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6 End-Of-The-Year Money Moves To Get To The Bag
As Boyz II Men once famously said, ladies, we've come to the end of the road. It's almost time to say goodbye to 2021 and hello to a new year. Though there's only less than a week until we all ring in 2022, you can still get started right now on your end-of-year money checklist. Get those finances in order or at least set a up a plan for next year in order to get yourself on the right track.
Start with these six steps to build the plan to reach your financial fitness goals:
1.Create (or review) your budget.
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This might sound redundant but some of you needed the reminder. If you've never even looked at your bank statement, are afraid to face your money issues, or just don't want to feel like your life is being stifled by financial boundaries, you definitely need a budget. At best, it's just a great way to be fully informed about where your money is going. At worst, it is the tough love you needed to finally stop living check to check, or working multiple jobs.
And if you've had any major changes such as a new job or job loss, marriage or major move, or a new addition to your family, you definitely want to review your budget now to be sure that you're adjusting if needed. It's always good to get ahead of any issues that might come along and have a plan for addressing them. (Here is a great resource, for example, if your finances have been drastically affected by COVID-19.)
Experts at WalletHub, a leading personal finance website, say a budget can be "as simple or complex as you want it to be," but it must at least keep track of inflows and outflows of money, including your income and expenses. (Check out our guide on how to start a budget as well as more on other women who have tried versions of budgeting like this and this.)
2.Think about places you're leaving money on the table—or worst, wasting.
Even on the heels of the world reopening after the pandemic lockdown of 2020, a recent survey found that people spent $765 more per month this year than they did last year. Another survey found that 99% of business owners are leaving "significant wealth on the table." And in a bit of more-telling research, women still make 82 cents on the dollar, and Black women, in particular, make even less.
That being said, there are clearly a few places where we're either ignoring extra money or savings or we're totally throwing it away. Ask yourself a few questions here. Are there money-back advantages to any of the credit cards you use? Are you getting the best rates on your loans or other accounts? Could you be missing discounts and savings offered to you as an employee of your company or as a student? Does the management company of your apartment complex offer incentives or other gifts throughout the year for doing things like referring new tenants or writing a good online review?
What about that side hustle you never followed through on? Is it time to finally advocate for yourself and ask for that raise or to get a new job where you've negotiated for better benefits? Is it time to utilize that HSA or those pre-tax benefit add-ons?
Are there subscriptions or memberships that just no longer serve you or that you don't even fully use? What about the extra fees for ATM usage or add-on purchases that are not necessary or are excessive? (It's like the $50 difference between a "deluxe" pedicure with gel varnish versus a "basic" one with the old-school regular polish. Are your feet really that crusty three times a month?) We're not telling you to get rid of the salted caramel foam in your Starbucks order, but really put things in perspective.
3.Look at that credit report.
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You can request credit reports for free at least once per year, but you can also track your credit scores more frequently via various platforms or via your bank. Even with "good" credit, you want to at least have a sense of what's on there and whether everything listed is accurate and up to date.
And if you're in debt and dread even the thought of sifting through those reports, you can at least put your heart at ease by ripping the Band-aid off to find out what exactly you owe and to whom. Sometimes, we're still holding on to the shame of years ago when we were denied a car loan or Bloomingdale's card and found out our score was less than perfect. In reality, maybe your score is higher today or there are easy corrections, adjustments, or payments that can be made to boost the score. You won't know until you know.
4.Prepare for filing taxes.
Again, a great way to approach this is to look at it from a half-full mentality versus the "what if I owe" terror. With all the legislation tied to COVID-19 relief, there might be tax breaks that you're still eligible for that could put money back in your pocket (or at least lower what you have to pay Uncle Sam.) If you're an entrepreneur or self-employed and you haven't gathered your receipts for filing expenses or at least talked with a tax preparer or trusted financial adviser, now might be the perfect time to get on their books. Go digital to make this year's filing much more seamless and less frustrating, and either read up on or ask about ways you might save this year. Get to those calculations early so that you'll get a sense of what you might potentially owe (Try a tax calculator like this one or this one).
This year's deadline for filing taxes is April 15, so go ahead, and if the last quarter of 2021 taught you one thing, that should be time waits for no one and it sure does fly.
5.Invest in technology and use it to your financial advantage.
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Life can be a lot easier with tech (as long as you know how to use it and it serves your needs.) If you have a hard time keeping up with your spending, tracking savings goals, or knowing where your money is going, there are apps for all three of those problems.
Automatic savings apps like Acorns and Chime will round up your purchases and put the extra money in your savings account. Online browser extensions like Honey and Capital One Shopping are add-ons that auto-generate coupons and discounts when you shop. (Your laptop might even already have this included, like Microsoft Edge Shopping, for example.)
Another great idea, especially for saving, is opening an account at an online-only bank. Many have awesome rates, are covered by the FDIC, and offer less fees especially when using your cards internationally. Having a web-based account will also provide just the barrier you need for the temptation to make frivolous withdrawals. (While you can indeed access your money, it's not the one-step process of just going to the ATM or visiting your local teller. For most, you have to transfer money or have direct deposit set up in order to add to these accounts, or you'll have to search for retail or bank locations that actually allow withdrawals).
Experts say to use these accounts to start that emergency or travel fund that you need to set and forget. (True story: I had a web-based account that I forgot about. Years later, I tried to open a whole new account with the same bank and found out that I not only had a dormant account, but the account had a couple thousand dollars just sitting in there. God works in mysterious ways because that money came right in handy at the time!)
Bonus tip: Set up alarms or calendar alerts that remind you of your goals, money promises, or inspiration that will keep you pumped and motivated. It can work wonders!
6.Hire help.
In the same way that you'd go to a hairstylist, makeup artist, or personal trainer to get your look together, go get the help you need for managing your finances. Many financial advisers actually offer free consultations, and there are also resources right under your nose at your own bank. If the idea of taxes overwhelms you or you're missing out on tax breaks every year, let the experts handle it and stop using those DIY online platforms.
There are even money coaches, financial therapists, and portfolio managers who can help you get to the bag, especially when you have a specific goal in mind like early retirement, property ownership, estate planning, or business expansion.
Come on, ladies! We're thinking big and doing big things in 2022, so you'll need that all-star team behind you to ensure you can not only obtain wealth but maintain it.
Featured image by Westend61/Getty Images
This article is sponsored by Hulu.
UnPrisonedhas returned for its highly anticipated second season, delving deeper into the complex dynamics of the Alexander family.
The series premiere comes a year after its debut season garnered rave reviews from fans and critics and earned record-breaking ratings for Hulu's Onyx Collective brand. UnPrisoned's success can be attributed to its raw, relatable themes and comedic appeal.
Inspired by creator Tracy McMillan's life, the show follows Paige (Kerry Washington), a therapist and single mother whose life takes an unexpected turn when her father, Edwin (Delroy Lindo) --who was released from prison-- moves in with her and her teenage son, Finn (Faly Rakotohavana).
Throughout UnPrisoned's first season, viewers witnessed how Edwin's incarceration deeply affected Paige's life and relationships. In the series, Paige unpacks her trauma through interactions with her inner child and her online followers. Meanwhile, Edwin is overcoming specific struggles with his own past that led to his life of crime, including a dysfunctional upbringing and his mother's arrest. As the Alexanders attempt to reconcile, new challenges arise.
This new season promises to further explore their unconventional family dynamic. Here are several compelling reasons why season two of UnPrisoned should be on everyone's watchlist.
The Alexander Family Life Is Still In Shambles
UnPrisoned's second season resumes where the series left off, with Paige grappling with the fallout from her troubled therapy practice and Edwin navigating life independently after moving out. Meanwhile, Finn faces his own challenges. The teenager is battling anxiety and seeking information about his father—a topic Paige avoids discussing.
The Alexander Family Are Attending Therapy To Resolve Their Underlying Issues
Amid the chaos in their lives, the Alexander family decides to mend their bond by confronting their past traumas. They seek professional help and attend therapy sessions with a “family radical healing coach,” played by John Stamos, a new cast member. This collective effort aims to unravel the complexities of their shared history and strengthen their relationships.
The process of unraveling each character's internal conflicts and their potential impact on future relationships may clash with Paige's textbook therapy approach. While Paige is used to being in the therapist's seat in both career and family, this forces her into the unfamiliar role of a patient during therapy sessions. This shift would compel her to look in the mirror and try a radically different approach.
The Alexander Family Learned A Big Lesson During A Therapy Session
In therapy, the Alexanders are tasked with addressing their individual traumas to salvage their remaining relationships. One of the family therapist’s eccentric suggestions was an exercise involving a family wrestling match. During this session, Paige faces tough questions about her refusal to share information about Finn's father.
While it's unclear whether this scene is reality or fantasy, the image of the family duking it out in the ring certainly makes for hilarious yet compelling television.
Paige Tries Dating Again Following Failed Relationships
Amid her life's chaos, Paige decides to step back into the dating field. However, her many attempts have left her with mixed results. The dating apps have turned out to be a fail, and an outing with her ex Mal (Marque Richardson), who is also her father's parole officer, doesn’t go quite as expected after he brings an unexpected guest – his new girlfriend.
The situation takes an awkward turn when Mal's new partner learns why the former couple split, partly due to Paige's self-sabotage.
UnPrisoned Is A Perfect Balance Of Comedy And Drama
As a dramedy, UnPrisoned takes a comedic approach to its heavy subjects. The show takes us on a ride with Paige's dating misadventures and navigating a friendship with her ex.
Other lighthearted moments include Edwin's attempts at CPR based on online videos and, of course, the antics of the Alexander family's unconventional new healing coach.
The second season of UnPrisoned is now available on Hulu.
UnPrisoned | Season 2 Trailer | Hulu
Feature image courtesy
Tubi has been gaining popularity due to its free sign-up and a vast selection of series and films. According to Deadline, the FAST (free ad-streaming television) service has seen a 14.7% growth from May and now has similar numbers to Disney+. So while many people have joked about Tubi having low-budget movies, the numbers don't lie.
In fact, I was one of those people who didn't get the appeal of Tubi, but the more I watched it, the more I enjoyed the content. They have some of our favorite TV series, such as Scandal and Star, as well as big films like the Fast and Furious franchise and cult classic Love & Basketball.
Tubi even has its own original movies and series that are just as entertaining. But while Tubi is on the come up, some of the low-budget movies and hood movies are still a must-watch. From Tubi originals to the hood movies, we've put together a list of shows and movies to add to your watchlist.
Cinnamon
Cinnamon is an original Tubi movie that stars Hailey Kilgore (Juke from Power Book III: Raising Kanan), Damon Wayans, and Pam Grier. It's a love story gone awry after a robbery turns deadly, and a young couple faces many challenges to make it out alive.
The Dirty D
The Dirty D is one of the first things I watched on Tubi, as many people highly recommended it. It's a series set in a Detroit club, and it has all the drama you can think of. Murder, drug dealing, cheating, greed, and more.
Black Men Don't Cheat
In this film, a young woman grapples with the death of her husband while also discovering his secret life, which puts her in danger.
Mother May I
This movie fully captivates the overbearing mother. However, the ending will shock you as she goes a little too far.
The Stepdaughter
When a young girl moves in with her dad and his new wife, a series of unfortunate events occurs. This Tubi original will keep your attention with every turn.
These Men For Everybody
These Men For Everybody is a film that highlights the tangled web of friendships and relationships and how you can't trust anybody.
Best Friend
What happens when your best friend is obsessed with you? This movie, which stars Serayah and Marques Houston, answers this very question and takes us on a ride in the process.
What's Done After Dark
What's Done After Dark shows us that everything isn't always what it seems. The twist at the end is a real doozy.
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