My mom celebrated her birthday this past weekend. In honor of her I want to tell you how she is the reason why I am Miss Diva Dollars today. My mom a.k.a. The Original Miss Diva Dollars taught me a … Continue reading
Hey Divas and Divos! Can you believe that we are done with 1st Quarter of 2016?! WOW! It flew by me. Well here are some of my financial highlights for the first quarter: Pulled my credit report. My credit score … Continue reading
Happy 2015! The Diva has made it to another year! I am excited for new beginnings. With new beginnings comes change. This year my goal is to continue on my journey to being debt-free and make my money work for me. Below are my goals:
1. I will pay off my credit card. My balance is not high but I need to be more manageable with my credit. A credit card is essentially an open loan. Think about it…. When you use your credit card to buy shoes; you are taking a loan out to buy those shoes. Do you really even need those shoes? I’m preaching to the choir. I know that I need to do a better job of utilizing my credit only for REAL EMERGENCIES! I must tell myself that Nordstrom’s Half-Yearly Sale is not an EMERGENCY!
2. Pay off at least 1 student loan. With my undergraduate and graduate degrees, I am least $70K in the hole with that heffa Sallie Mae. SHE MUST BE STOPPED!! But that’s another blog post for another day. I am on an income-driven repayment plan so that is helping me pay it down. I am going to challenge myself to make an extra payment of $50 monthly so I can get her off my back slightly quicker.
3. Start another savings account. I know… I know…. Why another savings account? You never know when a rainy day will come. I had my fair share in 2014. I just want to be prepared for anything. I have a savings account at a credit union. My next one will be probably be at my primary banking institution. I like to call it my “Five Dollar Holla Plan”. I will begin with a deposit like $100 and then have an automatic debit of $5 every pay period to the account. The automatic debit will increase by $5 quarterly. Automatic Debit is VERY SEXY especially for forgetful people like myself. By first quarter, I will save $30. Second Quarter, I will save $60. Third Quarter, I will save $90. By Fourth Quarter, I will have saved $120. You can join me on my journey to savings! You don’t have to start with $100. You can start with the minimum amount it takes to start a savings account at your bank or local credit union. Even start it at home in a jar, you should have saved at least $300 by the end of the year.
4. Obtain Life Insurance. It’s never to early to start thinking about death! LOL! I know that was a bad joke but you can’t stop the inevitable. This is the BEST TIME for millennials to get life insurance especially if you are a single person. Your monthly premium will be very manageable. The time to plan for your financial future is NOW.
I am approaching 30 therefore I need to get it together! The same problems that I had in my 20s WILL NOT be carried into my 30s. The time to plan for your financial future is NOW!
Tell me…. What are your financial goals for 2015? Eliminating Debt? Buying a House? Paying off credit cards? Share in the comments below.
Day 2 is about the Promise of Prosperity. We want God to bless us with wealth but we are not willing to submit to change. Our finances are the foundation of which everything is based on. Sometimes we are so busy chasing money that we don’t even realize we are running further away from GOD and His Will. This day examines commandments that we have broken in regards to our finances. Below are some of my offenses:
You shall not make for yourself or things an idol.
I have made an idol out of clothes and concert tickets. Sometimes I wouldn’t give offering just to ensure that I got those front row tickets or the latest outfit.
Remember the Sabbath day by keeping it holy.
I have chosen to work on the Sabbath in order to make some extra money.
You shall not murder.
I have said that “I will kill for a pair of Christian Louboutins or Prada shoes. Words have Power!! Use them wisely!!
You shall not covet your neighbor’s house.
There have been times where I social media stalked (Yes, I am woman enough to say it!) someone just to see their latest purchase (In my defense, there person was materialistic and posted everything they ever bought!) I know…. I know… That still doesn’t make it right. I’m a work in progress.
Day 2: SUCCESS! I redeemed my Christmas gift from co-worker and got a FREE LUNCH! Therefore, I didn’t have to buy anything. It’s the little things in life. However, I got an email from Nordstrom’s that the shoes that I waitlisted are in stock…. Le Sigh!!
Pray for my strength!
DIVA DOLLARS IS IN THE BUILDING!!!!!!! I am nervous and excited about doing this fast. I want and need to do better financially. It really shouldn’t be this way (I have a finance degree for crying out loud!) I mad silly mistakes (as most twenty-somethings do!) and incurred unnecessary debt. This year, I will become a better steward of my coins. I am approaching my thirties and being financially unstable is not cute. So I will begin my journey on this financial fast. It will not be easy. Anything worth having is not easy to obtain.
- What I learned from today’s chapter: God wants us to be prosperous and make wise decisions about money. In order for us to prosper, we submit to God’s will.
- What was hard about the fast today: Nothing..Really. Except I spent about $5 in extra moves on Candy Crush… I think I may have a problem 😦
- I am going to apply what I learned in the following: “P.A.Y. Regime” Pray, Act, and Yield
Join me on a 21 day Financial Fast! My sister recommended this book to me a year ago. I put on my bucket reading list. I have now picked it up and will began my journey. The author, Michelle Singletary … Continue reading
As most of you have read, seen, or heard about, the nation is participating in the 52 Week Money Challenge. It is a year-long challenge to save money on a weekly basis. Ideally, a person should have saved $1378 by Dec. 31. Below is the chart and a link to the Facebook page.
Miss Diva Dollars is participating in this challenge! Will you?
As I reflect back on the holiday season, I think of the major money that was spent. The money spent on buying Christmas gifts for families, co-workers, friends etc. We as people spend a ridiculous amount of money on items that we barely wear or use. This is very true in the African-American community. African-Americans spend almost $1 trillion dollars annually. The buying power of African-Americans was compared to that of a small country (See graphic).
What do we spend it on? As far as I can tell, the money is spent on frivolous things such as clothes, cars, tvs, and other electronics. Not to sound cliché but we try to keep up with the Joneses’. Who the heck are the Joneses anyway? Could it be our Caucasian counterparts, basketball wives, or rappers? It grinds my gears to see women buying Christian Louboutin shoes with a Pre-Paid Rush card or guys tweeting pics of their Louis Vuitton receipts then texting me if I know of any jobs openings?!?! Something is not adding up! Disclaimer: I am guilty of conspicuous consumption as well. The question is why? It seems like material things symbolizes success or progress in our community. Is our self-worth determined by the size of our rims or the logo on our belt buckle? The media plays a part in our excessive habits. Rappers, video vixens, and thoughts of popping bottles and shopping sprees is seeping into our minds to a point where we perceive it as reality. We must realize that rap videos and reality shows are selling us a dream. A dream that is unattainable on annual salary of $36,000.
Brown Consumerism wouldn’t alarm me as much if I didn’t look at the wealth gap between African-Americans and other races. If we were savings as much as were spending, then I would not have a problem. The sad truth is that we spend more than we save. A LOT MORE! According to Census Bureau Information below, African-Americans net worth is 20x less than our Caucasian and Asian counterparts. That is alarming and disturbing.
What happened to saving more and spending less? Think about the generations that came before us. Ideally, Grandma and Grandpa worked hard to buy a home in a decent neighborhood, worked 30+ years at a blue collar job, and then retired with a nice retirement nest-egg. Is that idea not cool now? Ask yourself, do you have a savings or money market account? If not, why? We as a community need to get back to those solid financial principles that our grandparents instilled in order to create wealth for ourselves and our families.
This is why my blog and other personal finance blogs are so important. Imagine if the $1 trillion that we spend on material things was used for savings and investments. We would be a force to be reckoned with! We must share helpful financial information and create wealth for ourselves. Join me on my journey to becoming financially stable. No, I am not trying to sell you anything. I am just sharing my financial story with you in return that you will tell someone else so they can live a debt-free life.