People see your life on social media and have absolutely no
idea what you went through to become the person you are. My mom was a single,
working parent raising three daughters, I grew up in The Bronx, I went to
public school all of my life, I never completed Community college, and finally,
in 1999 my husband passed away at the ripe old age of 29, leaving me to raise
my two young children (then 3 and 7) alone. So I’ve seen some adversity in this
life, but I didn’t let any of these obstacles stop me.
I’m often asked “How do you do it? How are you able to do
all that you do with no help?” It was hard, but show me a life that doesn’t
have its challenges. Get a plan together as to what you want to do, and what
steps you need to follow to accomplish your personal goal(s). Once you have
that plan, stick to it. No matter how
hard it is, “try” to focus on the end result.
Stick to your budget!
You don’t need that new phone, that new Smart TV, or the latest Yeezy’s.
Budget carefully and know the importance of budgeting. Choose your outings wisely
by keeping in mind your available funds so that you don’t overspend. Always make sure to put something, ANYTHING towards your savings. Rainy
days are sometimes inevitable, and this may be your saving grace.
Try to pay down your debt. The goal as you grow older is
living a debt free life and having financial freedom. The following are some of my basic rules
which allow me to live my best financial life.
Pay down your
debt:
- Try to put yourself in a position to pay off your larger assets if you can. I found that whenever I bought a car, when it got down to that last $5K, I would write a check to pay it off. This way that monthly car note money, would go directly to my 401K, another saving vehicle.
- Try to double up on your mortgage payments. This is not easy, but it is doable. If you are unable to double it, put what you can afford towards that mortgage payment to bring down your principle.
- Credit cards…do people still have those? When I purchased my apartment, my mortgage lender suggested that I pay off all of my credit cards, so I did with the exception of one, which I still have 16 years later. If you can, I suggest this as well. All of the money you save should be directed somewhere where it will benefit you in your retirement years (i.e., 401K or an IRA).
Take your meals to
work with you:
- How many times have we heard in our life that it is polite to clean your plate? That may be so, but there are times when you eat out that the portions are HUGE, so bring your own to work and you will eat only the necessary amount.
- We all know that if you add up how much you spend on breakfast and lunch in one day then times that by five, you could probably do a weeks’ worth of grocery shopping (at least I DEFINITELY can)
- You know your food is made with good quality ingredients. You chose those veggies and fruits, so you know they’re good. You also know you wash your hands before you prepare your meals …so be safe, and bring your own.
Turn that Brain on
in the Grocery Store:
- Take advantage of grocery store circulars. They have some great deals listed and they change weekly.
- Buy store brand products. Guess what? Those named brand beans come from the same facility as those store brand beans.
- Utilize store “Rain Checks”. If you see a really great deal and they have no more in stock, don’t fret, get your raincheck. You can always use that deal in the coming months.
Sales and
Clearance Items:
- Sign up to your favorite store for emails letting you know about sales. Oftentimes, you will be the first to know, and you get first dibs on the merchandise.
- Make a b-line to the “Clearance” department. I could care less if it’s last season’s merchandise. I’m still wearing merchandise from ten seasons’ ago…
- If you live near any Outlets, take advantage of them. I find that when the holidays are coming up is when they have the best deals. I don’t necessarily suggest you go high end shopping at the Outlets, but I do like the Nike and Adidas stores in the Outlet malls.
Household Repairs
and Upgrades:
- Invite some friends and family over and have a paint party for a quick spruce up OR you can do it yourself. That’s what I do, I find it therapeutic.
- Change your own sockets, light switches, or even put up your own ceiling fans. Hey, if I can do these things, so can you.
- Plaster that hole in the wall yourself. You CAN do this! Don’t pay handymen to do these small tasks. Believe me, when the big issues arise you will have money saved to pay them for these things.
Save on your Utilities:
- I noticed my electricity bill was really high a few years ago and when I called my provider, it was suggested that when no one is home to “unplug” everything I would not need. I did this and it saved me $50.00 that month. This is now a daily practice for me.
- DO NOT run the water as you are brushing your teeth. Wet your toothbrush, turn water off, apply toothpaste, brush, and then rinse your toothbrush accordingly. DO NOT run your shower, leave the bathroom and talk on the phone for 30 minutes. Your water bill may not be too much, but it’s good for the environment to be cautious.
In closing, the objective is to be a smart consumer. Budget
wisely, ask questions, and be aggressive in your search for your own personal
goal. The above are just a few strategies that have worked and continue to work
for me. I find that my life has changed for the better by following these simple
rules. I hope you utilize some of these tips, and you are on your path to
living your best life…
Talk to me...
DDW
