Lately, almost everyone has been talking about the likelihood that we’re headed towards a recession. But, chile, my weekly trips to the grocery store, gas prices, and the current housing crisis tell me that we’re just about there.
I’ve read somewhere that said that the pandemic created a ton of new millionaires but in my everyday life, i have yet to see someone who’s truly doing better in the last two years. Many of us are faring the same or might even be experiencing some struggle.
If you find yourself in that situation- it may seem daunting to dig yourself out of that hole. Based on my experience, here are 3 simple things you can do, to improve your financial wellness.
- Take a look at your expenses
- Do you have any redundancies? For example, there are a million streaming apps- do you really need Netflix, Disney +, Hulu, Peacock, Stars, Amazon, Apple TV etc? Individually they won’t break the bank but they can collectively.
- I’ve recently started using an app called True bill that helps me comb through my expenses and what I love is that it can cancel the subscription for me with just one click. For me, a barrier to doing something like the cancellation is making the call or remembering my log in to make changes but True bill eliminates that. Yall- I dont’ have a relationship with them- I just believe in the product and feel like you should at least know about it
- If you haven’t already start- paying yourself.
I know we all know that we should have ~3-6 months of expenses saved up but if you have very little saved- that might be intimidating. To make less so, start by transferring a small number into your savings each week and by small, I mean the cost of a dinner out- somewhere between 20-75 dollars. That will start to add up and the growing amount of money will be an incentive to keep going. You have to commit to not touching it– that stash is solely for emergencies and getting your nails/hair done doesn’t count.
- Seek more income.
You may have just enough to pay your bills with nothing left over. So savings isn’t even an option. I get it. In this case, commit to finding a new job. If you find yourself feeling stuck because you don’t feel like you’re job market ready- I beg you to sit down and write out all of the things you’ve ever been complimented on, things you feel you do well, accomplishments from the past several months and years, along with what you currently do for work. Seeing it all on paper not only boosts your morale/self-esteem but also provides you with more information to equip you for your resume revamp, your new job search, career pivot, or launch of your new side gig.
I love that we, as a collective, are starting to have more conversations about money but I don’t think we talk about it with enough depth and nuance. There are so many factors that go into why we are or why we aren’t experiencing seasons of abundance. Some of it is largely out of our control- i.e. the predatory nature of capitalism, the legacy of chattel slavery and systemic disenfranchisement of Black folk in America
However it’s important to control the very little that is in our control. And with that we need to get to the root of our relationship with money. That’s why I;m so happy to share this conversation with you. In today’s interview, we speak with the founder of Money and Mimosas– Danetha Doe. She’s an economist and Webby Award-winning TV host.who’s been recognized as a personal finance expert by TIME, the Wall Street Journal, and Fast Company.
She believes that it is possible to build wealth in a socially and environmentally responsible way.
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