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Managing Your Financial Side

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Credit: Thetowne.net

Credit: The towne.net

From the moment we receive our first paycheck, saving is easier said than done. When the world isn’t constantly telling us to spend our money, it is advocating for us to save it. Regardless of the reason, a savings account can be nothing but beneficial in our times. Yet, saving is often very difficult for women to do when continuous bills are coming their way. Whether you’re the mother of four or being crippled by student loan debt, saving money is typically the furthest idea from your mind or rather, out of reach. Financial responsibility, however, is one of the many trials of being an adult. Therefore, saving is something we must address. But as stated previously, the burden of life can make this difficult. Most of the time when someone tells you to save, helpful advice rarely follows.

Now, what if there was a weekly guide that could solve your dilemma without drastically hurting your bank account? Well, it seems as though someone has provided a practical solution. It is an efficient yearly goal which revolves around the concept that you will set aside a certain amount of money from the beginning of the year until December 31st. With each week, you’ll increase that rate. You’ll start with one dollar, two the next week, three after, and so on and so forth. Following this model can save you over $1300.

Here’s an example to clarify:

Money Challenge

It’s a start! Simple, right? So why stop there? This is not the only variation of this challenge. You can modify it to fit your needs depending on how much money you make or how quickly you wish to save. For example, you could double, even triple the amount you wish to put aside each week. It is entirely up to you. Though this challenge is meant to begin at the turn of the year, it’s never too late to save, and when January 1st rolls around you’ll already have a plan for 2017. Also, do not forget to keep track. There is a possibility you will have to dip into your savings, so just remember to put it back.

So now let’s talk about credit cards…

The bane of our existence, it’s a necessary means to an end. We use them when we just don’t have the funds. In college, it was there merely as an emergency. Then, for some, it quickly became the only monetary form relied on. To state the obvious, you should never spend more than you have. You won’t believe how much your credit score will increase by simply paying off credit card debt. Here’s a helpful tip: whatever the maximum balance on your credit card is, multiply it by a third. Try not to exceed that amount. Credit agencies call it the utilization ratio and by keeping it lower than 30 percent, you’ll keep your credit score high. On the other hand, if you do need to use the maximum amount, try to pay 2/3 of the balance. This will not be detrimental to your rating either. Ultimately, if you can, just pay it in full!

At this point, you have been presented with a method to somewhat help your financial situation. Now it’s up to you put in the work. Good luck ladies!

By Amani Owusu

Edited by Victoria Krute

Layout Design by Renita Singleton

 

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