Know What’s More Valuable Than Money? Credit

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About 8:00 pm Chicago time I finally found the time to give my Mommy a call about some very important decisions I felt like I just couldn’t make on my own. In the midst of our conversation we began to speak to one another about credit and the vast impacts that it has on our adult lives. Before we were done with our one on one, Momma had administered a heart to heart and started to apologize for her lack of knowledge on the life determining information. I had to tell her “Ma, it’s ok. I don’t blame you for your ignorance. It’s not something that was taught to you, so how could I expect you to be equipped enough to teach it to me? That would be really unfair of me as a grown woman first, but as your child next.”

She was open to taking my disclaimer to heart and realizing that I knew she meant no harm in not telling me the benefits of credit and good spending habits. As I continue to get older, I have come across people that have not only mastered the art of money management and credit stability, but are now so blessed to be able to teach it. For some reason, human beings are best lead by example. I am not the exception to the rule. At 26 and 8 days years old, I am now learning all of those things. And guess from who? Not just my big sister, but Bae as well. The old me would have never thought I’d have almost $2000.00 and my credit is constantly getting better, but here we are! Growth. With all of that being said, I felt like it’s a lot of young people out here that lack the same type of knowledge that I did before meeting these wonderful people I just so happen to come across. Here are a few things that I took away from ALL of the lessons I was able to  learn from.

It’s Always Good To Have A Rainy Day Fund

A “rainy day” being anything. There’s always something going wrong with our cars right? The kids always need something because they’re growing like weeds. Last minute bills that we need to take care of or things around the house. It’s always good to have a little just in case stash. I like to think a reasonable amount to have to the side is anywhere from $500.00 to $2500.00 or better if possible. That amount would literally help to cover just about anything. If you’re anything like me, it’s a little hard for you to not touch money that’s “accessible”. Meaning it’s on your card, so you have it on you all the time. Making you think that it’s ok to spend it right? No, not good. So what you can do is open up a savings account and reject the debit card to the account. Feel free to go that extra mile and not download the app on your phone. Or simply teach yourself that discipline to not transfer those savings to your checking! It helps when you’re trying to reach a goal and it WILL pay off in the end. If you have a credit card, which if you have bad spending habits I don’t recommend, but make using it very last resort. If you have too many credit cards save them for IF and WHEN times. We all know what those are.

Monthly Savings Challenges

There are literally hundreds of challenges out there. From saving all of your 5 dollar bills until the end of the year to saving all of your change that you get back after making a purchase. The point of these challenges is to get yourself to the point that saving becomes routine for you. It takes 21 days to formulate a habit. So if you can habitually save your extras for a consecutive 2 days, you;re on the right track! Push yourself to complete another 21 and you’re already a month and a half into your goals. My partner has been really hard on me with the saving because I want a new car! And he allows me little slip ups, but for the most part if I want something, he takes it out of my car money. Making me no longer want it! Irritating, but effective! Try whatever works for you and select an accountability partner if you can. Mine was by default, but you get what I mean. When I saw his credit score, it made me want to work that much harder to get mine in order. Credit literally controls everything from getting a nice place to live, to getting a new car for a great price.

Remember This: Most people are broke because they spend money they don’t actually have.

The biggest mistake I use to make was spending money before I actually received it in my hand. I was counting it and by the time I got the check or what have you it was almost ALWAYS less than what I expected and I had already made commitments for it. Make sure that you always keep the goal in mind. Take it upon yourself to take the money off your card or out the bank, whichever suits you and put it away BEFORE spending on anything else. Now most people say implement this even when you have bills. I’m still grasping that concept, because bills have to be paid in my house. So I’m not sure how that one is supposed to work. However, just always begin with the end in mind. Whatever it was that you saw it fit to save for in the beginning, knock that goal down and then conquer another. With credit, don’t spend the entire limit on the card ever, but especially if you know you don’t have the funds to pay it all off like I make the mistake of doing.

Anything else you guys can think of to stack your chips let me know! Until next time, we’ll chat.

With Love,

Storie Stone

The Storie Will Be Televised

B R I L L I A N T. Successful Project Product. Proud Black Sheep and all around Thoroughbred. 26. Planted in Chicago,IL | Blossomed in Atlanta, GA

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