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How To Get Your Finances In Check When You’re Jobless

Posted By deejackson

I think one of the scariest thing that can happen to anyone, including a millennial woman, is to lose their jobs. I say this because, as of the 2010s millennials are the largest group of people living on a paycheck to paycheck basis. They also lack the budgeting and saving skills needed to escape the cycle. But what if they did lose their jobs, how would they cope? In this post I’m gonna give you my tips for how to get your finances in check when you’re jobless.

 

How To Get Your Finances In Check When You’re Jobless

 

#1 UNDERSTAND WHERE YOUR MONEY GOES

Getting laid off at work means that there is no longer a steady paycheck coming into your household on a weekly or monthly basis.

This means that you’re now going to have to survive on what little you do have.

The first thing you’re gonna need to do is see where your money goes each month. You need to sit down and make a list of all purchases, big and small, bills and anything else that comes from your paycheck.

Once your understand where everything goes you’ll be able to move on to step 2.

 

#2 GET RID OF EXTRAS

Now that you understand exactly where your paycheck goes each month, you’ll be able to get rid of any “extras”.

Extras mean any unnecessary purchases you make each month. Do you always stop by Starbucks on your way home from work? It’s time to let that go. It’s time to get your finances in check.

Do you realize you like to Netflix and chill? It’s time for you to get rid of that subscription.

Until you have another job, anything seen as a luxury will need to go.

Food, shelter and water come first.

#3 CREATE (OR MODIFY) A BUDGET

A huge reason so many of us as millennial women don’t have any savings is because we either don’t know how to budget or the one we currently have isn’t working.

In my post “The Broke Girl’s Guide To Budgeting”, I run through the seven steps you need to create a successful budget.

I also talk about the one reason so many budgets fail and exactly how to handle it.

A successful budget is one that keeps you from over-extending yourself and falling into more debt.

This is why it’s so important to ensure that you follow steps one and two before moving on to this one.

 

#4 GET SUPPORT

Above it all, having the right kind of support will make the difference between you being able to manage your new financial status or barely being able to survive.

I suggest surrounding yourself with people who also have their finances in check.

It makes no sense to have friends who enjoy splurging on the latest pair of jeans because they will only influence you to do the same.

THIS ISN’T THE END

Life without a job doesn’t have to be difficult and it doesn’t have to be hard, it just takes sacrifice and the willingness to see the larger picture.

Once you learn to properly manage your finances you’ll be more able to navigate this period in your life until you find another job.

 

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Writers BIO

Hi there! I’m Dee, the founder of My Dee Dee’s Diary. I am a millennial woman who enjoys helping her millennial sisters embrace their awesomeness + become the freakin’ supernovas they were always meant to be by sharing advice, personal development tips, everything career, relationship + so much more.

On my blog you can expect to discover who you are and learn what it takes to be successful and happy, navigate relationships + dating, get help managing personal finances and solve money problems, get helpful life hacks to help you grow as a strong, millennial woman.

Sounds like alot but it’ll all make sense in the end. Catch you on the other side!

Be sure to follow me on Twitter, Instagram & Pinterest @mydeedeesdiary and on Facebook @ https://facebook.com/deedeesdiary

 

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Are You First on Your List?

Posted By Brandon Lewis

Pay Yourself First

Today I’m going to talk about one of the first financial principles I ever learned.  The idea of paying yourself first.  Every time you make a dollar, you should take a portion of that dollar and pay yourself first.  Starting out this could be $0.10.  In that case, for every dollar you earn you will take a dime out and keep it for yourself.

Now I know what you might be saying. “Brandon, I keep the entire dollar for myself.”  That’s where you’re wrong.  If you are like most people, that dollar already has someone else’s name on it.  It could be your mortgage, gas, phone, utilities, credit card, car, or any number of obligations.  Typically, you are last on the list, if you even make the list at all.  I’m telling you, you should be first on that list.  Every time you get paid, you need to put at least a dime of every dollar aside for yourself.

At first, this might seem impossible.  After all you have all of these people to pay, right?  Well, you most likely have some budget leakage.  The budget leakage is all of that stuff that you buy but don’t really need.  If you don’t have enough money to pay yourself first, then you shouldn’t be buying things you don’t need. Once you start cutting out the leakage, you won’t even miss those expenses.

Where should I put my dime?

The next question should be, “What do I do with that dime?”  This is a very important question. It should be put to work making you more dimes, and it should be kept in a place that isn’t easily accessible.  The first place to stash that dime is inside a 401(k) account.  This makes it extra easy, because you don’t even see that dime to begin with.  Your employer can debit it from your paycheck before you see it, creating no way for you to spend it.

If you don’t have a 401(k) plan at your job, it’s okay. There are other options.  One of my favorite places to save money is Lending Club.  Lending Club allows you to be “the bank” for other people.  The one thing that I really like about Lending Club is that it ties up your money in a loan.  This means that you don’t have access to it.  You will slowly get your money back, with interest, as the loan is repaid.  Then you can reinvest these payments into new loans.  Your dimes are now making dimes, which are making more dimes!

The stock market is another place to store your dimes, but I recommend first educating yourself on the processes and products. There are a few ways to invest in the market, but the best way for a newbie is to just buy an index ETF like SPY (NYSE Arca) which tracks the S&P 500.  That last sentence may have sounded like gibberish to you.  If that’s the case, you should do a little Googling, and learn about ETFs.  The SPY ETF is made up of the 500 best companies in America.  As of this writing the S&P 500 is at an all-time high, which means it will eventually have to come back down.  This is okay though, because we like it when the market drops.  If you use the Robinhood app you can make trades for free.  Another app that is pretty good is Acorns.  This app will round up your purchases to the next dollar, and then invest for you.  I’m not entirely sure about the fees or returns, so I still just like buying an ETF.

Increase your dimes

If you begin to pay yourself first, you will be wealthy in no time. Once you forget that you are living on 90% of what you make, you should start paying yourself more.  Take away another dime every time you get paid.  The less ‘dimes’ you’re able to live on now, the sooner you can retire.  In fact, if you can pay yourself $0.70 of every dollar you make you will be able to retire in 10 years!  Check out Mr. Money Mustache’s blog to see how he did just that.

Take a look around and see what bills you can get rid of.  These will include credit cards, car loans, or mortgages.  Work on decreasing these so you can increase your dimes.  Then, take a look at bills that you can lower.  These might be phone, cable, or groceries.  If you really take the time to understand where your money goes, you will uncover extra dimes everywhere!

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Car Rental Gone Bad!!!

Posted By perspectives17

While out of town for training I decided to enjoy my own personal travel on the weekend and rented a car. The first car we chose was dirty so we selected another. Finally while loading the second car a representative told us about a car that had just become available and was technically considered an upgrade. We looked at each other and chose the third upgraded option. By this time being the third car we didn’t check anything, just jumped in. First Mistake! We drove around Cali all weekend before returning the car and reporting to work on Monday.

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Are you Checking????

Posted By perspectives17

Do you know your credit score? When is the last time you checked it?
If you are like me you check your account balance constantly. I check my account balance while walking in the bank to make a withdrawal or entering the grocery store to make a purchase. I want to make sure that I have enough to cover my transaction and know how much I will be able to work with. We all know how embarrassing it can be to be at the front of the line and your card is declined. We all have been there for whatever reason.

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Are you teaching your child about personal finance?

Posted By perspectives17

Times likes this more than ever it’s important to teach our children financial literacy. Rent, interest rates (except in savings accounts), student loan balances, and taxes are at an all time high. Every thing is high these days. The question I ask myself is how do I prepare my child for financial adulthood. Responsibly running a household, preparing for financial emergencies, and being an educated consumer is not just second nature. Incorporating financial literacy principles and strategies in child rearing is important. Just another step to set your child up for success. We as parents have so much on our plate, I think this one is worth the extra load.

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Budget Like A Boss!!

Posted By perspectives17

Having a budget might sound like basic skills or even cliche, but trust me, it’s not easy adulting. Yes, I said adulting….. Trust me .. a budget can make a hell of a difference. If you are like me you make a list for everything. So why should your finances be any different. Every trip, back to school shopping, Christmas… etc. Now a list is great but lets be honest sticking to it for more than a week or pay period is the real challenge. Budget is a lifestyle change just like losing weight. Don’t put it on your to do list, make it your way of life. How many times have you bought a gadget or some clothes that you barely ever used and you ended up giving it away. This is money wasted that could go towards debt repayment or help meet savings goals. Now if you’re debt free and have a hefty emergency fund while living your life like your golden then more props to you. Maybe use it to save for an upcoming trip or gift you really need and investing is always a great option.

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Reclaiming My Dime!

Posted By perspectives17

You want to save money but find it hard to stash any real cash. Everybody has bills, debt, etc and they can’t afford to do everything that want to do. That’s life!

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10 ways to stay active with your children on a budget!!

Posted By perspectives17

Summertime is here and school is out. Now what are you going to do? It’s hard to keep children active and keep your coins… Ok we are going to try to work that out today. We all got bills, goals, vacations, shoes (YOU NAME IT, RIGHT?) It can be hard at times to balance our goals with our responsibilities. I don’t want to adult anymore…… We’ll touch on some tips and activities that can help keep children active and stay on budget during the summer.

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