It's official, we're in a recession!! Girl, it's time for you to get in charge of your finances. Stop clinging to your baby daddy, your sugar daddy or your rent daddy and start acting like the real woman that you are. I've gathered a few tips here and there, some from friends, others from experience and thoughtful articles:
- Keep on paying yourself first whenever you get that paycheck. Whether you're making $1000.00/month, more or less, whatever the amount you can always save. I used to make $1200.00/month, that's $600 every two weeks and I would put away $100 every pay day, then locked in a short period CD account. That money sure was handy in times of turbulence.
- Call those credit card companies and request a lower interest rate. Most of them will automatically increase your line of credit but will never proactively offer you a lower rate. Why would they? The higher the rate, the more money they're making.
- Stop running your mouth on the phone, reduce your cell phone rate plan and asks your BFFs, Frienemies and sugar daddy to call after 9pm (or 7pm if you're with Sprint).
- It's definitely not the time for a new car, especially with the Big 3 going down. Fix the one you got. Forget about Toyota and Honda, credit is tight, you'll be lucky to get a loan. And even if you get the loan, you could be handed a pink slip instead of a paycheck next month. 250,000 jobs went down last month, preceded by 154,000 the month before, you think you're secure? Think again.
- Don't buy what you can't afford, buy what you need and not what you want. I know I'm guilty here, I bought a $2.50 Santa hat amongst other things.
- Don't stop funding your 401(k), get it to the minimum 6% (or whatever it is) to qualify for your company match and the extra cash, dump it in a Roth IRA.
That's it for now. Do not hesitate to add to the list and to share your own tips and tricks.