The month of April is Financial Literacy Month. We’ve rallied up some great financial tips to get you on the road to financial freedom.
Let’s get started!
1. Mind Your Own Business Day
“Minding Your Own Business” is a practice that everyone should be doing. However, for the purpose of “getting your life in order”, MYOB is a day that you will dedicate to tending to all of your financial business. Schedule a day or two a month (maybe around the time you get paid) to review your finances. Review your spending habits and identify areas where you can save a few dollars. Maybe you had one too many lattes at Starbucks this month. Monitor the payments that you have on auto-draft to make sure that you have enough in your account to cover everything. The last thing you need is NSF fees!
Also, give every dollar a designated place. Track your spending then create a budget based on your expenses. Assign every dollar a place from saving to spending. A budget is not meant to restrict you but instead, give you the freedom to be able to do the things you need as well as want.
It’s never too late to start practicing better financial habits, just take the time to MIND YOUR BUSINESS. To support your budget building, download the Cash Flow Plan from Terrica Matthews, The Credit Score Queen.
2. Who is your Financial Partner in Crime?
No, this is not the friend that encourages you to buy that cute dress or take that random vacation because “you deserve it.” This is an accountability partner. The friend that’s going to say “Don’t you have a dress like that already?” or “How about we save up for a trip at the end of the summer?”
Get you a #MoneyBestie & stack together so y’all can be #BFFGoals.
“Made a couple M’s with my best friends. Turned by L’s into lessons.”- Chance the Rapper (Best Life by Cardi B)
3. #CreditCheck: Know Your Score
If talking about credit makes you nervous, check out this next financial tip. The first step to amazing credit is knowing the factors that make up your credit score.
Credit Utilization– How much credit are you using?
Inquiries– How many times are you get your credit pulled?
Payment History-How well do you pay your bills?
Credit History-How long have you had credit?
4. Financial Apps
There’s an app for everything these days. Here are a few to help with your financial freedom.
Credit Karma– A credit monitoring app. Generates your estimated Equifax & Transunion credit scores.
CreditWise– A credit monitoring app. Generates an approximate Transunion credit score.
Acorn-App that allows you to start investing for as little as $5.
Robinhood-App that allows you to invest in stock & crytocurrency. Signing up gets you a free share of stock.
Digit-Savings app that monitors your income & spending habit & automatically saves for you based on that info.
After implementing these four tips, you’ll be on your way to financial freedom!
Comment below to let us know how you strive to take care of your #MoneyMatters!