If you feel insecure about your finances, you're not alone. Sixty-two percent of American millennials claim to live paycheck-to-paycheck and only thirty-eight percent consider themselves financially stable. Many financial experts believe that overspending is the culprit. Money habits may be keeping you from living your best financial life, regardless of an adequate income. But, that ends today! In the past, my money habits haven't served me because I simply lacked the knowledge.
I am a Black woman, born to two Caribbean parents who became naturalized American citizens. Not only were they able to become naturalized citizens, but they created a life that resembled the typical "American dream". We were middle class but lacked the proper financial knowledge to build wealth. I never questioned our money habits until I got older and began to notice others in the same income bracket could accumulate wealth, but we struggled to. I realized that our money habits were the problem, not our income.
Don't worry, it's not too late to refresh your tired finances. Keep reading to learn about positive money habits to embrace!
Adopt an Abundant Money Mindset
"Scarcity creates a powerful goal dealing with pressing needs and ignoring other goals," according to psychological theory. A scarcity mindset is a majority-default mindset. It's operating with a mentality that you'll never have enough money now nor in the future or thinking of money as being out of your control and another's responsibility. Overall, thinking about money brings you stress and you dislike it.
A person with an abundance mindset loves money and feels a sense of control over it. They don't believe time and money are related or that working harder is the only way to make more money. If they want more money, they create more money because their mind creates money.
You can develop a money mindset by taking control of your finances through budgeting, investing, and entrepreneurship. You don't have to live paycheck-to-paycheck and let money control your every decision. Break your old habits and take real action. Upgrade your mindset, so you can upgrade your wallet.
Practice Good Money Management
Sometimes, the problem isn't needing more money, but how are you managing your money. Budgeting, saving, investing, and spending are all apart of money management. It may seem like a boring process, but dedicating a few hours a month to money management can help to get your life into order. It's completely worth it. If you manage your money properly, in the long-term you will have more money to spend on things that bring you joy. There's no point in gaining extra income but feeling like you are living the same paycheck-to-paycheck lifestyle.
Budget Everything
Over one-third of millennials don't have any money set aside for an unexpected expense or some sort of emergency. This is a problem because you are risking increased debt to cover emergency expenses and you lack control over your finances. You need to be in control of your finances to create financial stability, which means budgeting is your friend. The budgeting tips below will help to kick your finances into shape:
- Budget to zero before the month even begins. (This doesn't mean you have an empty bank account.) Allocate every dollar of income to expenses, savings, and debt payments.
- Change your budget monthly. Make the proper adjustments to your budget that reflect the holidays, events, and vacays for that month. Prevent stress by preparing for any extra expenses for that particular month.
- Prioritize your expenses. Allocate funds to saving and giving and then to your living necessities (shelter, food, utilities, etc.). After your necessities are taken care of, then you can focus on the rest of your budget.
Plan to Spend Beforehand
Another tip is to make a list of the reasons to give yourself the green light to lend or spend money. There's nothing wrong with spending money, but the reasoning matters. We all want to see Beyonce in concert, but that's not a reason to lend a loved one money. (And spontaneously spending your entire paycheck on a designer pair of shoes just isn't the move.) A nice trick is to plan your spending at least 24 hours beforehand so you don't emotionally overspend. Be extremely intentional and future-minded with your purchases.
All in all, protect your energy by protecting your coins. A life of financial stability helps to rid you of unnecessary stress and wasted energy.
Want more stories like this? Sign up for our newsletter here and check out the related reads below:
How To Break Free From A Broke Mindset & Attract Abundance
The 5 Money Myths That Are Keeping You Broke, Sis
10 Budgeting Apps That Will Get Your Coins All The Way Together
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Aaliyah Sydonie Williams is a lover of pomegranates, intimate concerts, fluffy socks and all things R&B. She's a founder of a college advice blog, Her Little Corner, where she dishes helpful advice for college students to slay their college experience. When Aaliyah isn't eating at Starbucks, she's studying for her courses in finance, discovering new spots in the city, and brushing up on her photography skills. Keep up with her at Aaliyah Williams (@aaliyahsydonie).
Exclusive: Melanie Fiona On Making High-Vibrational Music & Saying Yes To Partnership
Melanie Fiona is back! After taking a little more than a decade-long hiatus, she has officially made her return to music and blessed us with two singles, “Say Yes” and “I Choose You.” While both singles are very different from each other, they both reflect who she is today and the type of music she wants to make. In our conversation, the mom of two expressed what she learned during her time away.
“It's interesting, even when I said it is like coming back, I don't ever feel like I really left because I was always still performing. I've still been public. It's not like I went into being this recluse person or version of myself, but the thing that I really learned in this process is that I think things take time,” Melanie says in a xoNecole exclusive.
“I think often we're so caught up in it, being on the timing of demand or popularity, or, like, striking while the iron is hot and the thing that I've learned is that everything is on God's time. That's it. Every time I thought I would have been ready, or, like, things were taking too long, I had to reship some things, personally, professionally, in my life. I also gave myself permission to make a living, not just make a living, but make a life for myself.”
Making a life for herself included getting married to Grammy-nominated songwriter Jared Cotter, starting a family, and embracing new landscapes, such as podcasting as a co-host of The Mama’s Den podcast. She also began doing more spiritual work and self-care practices like meditation, sound healing, Reiki, acupuncture, and boundary setting, which allowed her to get in touch with her inner voice.
“I wasn't putting out music, and I wasn't experiencing a number one record, but I was being a number one mom,” she says.
“I was experiencing things that were allowing me to heal and get in touch with myself so that I could make new music from a space of joy and freedom, and excitement again because I definitely feel like I did lose some excitement because of just politics and industry and what it can do to your mental health and even your physical health. So giving myself the space to really just say, ‘Hey, it's okay. Everything's right on time.’”
The joy and excitement are felt in one of two new singles, “I Choose You,” which is more of a lovers rock vibe, a tribute to Melanie’s Caribbean roots. While the Grammy award-winner is known for ballads like “It Kills Me” and “Fool For You,” she is becoming more intentional about the music she makes, calling it high-vibrational music. She says her music is a “reflection of my life,” as it captures every facet, from hanging out with friends to riding around in her car.
“Say Yes” has the classic R&B vibe Melanie is known for. However, both songs are inspired by her relationship. Melanie and Jared got married in December 2020, and the Toronto-bred artist dished on their relationship. Fun fact: he is featured in the “Say Yes” music video.
“When we first started dating, I had come into that relationship post a lot of self-work. I had gotten out of a long-term relationship, I had a year and a half to date and be by myself and do a lot of work on myself alone. And when we met, I remember feeling like this has to be my person because I feel it,” she says.
“And so when we went into that relationship, and we started dating, I was very clear. I was like, I know what I want. I'm very clear on what I need, and I'm not going to withhold my truth about myself in this process because of pride or fear of rejection. I know you love me, but I'm coming with my heart in my hand to let you know that if we're gonna get there, we have to put fear aside and say yes. So that was kind of like my open letter to him, which is why the video is us having a conversation.”
Melanie also shares that saying yes to her partner has empowered her in many ways, including motherhood and showing up for herself. Her new EP, also titled Say Yes, will be available at the top of 2025.
Check out the full interview below.
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There's something about snuggling up in your favorite blanket and watching a comfort show or movie on Netflix, and what better time to do just that than in December? As the weather outside gets cooler, staying in becomes more of the norm. Thus, Netflix and Chill is a go-to. Luckily, Netflix has released new Black films and series on their popular streaming platform.
From Tyler Perry's historical drama The Six Triple Eight, starring Kerry Washington, to the Will Packer-produced comedy starring Marsai Martin, Regina Hall, and Issa Rae, Little, this season is looking up.
See the full list below.
Little (12/1)
Regina Hall's character is a bossy tech mogul who has everyone scared of her, including her assistant, played by Issa Rae. However, when she transforms into her younger self (Marsai Martin), she learns how to be more kind to others.
Daddy Day Care (12/1)
Eddie Murphy stars in this film as a father who decides to open a daycare after losing his job.
30 For 30 Collection (12/2)
30 For 30 is an ESPN docu-series highlighting some of sports' legendary figures and moments. Some of the episodes include Winning Time: Reggie Miller Vs. The New York Knicks and Celtics/ Lakers: The Best of Enemies.
Jamie Foxx: What Had Happened Was (12/10)
In this special, the multi-talented Jamie Foxx returns to stand-up to give an unforgettable performance.
Blood, Sweat & Heels S2 (12/13)
The short-lived Bravo reality TV series documented the lives of a group of girlfriends making it in NYC. The show starred model-turned-podcaster Melyssa Ford, author Demetria Lucas, and the late TV host Daisy Lewellyn.
The Equalizer S1-3 (12/16)
The hit CBS show starring Queen Latifah is now available on Netflix. Watch the beloved actress kick ass and take names in this popular drama.
The Six Triple Eight (12/20)
The new Tyler Perry film starring Kerry Washington is a true story about the first and only Women’s Army Corps unit of color during World War II.
Christmas Game Day Ravens Vs. Texans (12/25)
While many will tune in to watch the Baltimore Ravens vs. Houston Texans game, others will tune in to watch Beyoncé perform during halftime.
Michelle Buteau: A Buteau-ful Mind At Radio City Music Hall (12/31)
Comedian Michelle Buteau's comedy special will focus on her life with twins, going viral, and much more.
Evil S3 (12/31)
While Evil was unfortunately canceled by CBS, viewers can rewatch the series on Netflix, with season three premiering December 31st.
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