How To Protect Your Coins & Your Peace In The Process
If you feel insecure about your finances, you're not alone. Sixty-two percent of American millennials claim to live paycheck-to-paycheck and only thirty-eight percent consider themselves financially stable. Many financial experts believe that overspending is the culprit. Money habits may be keeping you from living your best financial life, regardless of an adequate income. But, that ends today! In the past, my money habits haven't served me because I simply lacked the knowledge.
I am a Black woman, born to two Caribbean parents who became naturalized American citizens. Not only were they able to become naturalized citizens, but they created a life that resembled the typical "American dream". We were middle class but lacked the proper financial knowledge to build wealth. I never questioned our money habits until I got older and began to notice others in the same income bracket could accumulate wealth, but we struggled to. I realized that our money habits were the problem, not our income.
Don't worry, it's not too late to refresh your tired finances. Keep reading to learn about positive money habits to embrace!
Adopt an Abundant Money Mindset
"Scarcity creates a powerful goal dealing with pressing needs and ignoring other goals," according to psychological theory. A scarcity mindset is a majority-default mindset. It's operating with a mentality that you'll never have enough money now nor in the future or thinking of money as being out of your control and another's responsibility. Overall, thinking about money brings you stress and you dislike it.
A person with an abundance mindset loves money and feels a sense of control over it. They don't believe time and money are related or that working harder is the only way to make more money. If they want more money, they create more money because their mind creates money.
You can develop a money mindset by taking control of your finances through budgeting, investing, and entrepreneurship. You don't have to live paycheck-to-paycheck and let money control your every decision. Break your old habits and take real action. Upgrade your mindset, so you can upgrade your wallet.
Practice Good Money Management
Sometimes, the problem isn't needing more money, but how are you managing your money. Budgeting, saving, investing, and spending are all apart of money management. It may seem like a boring process, but dedicating a few hours a month to money management can help to get your life into order. It's completely worth it. If you manage your money properly, in the long-term you will have more money to spend on things that bring you joy. There's no point in gaining extra income but feeling like you are living the same paycheck-to-paycheck lifestyle.
Budget Everything
Over one-third of millennials don't have any money set aside for an unexpected expense or some sort of emergency. This is a problem because you are risking increased debt to cover emergency expenses and you lack control over your finances. You need to be in control of your finances to create financial stability, which means budgeting is your friend. The budgeting tips below will help to kick your finances into shape:
- Budget to zero before the month even begins. (This doesn't mean you have an empty bank account.) Allocate every dollar of income to expenses, savings, and debt payments.
- Change your budget monthly. Make the proper adjustments to your budget that reflect the holidays, events, and vacays for that month. Prevent stress by preparing for any extra expenses for that particular month.
- Prioritize your expenses. Allocate funds to saving and giving and then to your living necessities (shelter, food, utilities, etc.). After your necessities are taken care of, then you can focus on the rest of your budget.
Plan to Spend Beforehand
Another tip is to make a list of the reasons to give yourself the green light to lend or spend money. There's nothing wrong with spending money, but the reasoning matters. We all want to see Beyonce in concert, but that's not a reason to lend a loved one money. (And spontaneously spending your entire paycheck on a designer pair of shoes just isn't the move.) A nice trick is to plan your spending at least 24 hours beforehand so you don't emotionally overspend. Be extremely intentional and future-minded with your purchases.
All in all, protect your energy by protecting your coins. A life of financial stability helps to rid you of unnecessary stress and wasted energy.
Want more stories like this? Sign up for our newsletter here and check out the related reads below:
How To Break Free From A Broke Mindset & Attract Abundance
The 5 Money Myths That Are Keeping You Broke, Sis
10 Budgeting Apps That Will Get Your Coins All The Way Together
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Aaliyah Sydonie Williams is a lover of pomegranates, intimate concerts, fluffy socks and all things R&B. She's a founder of a college advice blog, Her Little Corner, where she dishes helpful advice for college students to slay their college experience. When Aaliyah isn't eating at Starbucks, she's studying for her courses in finance, discovering new spots in the city, and brushing up on her photography skills. Keep up with her at Aaliyah Williams (@aaliyahsydonie).
ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LIST HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
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Exclusive: Koryn Hawthorne On Her Miraculous Love Story: ‘I Was Never A Girlfriend’
Gospel singer Koryn Hawthorne has used her voice to let the world know about what God can do, and now the Season 8 finalist of NBC’s The Voice is sharing a miraculous act that led to her engagement.
The Praise This actress shared in an interview with xoNecole that prior to becoming engaged to her partner, Hunter Register, she passed over one particular title on her way to becoming a fiancée.
“I was never a girlfriend,” Hawthorn, 26, tells xoNecole.
“We've known each other since we were kids, so we just kind of always had this distant friendship. We would hit each other up on social media, and [I] slide up under things that he was posting,” she says. “We ended up hanging out together, and when we hung out, it was an instant immediate connection from all fronts. I think we just knew from the first day that I don't want to spend a day apart from you.”
Koryn Hawthorne On Her Miraculous Love Story, New Album, & More
She continued, "And yeah, we probably were boyfriend or girlfriend after — am I delusional? Then we were engaged a few months later.”
The Grammy-nominated singer, who became engaged in November of 2023, went on to share what her experience has been preparing to become a wife, exploring the personal growth, challenges, and emotions experienced throughout the process.
“It's a journey, I'm not gonna lie,” she says. “Relationships, in general, are hard, and whenever you think about marriage, is just different from being boyfriend and girlfriend because if you piss me off, I could just go,” she shared. “But marriage is an actual commitment. It's a partnership. It's a ministry.”
Hawthorne, 26, and Register, 27, were childhood friends growing up in Louisiana and sealed their love during a weekend getaway in New Orleans last fall.
For the gospel star, marriage involves more than lovely-dovey aspects, emphasizing how her relationship has allowed her to grow, mature, and learn valuable lessons through love.
“We were supposed to get married in May, but like for us to be mature enough to be like, ‘You know what? No, let's take the necessary time to make sure that we're fully prepared for this commitment such a beautiful thing,” Hawthorne reflected.
“It's a learning curve for sure, but our preparation for marriage would have been the only thing that brought this out of me. It's hard and it's scary at times, but it's God's purpose and His plan for our lives.”
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