Financially Savvy Youth

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Hey BFF’s
This post is to the amazing parents, grandparents, those thinking about being parents, crazy aunties (aka me), and uncles. There is nothing wrong with giving to your child or wanting to provide them with a life better than yours. However! It is wrong if they don’t understand the value of a dollar and what money can do.

Money puts a roof over their heads, provides clothing, food, electricity, insurance, vacation, and money gives you the life you dreamed vs. the life you dreamed of having. In other words, make your dream a reality.

So parents listen up!

Don’t give your child everything. Teach them to budget. Teach them to tithe 10% and save 10-15% of everything they receive, and the rest is theirs to spend. Sounds pretty easy to me.

Why? Teaching these essential habits now with $5 or $50 will make it seamless when they are making $50,000, $100,000, or $500,000. Open a checking and savings account for them. Do not link both accounts to the debit card. Allow them only to have access to the checking account. The savings account is a “set it and forget it” account. Meaning they are not allowed to dip in it at their leisure. Set a dip in date. Only on that specific agreed upon date may they take 5% or $10 (whatever you decide) as a reward for saving. Teach them to save for the toys, clothing, jewelry, or anything they want.

When you go shopping, let them know their budget. You have $5 and nothing more. If they come to the register with $6.25 worth of products, don’t give in and give them the $1.25. In the real world, when they are away from home, in college, or grown and living on their own, something goes back if you don’t have it. Every once in a blue, you can help them out, but they need to understand how money works.

Show them how to pay bills & how you keep the house afloat. You don’t have to show them what you bring home weekly. Allowing them to understand what it takes will be mind-blowing for them. You’ll be surprised at the shift you will see in them.

OK, you awesome mom and dads, grandparents, crazy aunts, and uncles, let start building financially savvy youth who will become financially unbothered adults.

Welp friends, that’s all I have today. Don’t forget to follow me:

IG @Financially_UB

Why Do I Need A Budget?

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Hi BFF’s

Before I dive into the five why’s let me tell you what a budget is. A budget is telling your money where to go. It’s a monthly master plan to ensure you are living your best financially unbothered life! It empowers you to get out of debt and live debt-free. How amazing is that!

Budgeting can be tedious. However, being broke is depressing (been there, done that!). I’ll take monotony over “broke”any day. First things first – let’s start by removing broke from our vocabulary. We need to be mindful and intentional with what we say to ourselves. The power of the tongue is real. The more you say “I’m broke,” the more you believe it, and your activities reflect it. Let’s say we are financially slim (our money is on a diet), or we’re in a financial drought (can’t make it rain at the mall or on vacation right now). You get the point, whatever term you want to use is cool, let it reflect your personality, don’t say that nasty “B” word… broke!

Now, why do I need a budget?

You need a budget because it helps you find the money you didn’t realize you had. I know it sounds deceiving. But hear me out. When I created a budget, I realized I was paying for a magazine subscription, which I didn’t even use or receive. You’re probably asking how did I not know? Don’t judge me lol. It was an automatic payment from my debit card, and I never questioned it. It was “only $5.99” a month. $5.99 x 12 months = $71.88. $71.88 I could’ve saved or used to pay down other debt. Don’t let “only” get you. It “only” adds up quickly! This was one example I have plenty more, but you get the point. 

Five reasons you need to budget:

  1. It ensures you’ll have enough money for the things you need and want.
  2. It helps you determine and stick to short and long term goals.
  3. It allows you to make sure you don’t overspend.
  4. It helps prepare for the unforeseeable circumstances. 
  5. It sheds light on poor spending habits. Bird’s eye view on what you need to correct. 

Welp friends, that’s all I have today. Don’t forget to follow me:

IG @financially_UB

Health & Finance

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Hi BFF’s!

Money and health go hand in hand. Typically when your finances are in order, so is your health. Being financially unbothered can help eliminate:

  • High blood pressure (popular in the African American communities)
  • Muscle tension
  • Poor eating habits
  • Depression
  • Anxiety
  • Shame
  • Stress
  • Most importantly, finances or the lack of should not be the reason you don’t visit the doctor (men, I’m talking to you, we need you).

According to the American Psychological Association (APA), in 2015, 72% of Americans said they felt stressed about money; the numbers are the same for 2020. Are you part of the 72 percent or the 28 percent? I prefer to be part of the 28 percent that is stress-free!

One-third said it’s the leading conflict in their relationships. I’m sure we can find other topics to argue about (ask my husband lol). I’d rather argue about what movie to watch vs. money. Relationship conflicts form due to the lack of effective communication. Communicating about money can be tough. Especially if one is a spender and the other is a saver. As a couple, you need to be on the same page following the same budget.  

Twenty percent of Americans said they would still be in debt if they liquidate their asset. That means if they sold their cars, jewelry, home, etc. they would still be in debt—what a horrible reality. 

Let’s eliminate stress, relationship conflict, and get healthy while becoming financially unbothered. Working out not only releases endorphins to help reduce stress, depression, and anxiety. It gets your body right and tight, minimizes doctor trips, and medication. 

I don’t know about you, but as I age (gracefully), I’d rather travel and spend money on shoes in Italy vs. weekly trips to the doctor and paying for overpriced medicine. 

Welp friends, that’s all I have today. Don’t forget to follow me:

IG @Financially_UB