Money... $avings...Credit

Creating a budget and sticking to it can be tough, but with the right mindset the possibilities are limitless. Many argue that saving money isn’t an issue it’s the need for more money that’s the underlying problem, whereas I agree with the latter I do think two things can be true at once. Many people make a very reasonable amount of money but are still relying on the “paycheck to paycheck" method. Your lifestyle has to be within your means, so you’re able to live comfortably. If you receive job bonuses, birthday money or any other type of extra income you can add this money to your savings account, or use it towards paying down credit or loan balances you owe. If you have the means to do this from your regular paycheck you earn, try paying extra on your monthly credit card bills or pay them in full. There are many factors in determining your credit score, the highest impact being “payments made on time”. We want to always make sure even if we’re just making the minimum payments on our credit cards and loans, that we’re doing it on time and not developing a record of late payment history. Credit is so important, our credit score tells lenders the probability of us repaying loans in a timely manner. The higher your score is the more willing a lender is to approve a loan or offer a higher credit limit. Along with payment history, credit history and account balances both factor into your overall score. If you're unaware of your current credit score there are several trusted websites that will give you an updated score and credit report. If you'd like to look into your finances a bit deeper you can get assistance from a financial advisor who could better guide you and help you meet your goals. Improving and building your credit is a great way to become financially responsible and create a path to a healthier relationship with money. Opening a savings account can also assist with meeting many goals, whether you want to save for a luxurious item you’ve been eyeing, save for a relaxing vacation you deserve, or simply have money for an emergency—a savings account can offer you the ability to do this. Ultimately we want to live a life we enjoy while also experiencing stability and financial security. Nonetheless the best way to save more money is to make more money. You could pick up a second job, but why work for another company when you could start working for yourself to attain an additional stream of income. Pursuing your own dreams is very rewarding and could potentially offer you a higher income compared to a traditional job. I truly believe our passions can become our paycheck, you just have to find out what that passion looks like for you. Entrepreneurship isn’t for everyone but it’s a way for you to gain full control over how much your making, and ultimately set your future up well if done correctly. When you gain ownership you gain a plethora of other things including freedom and power. It’s so important to start developing a healthy relationship with money in your early years so you have plenty of time to learn and plan accordingly. Whether you work a traditional job, are in corporate America or create your own opportunities always put energy and effort towards your financial goals and with discipline you will accomplish every last one of them.

All ways always with love,

Shakihya Monique