Hey, I’m back. I hope y’all have been great.
I have recently started a journey that has helped me so much and like many, I want to share it. I definitely want to start with recognizing the privilege that exists from me being able to talk about and experience this journey and how I pray my advice is not limited to a certain group in the world. My journey concerns finances and how to begin incorporating it into your life especially but not limit as a minority that made it to college and has started dabbling in the “real life” everyone keeps talking about.
My bestfran from college calls me up for our usual complain/check-in/holdin’-each-other-up conversation and mentions that she wants to get her credit on point as her New Years resolution. This, unbeknownst to me, changed and challenged something within because before I knew it, I was also a part of this resolution and incessantly researching ways to make it a positive reality for me. I went from avoiding things like budgets and finances and those icky adulting things to embracing that which I am not familiar with to full on trying to flex it in my life. Now before I get too ahead of myself, I will say the PC spiel: I am not a guru, a certified anything, or here to guarantee that your life will be altered with the same profoundness but I will say that hopefully what I did made sense and it feels easy to follow.
- Been working since 14
- Always gave paychecks to family or spent it on nothing but transportation and unhealthy foods
- Never heard of budgets or under(over)stood what the purpose of money was, except for good ‘ole capitalism
- Went to college fully believing scholarships and working as having a relationship with money
After the dramatic research of what finances are and knowing that I wanted to increase my 500-something credit, I asked myself where can I start. Well, Youtube, that’s where (btw check out my channel: jennymena). I can’t even recall the amount of videos I watched. Some a waste of my time because of people who really thought I would pay someone to help me fix it. But most were really helpful to provide with a list of things to do to improve them over time. These things included paying more than the minimum balance as many times as you could to lower the credit card balances, setting automated balance transfer to my savings account, and learning to budget. DUN DUN DUN
I said the word, didn’t I. But yeesh, that one word creates so much FREEDOM and KNOWLEDGE. I can speak more about this in a later post (budgeting post).
Anywho, that’s the backstory that has led me to creating the following 2018 Financial Goals:
1. Double my savings account by the time the year is up.
I was super surprised with myself with this step because I thought it was nearly impossible to follow Dave Ramsey’s Baby Steps and get 1 grand into my savings account. But I cheated and used my tax refund and boom, I was there. But now to need to increase that is pretty scary. My goal is to make it a conscious and unconscious plan. Conscious plan: write down how much is necessary every month to move to savings. Double check intermittently that I will make the goal. Unconscious goal: set up automated transfers where I do not control when it leaves so that I cannot manipulate my money.
2. Finish all of my debt except for my car and my credit cards.
This is an intense step. I just calculated this into my budget that began having a serious income problem. So I picked up delivery service jobs to help make sure that every paycheck was taking care of bills, necessities and debt. My car has a predetermined end date of my birthday in 2019 and credit cards will be there to help me until I no longer need them.
3. Do 2-3 life inspiring things.
This one is really scary and exciting. I hope to travel, try new events on eventbrite or meetups, and gain a lot of health and wellness. I would like to travel to somewhere in India or Cambodia. I have already been to a number of meetups and eventbrites but hoping that I can do something powerful with that information. For example, really working on this blog and my Youtube channel (jennymena) would be the application of my knowledge and that is supa scary to me because it could be such a win or an embarrassing fail.
4. Start a ROTH IRA before my birthday comes.
I really hope to do this because the power of compound interest is really something. So I figure that if I am working really hard to understand money that it should start working hard for me both in the investment and retirement arenas.
5. Help a family member financially consistently 3-5 times.
This goal is one of my heart’s truest desires. I have a hard time being happy in my success when I look around and am alone in my joy. I rather be there in the trenches with someone who will come up the success ladder with me. Thus, my desire to help out a family member consistently so that there is this sense of community and financial progress within those around me. I also would like to see dreams of my family come true like my mom who just bought her first house and is trying to pay it off. Doesn’t that sound like a bomb place to start?
Wish me luck and positive vibes.
P.S. all bolded links will be added in due time. Apologies, just getting started in the blogging game.