Friday, November 13, 2009

"It's not what you make, it's how you manage"

I know that I always post about fashion, decor and sometimes you even get a snapshot of my life BUT I need to be a responsible blogger.

I LOVE shoes and clothes and furniture...but more importantly I love being financially responsible.



So while I may urge you to check out a scarf or pick up a pair of shoes...please, please, please be financially fit!

There was a time (not too long ago) when I wasn't. Like many women my priorities were ALL wrong! I had to have new this and new that...but I didn't have money in the bank.

To this day, I have friends who I think live well beyond their means...but I have other friends who live within their means...and even some who live below their means who STILL manage to do it fabulously.

Today, that is how I live. BELOW my means.

While m$ney is not oozing out of the seams, I make a decent income for a semi-single woman with no children.
While I am not quite debt free, I have very little debt. No car loans, no credit cards, no outstanding medical expenses, no tax bills. Aside of student loans, I have about $5K of outstanding debt (and that will be gone within the next six months). More importantly, I no longer stress about money. You know why...it's because I've learned to prioritize what's important.

Prime example: I have a $200 dress in my closet that I bought when I didn't even have $200 in the bank. Three years later, I can appreciate that dress and many others....AND I have an E-fund.

Don't get me wrong, I still buy nice things..but nice doesn't have to mean expensive and I don't buy what I can't afford.

Some people think that because the money is in the bank, you can afford it. WRONG!!!! If you don't have an emergency account--equal to at least one month's salary...you can't afford ish!

That was so hard for me to comprehend as a young adult. NOW, I get it.

I get the bulk of my financial advice from my grandmother (MeMa) on a regular basis who has worked hard to be a six figure woman aside from my grandfather. She lives fabulous...but she stresses the importance of hard work AND money management.

She continues to help me through my journey of being a financially independent business woman, motivational speaker, soon-to-be wife, soon-to-be mother, soon-to-be real estate mogul. (Yep, that's the plan!)

And that plan does not include flushing my m$ney down the toilet. I work waaay too hard!


Her motto...and now my motto is: "It's not what you make, it's how you manage."

Here are a few tips I found over at Fabulous Financials. Many of these tips I live by!!!!

Saving Tips
$$$Open a savings account that doesn't allow easy ATM access

$$$Start small if you have to, $5 is better than nothing

$$$Do not 'binge save' or deprive yourself, it’s a recipe for failure

$$$Pay yourself first! Save before any other money is spent…even before bills

$$$To curb the temptation to spend, consider payroll allotments so the money never touches your hands

$$Establish a realistic goal to keep you focused

$$$Share your goals with your inner circle for support

$$$Surround yourself with positive people who will motivate you

$$$Save at least 1/2 of your found money (i.e. bonus, tax refund, gifts, etc.)

As with all other goals, saving requires discipline. It is hard at first, but it doesn’t take much to get started. Watching your money grow is the greatest reward. Imagine being fabulous AND financially savvy!

2 comments:

Resa said...

Hey Girlie...just want u 2 know that ur blog is simply adorable...I just LOVE LOVE LOVE it!

Elise said...

Thanks honey! It's always nice to hear from new followers. Keep checking back...and let me know when you drop by;)

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