Credit Cards

Always pay your credit card off each month!!!!!

Do not carry balances on credit cards, the interest will eat you up. If you don’t pay it off monthly it will be very difficult to get the balance down because the interest makes the balance go up faster than what you are paying.

Make sure to get a credit card with the lowest possible interest rate you can find.

***Don’t buy things you can’t afford!***

I’m not a fan of credit cards for young people because it’s really easy to get trapped in a bad situation.

Starter Goals Collecting Change

A good goal when first starting out is to always have at least $200 in your checking account and $500 in savings.

As you increase the amount of money you make raise the amounts in your accounts. Challenge yourself like it’s a game to see how much you can have in there at one time.

Think of money in small amounts, for example every check you get pull out $25 or $50 and throw it into your savings. Pick up pennies that you find in parking lots and put them in a jar (this is my favorite thing to do). You can accumulate a lot of money quickly by collecting change. A lot of banks have machines that will count the change for you and deposit it automatically into your account.

Happiness Money Misconception

People think just because you have money that you don’t have problems or you are happy. That’s not true, money can create larger problems if it’s mismanaged. When you have a lot of money you tend to purchase things that are more expensive. The more expensive an item is the more money that it takes to maintain it.

Remember the saying that “Money is the root of all evil”? This can start by a person willing to do anything to get money without thinking of the consequences. Some people will do something illegal but in other cases it could be someone working a lot of over-time neglecting their family. If you let money consume you eventually your personal life will suffer.

You have to find balance, it’s okay to accumulate money but DON’T sell your soul to get it. Be patient when you are trying to accumulate money. Money can easily come to you but it can also easily leave you. That’s why it’s really important to invest money in small increments. DO NOT make huge purchases of investments, or anything all at once. Only invest your money in amounts where you are comfortable losing it if something bad happens. If you are not comfortable with losing the amount that means you are risking too much.

Play Cash Flow Classic

Banking Your Way To Comfort

Get both a savings and checking account, preferably one with no fees (or little as possible). Some checking or savings accounts may charge a fee if you go long periods of time without making any deposits or withdrawals. In cases like this it’s best to look at a credit union because a lot of times they won’t have those fees.

A checking account will allow you to have a debit card. Sometimes the minimum for a checking account will be $100. Meaning you will always need to have a $100 in there to keep it active. The beauty of checking accounts now is that they will keep a running online total of all of your transactions. If you use a credit union like Meritrust their online application will even help you categorize transactions.

Don’t treat your savings account like a checking account. If possible try not to even know what is in your savings. Deposit money into it but go for as long as you can before even looking at the balance. If you don’t know what is in it you won’t want to spend it.

Play Cash Flow Classic (This will take you to the “Rich Dad Poor Dad” site. This is one of the best games to learn how to manage money, investments and real estate.)

Cars Drain Savings

The quickest way to deplete your savings initiatives is to buy a new car. Each month a piece of your check is being removed for a payment. You also have to set aside additional money for insurance.

The commercials you see on t.v. sound so good you can’t resist. But you have to remember you are going to be stuck making that payment for 5 to 7 years. That is a long time…

Most of the time what will surprise you is the maintenance. Not everything is covered under a car warranty. You still need to change the oil, buy tires, fix mufflers and put gas in it.

Savings Built Over Time

Always work on your savings, even before you decide to buy fun things. Don’t make the mistake of investing in cars, rims, and video game consoles. None of these things hold value, they will all decrease over time.

It’s hard to not get caught up into the trap of spending money on random things. Living in a world where people believe status is what you have, remember that’s an illusion. Just because you have something doesn’t mean you can afford it.

Save every time that you get a check, even if it’s only $20. The best rule truly is to save 10% of what you have. It doesn’t seem like a lot but over time it will grow.

Feeling Trapped

Now that the quarantine has been going on for a couple of days homes can feel like prisons. When you start to get irritated step back and realize others in your home feel the same. It’s real easy to get snippy with someone for no reason. Take a breath and remind yourself that it’s temporary.

Go outside and pay attention to the simple things like the birds chirping. See the sun and let it shine on your face. Sit in a lawn chair in your drive way and enjoy the moment; don’t think of what lies ahead – only the now.

Kids making too much noise? Don’t get frustrated, be a kid again and make noise with them. Let go and be free in this time of uncertainty.

Monday Mind Strength

You tend to exercise your body but easily forget about your mind. The mind is the strongest muscle that you have. Without your mind you have nothing; and are vulnerable to everything. Your mind is the place where you decide to fight, survive or run from circumstances.

Negativity is a sign that you have a weak mind and it needs to be strengthened. So how do you workout your mind and get it ready to overcome just about anything? You have to learn from people of the past and read about their struggles and how they overcame things.

Anger is another sign of a weak mind, if you are consumed with anger towards other people you have to deal with it. Internally the anger is taking you over and is showing itself on the outside.

Don’t be embarrassed to talk out your problems. Find someone who is willing to listen and not pass judgement. This will provide a safe place for you to release the pint up emotions you are feeling. This blog is one of those places, you don’t even have to use your real name when posting things. Say what you want to say and release it.

Say Something Nice Sunday

Today I woke up kind of with a blah feeling and wondered what I could do to change it. Instantly I thought what if I could send a message to all of my friends and family saying something nice about them. How long would that take me to do? Would it make me feel any better? I don’t know the answer to either of those questions but I’m willing to find out.

Thank You Saturday

Today I am thankful for the sun which shined through my window this Saturday morning.

I am thankful that I will go outside this Saturday and get some fresh air.

I am thankful for the friends and family that I will have wonderful conversations with this Saturday.

I am thankful that this Saturday is going to be a terrific day.

I am thankful for all of the text messages that I will receive this Saturday from people who care about me.

What are you thankful for this Saturday?