by Torrie Oglesby | Jul 6, 2015 | Learn + Grow
CASH OVER CARD: How having cash helps you to not overspend.
Repeat after me, “CASH IS KING.”
This is something successful CEO of Nasty Gal, one of the fastest growing companies, Sophia Amoruso lives by. She’s never had to talk out a loan for her company and has never had to declare bankruptcy unlike a lot of other companies and she credits that towards only spending what she has and not a dime more.
Dave Ramsey, a financial author and mentor, also operates under the same kind of thinking using and preaching the envelope system.
It’s extremely easy to fall into the quickness of swiping our debt cards and credit cards. It’s how our society works now. Swiping all day but never balancing our check books or budgeting how many times we can actually afford to swipe our cards. Studies show that people spend less when they actually can touch and see the cash that they are spending
This is why I’m suggesting that you too, learn to operate with cash and not your card. Here’s some easy steps to get in the habit of spending cash instead of swiping your card and how to organize it the Dave Ramsey way!
- Know your current expenses.
Know what needs to go out and what can stay in. Be mindful of automatic bills that get withdrawn, be sure to not overlook them and get the cash out if it needs to be in your account instead.
- Find out how much cash to withdraw.
After you know your outputs, budget how much goes towards what and the total of cash that needs to come out.
- Organize your cash with envelopes.
Have titles for each envelope. For example: Tithe, Gifts, Gas, Groceries, Eating Out, Household Goods, Fun Activities, Clothing and whatever else you and your family decide to budget out for.
Now this is the trick, when the envelope is empty of money, YOU’RE DONE. No getting more money out of your account or taking money from other envelopes. You are done spending in that category until next pay day. When there is no more cash that means no more spending. This takes self-control and discipline which this system will help you to develop and cultivate.
With love and big smiles,
torrie.
by Jasmine Shirley | Jul 2, 2015 | Learn + Grow
Has your frivolous spending been getting the best of your finances? Have you been working hard to save but fall victim to the triggers of spending? Well ladies I have found some encouraging messages to help you. *Disclaimer: I am not the creator of the content provided. The following information can be found on www.myfabfinace.com. This piece was written By Jessica Baptist.*
“How to Conquer Your Spending Triggers Like a Champ”
Here are some examples of some triggers you may lie and tell yourself followed by advice to overcome the trigger:
•“I Deserve It” Advice: “Temporary purchases won’t give you a permanent solution or solve the underlying issue.”
•“Everyone else has one” aka “Keeping up with the Joneses. Advice: “Use the images you see on the internet as inspiration, not an indicator of what’s really going on.”
•“I’ve reached my goals; let’s celebrate!” Advice: “Wait a week after the win to celebrate, that way you can really celebrate what’s important: the next step in your life.”
•“It’s on sale!” Advice: “Don’t fall victim to marketing messages. You were getting along just fine and you can live without it!”
Most importantly, acknowledge the factors that trigger spending and how they appear in your life.
Spend wisely and stay strong ladies,
Jasmine
by STRONG | Jul 2, 2015 | Learn + Grow
We have all encountered or maybe experienced it ourselves, stunning and breathtaking on the outside and a broken hot mess on the inside. On the exterior, she seems to have it all; gorgeous clothes with nice matching accessories, top label shoes and purses, great features, intelligence, nice car, big house or condo, college degree or pursuing one.
The expensive vacations she takes, the shopping she does, the five star restaurants and hotels drive her conversations, she patronizes with her family and friends. Little do we know she is living a lie, one big ugly financial lie. Although, she might have looked like a million dollars on the outside, she is a willing penniless slave to debt on the inside. We see these situations often, but are unable to recognize them. The question then becomes how much damage can this one little word really do?
Financial lies create the backdrop that has the undeniable ability to not only destroy your life, but your self esteem as well. The daunting task of fighting to keep up appearances and borrowing money to make to the day will become so overwhelming the person in the mirror may become foreign. Further more, once you tell one lie the cycle of telling more is inevitable which leads to fostering bad habits, lack of trust in relationships and personal insecurities. Rationalizing spending habits, or the displaying of wealth that you truly do not have is a direct road block to obtaining the lifestyle you really desire. It doesn’t matter how you paint the picture, if it is a fake, it will get exposed and the lie will catch up with you. Ultimately, when it does you have to stand in the mist of your mess and figure out how you are going to clean it all up.
Here are a few tips to get you started if you are battling this 3-letter word:
• Admit you have lost your financial way and you need help
•STOP, when you feel the urge to spend money you don’t really have or tell a lie to cover up one you told before simply don’t do it.
• Take inventory of the items you have, determine those that may be able to give you a return in some way. Take those items and use them to generate revenue that can immediately help you pay off some debt or bills.
•Be creative, take a moment to reflect on what brought you joy before spending money became your vice. Once you have an idea tap into how you can make that work to your benefit.
•Forgive yourself and start the journey to rediscovering who you where before you became lost in a sea of exterior acceptance.
•Set a budget and stick to it! If you need help ask, there is no shame in gathering the tools and information needed to be the best you.
The next time you encounter that flawless well put together beauty while shopping, walking down the street, at work, or wherever, don’t be so quick to assume that she have it all. The odds are great that she may be living a lie, a financial lie. No one has a place to judge another, but we do have an obligation to leave the world better than we found it. Make sure you are not missing opportunities to make a significant impact on someone you may be able to help escape the grasp of the 3 letter word waiting to sink their finances.
Be Inspired,
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