is transfer the money and it’s immediately available. A solution for this would be to keep your "real" savings separate. I opened a savings account with a completely different bank and chose not to get a debit card for it. The best part of this account you ask? It takes three days to transfer money into your checking account. By the time you would receive the money, guess what? Those shoes or that bag isn’t so important.
There's also Digit. This free website and app studies your financial moves and automatically transfers money from your bank account to your Digit Account. They will send you daily, fun texts with updates of your balances and transfers. You can choose to save more, pause savings or withdrawal your money via text as well. Your money is FDIC insured and they have a no-overdraft guarantee.
4) Know Your Debt. Then, Knock It Off!
Make it your business to know what's out there in your name! Lots of people get duped for being uninformed. You can and most certainly will be penalized for not paying bills in your name, even if you knew nothing about them. Pull your credit report, everything you need to know will be included. Next, make a list of your debt from the smallest amount to the greatest and start knocking them off one by one. Each time you finish one, take the extra money and apply it toward the next debt. As you begin to see your debt decrease, you will feel motivated to keep going.
5) Did somebody say rainy day?
Now I'm sure we all know how it feels to get caught in the rain without an umbrella! The same applies to unforeseen circumstances that may leave you in a bind and needing some quick funds. Most financial advisors recommend having at least 3-6 months of living expenses saved. Yes, you heard me right, 3-6 months and that includes rent, monthly debt payments, and whatever other obligations you have to take care of. For some of us when we add that up, that number can scare us so I recommend starting small. According to financial author Dave Ramsey, an emergency fund of $1k is a good place to start. Set a plan, take your time and you'll get there. Once you reach that $1k goal, set small goals to get yourself to that 3-6 month cushion. “You cannot expect victory and plan for defeat” (Joel Osteen). Small victories are better than none!
6) It's never too early to start saving for retirement.
Unfortunately, by the time many of us retire, the social security program may be depleted. This is one less source of income a retiree will have to look forward to. Don’t let this discourage you, take advantage of the many options that are available to you. More often than not, we may approach situations with the “we have time” mind frame. Well honey, time flies and when it comes to investing, the earlier you contribute, the greater your return. Contact the HR rep for your employer and see what options are available to you (ex: 401(k) or pension). If your job doesn't provide you with options or you prefer to do your own thing, look into options such as a Roth or Traditional IRA. Doing your research is key; then go with the best option for your financial situation. There’s a huge misconception that you should wait until you make more money to save. This couldn’t be more inaccurate. As you get older, in most cases you have more responsibility (kids, spouse, mortgage, etc.) and these things will be just additional reasons for why you can’t save. Bottom line is it may never “feel” like the right time. Start saving now!
7) Your Credit Score…Know It!
The dreaded score that gets ruined before you realize its importance and why you need it. I got my first credit card in college. My mom warned me about how debt can easily add up but at that age I didn’t care. All I knew was that some bank was crazy enough to give me a credit card. Fast forward to now, I play no games when it comes to my credit and paying my bills on time. I’ve even gone as far as to not carry any credit cards in my wallet. Here and there I may carry one for emergencies but I hate to be tempted by that bag or those shoes! If you haven't already, pull your credit report on FreeCreditReport.com at least once a year. Go over it thoroughly, make a plan to pay outstanding balances, and dispute any charges that are erroneous or unwarranted. This report and your score speak to your credit worthiness; it could be the determining factor of whether you get that fabulous house or not.
8) Don’t be Pimped by Your Life!
Many times we get stuck being in situations we despise because we don’t see a way out. This goes for relationships, jobs, business ventures, etc. Having security, a cushion, or being stable could mean the difference between leaving that job you hate and following your dreams or staying at that 9-5 because you have no money saved up and need to make ends meet. Don’t get me wrong, there’s nothing wrong with a 9-5, that’s what I do now. Let’s keep it real, many of you desire more or if given the opportunity would be doing something else. The only constant in life is change, so be prepared. Now when that unplanned event happens or you just wake up one day and want to jump ship; you will be ready! A lot of what I included in this article is just a snippet of how good money management can lead to financial freedom. As a result, financial freedom can lead to a greater quality lifestyle.
[Tweet "There's beauty in stacking your coin and being able to direct your own life!"]
Have your finances ever been in shambles? What are some steps that you took to get back on the right track?
Germeen is a NYC auditor pressing her way through the jungle gym known as corporate America. Her thirst for adventure has been proven by the stamps on her passport and her hunger for new experiences is demonstrated in her commitment to live life to the fullest. She is a self-proclaimed control freak and personal finance enthusiast somewhere overdosing on life.
ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LIST HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
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It’s almost that time when the girlies are gonna be hopping in the chair to get the most popular style of the warmer seasons: goddess braids. Goddess braids are not just a hairstyle; they're a statement of elegance, power, and divine beauty. Whether you've recently adorned yourself with these stunning braids or are considering them, one thing remains certain: maintaining them is key to preserving their splendor. In this guide, we'll delve into the art of maintaining goddess braids, ensuring they remain flawless for longer periods.
Let’s start with some pro tips from Breanna Knights, a Brooklyn-based stylist with over a decade of experience in the beauty and fashion industry, specializing in goddess braids. She takes pride in maintaining the beauty and longevity of her clients' goddess braids, focusing on ensuring their scalp and curls remain healthy and hydrated.
Knights’ expertise extends to understanding the tension level, hydration needs, and proper cleansing techniques for goddess braids.
Hydration Is Key:
Moisture is essential for maintaining the integrity of your goddess braids. Use a lightweight leave-in conditioner or moisturizing spray to hydrate your scalp and braids. Pay attention to the ends of the braids, as they tend to be the driest part. Avoid heavy products that can weigh down the braids and cause buildup.
“To maintain neatness and longevity for goddess braid styles, I recommend treating the goddess hair just as you would your natural curls," Knights tells us. "This consists of putting up your hair at night in a bonnet. I also encourage using mousse or a bottle of water mixed with conditioner to make the curls bounce back. These two options depend on if the curls are a synthetic blend, or if it’s 100% human hair."
When it comes to keeping the goddess curls refreshed and hydrated, Knights’ favorite mousse brands include:
Bumble and bumble's Bb Curl Mousse
Bumble and bumble
Bumble and bumble's Bb Curl Mousse is a lightweight mousse that enhances curls with a blend of oils and butters, providing long-lasting volume, and bounce without stiffness.
The Vigorol Mousse Olive Oil
Amazon
The Vigorol Mousse Olive Oil is a fave amongst the girlies. Reviewers say, “Product works well taming frizzy curls as well smoothing natural hair, human hair, and synthetic crochet or individual braided hair. Adds shine without looking or feeling greasy.”
Knights also recommends using Creme of Nature Argan Oil Intensive Conditioning Treatment mixed with water in a spray bottle. “These products are sure to bring curls back to life," she adds.
If you’re looking for particular techniques or tricks to alleviate tension or discomfort often associated with wearing goddess braids, Knights shares that knotless goddess braids are usually done with less tension at the scalp, rather than traditional braids. “I highly suggest gauging tightness throughout your braiding session with your stylist. Should your braids end up too tight, one of my favorite go-to's is the Bumble and bumble’s Hairdresser's Invisible Oil. It provides a cool sensation on the scalp, without over saturating the scalp with oil,” Knights says.
The stylist also suggests a spray bottle with water to relieve tension. Additionally, less styling in the first few days of installing the braids to avoid scalp irritation.
Gentle Cleansing:
One topic that can be confusing when committing to goddess braids is the washing process. Should I wash my braids? How often should I wash them? We had all the questions, and Knights came with the tea. “Everyone’s wash [day] routine is different. To each client’s discernment, by weeks 3-4, if your scalp is itchy or shows signs of dandruff, it would be safe to wash your braids.
"I highly recommend paying more attention to the scalp rather than the braids itself. Keeping the braids up in a bun while saturating the scalp will keep the curls from matting and tangling during the wash process. After washing the scalp I recommend reapplying mousse and tying the hair down with a scarf to help tame any frizz that may occur after washing.”
Protect Your Crown:
One of the biggest keys to the longevity of goddess braids is having a braid bonnet and shower cap to ensure that the braids are dry. Invest in a satin or silk bonnet or scarf to protect your goddess braids while you sleep. Cotton pillowcases can cause friction, leading to frizz and flyaways. Additionally, tying your braids with a silk scarf can help preserve their shape and prevent them from unraveling.
“Combing through the loose curls with your fingers and having a routine to ensure that the hair isn't matting or entangling into one another can help with longevity as well," Knights shares. "The same way you’d care for your curls after a successful wash day would also promote the longevity for any 'goddess' style!”
Courtesy
Regular Touch-ups:
As your natural hair grows, your goddess braids may begin to loosen or develop new growth around the edges. Schedule regular touch-up appointments with your hairstylist to re-braid the edges and ensure a seamless look. Avoid leaving braids in for too long, as this can cause tension on the scalp and lead to breakage.
Minimize Manipulation:
While it's tempting to constantly touch and style your goddess braids, excessive manipulation can lead to frizz and premature loosening. Limit the use of styling tools and refrain from pulling or tugging on the braids. Embrace the natural beauty of your braids and allow them to flourish with minimal interference.
Nourish from Within:
Maintaining healthy hair starts from within. Ensure you're consuming a balanced diet rich in vitamins, minerals, and hydration to promote hair growth and vitality. Incorporate foods such as fruits, vegetables, lean proteins, and plenty of water into your daily routine for optimal hair health.
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