Love Bunnies happy Monday, welcome to another installment of Inspiration Mondays and today I want to talk about money.
It’s no secret I love to shop, shopping is my addiction. Im a tech, fashion and book addict. I mean come on I have a fashion blog, and to be honest I got to the blog as an excuse to buy more shit, there! the truth is out. A book I read a couple months ago opened my eyes to the American money platform, we don’t have the credit score system in Jamaica. “I will Teach you to be Rich” by Ramit Sethi is a book that changed my life and opened my eyes before moving here I never even had a credit card. But one thing I did learn from my mother is always pay off your bills first, even if you’re broke with only $10 in your account as long as you don’t owe anybody any money, you’re rich lol. Let’s start with my credit card, I try to keep my credit card usage below 6%, but before getting technical. I make sure that if I make a purchase on my card I am able to pay it off within 30 days, I use my credit card like a debit card. If I don’t have money or I wont be getting money in the next thirty days I don’t make a purchase it’s that simple, but I understand that spending on my credit card will help improve my credit. However sometimes emergencies come up and there is no way of avoiding that we have to spend money that we don’t have, even I know that. But before you make that big spend it’s important to sit down and analyze if the purchase is completely unavoidable and just how you plan to pay it off. Be in the next thirty days or within the next year, go in and talk to your bank and tell them what’s going on and they can come up with strategies that can make this easier for you.
I downloaded Credit Karma so I can always be on top of my credit and whether or not I have outstanding debt that I need to monitor. They also give you advice on Credit Karma as well and it’s not bad thing to have. They even have an app you can download on your phone. I stay away from store cards, as much as I love shopping I don’t want any of their credit cards. That includes the department store you shop at often and the underwear shops, free shipping and 20% off is not worth the stress that follows. Monitoring too many credit cards, I think I will pass, I stick with the bank I bank with and Im with Chase and I love them. Also if you have a card that you no longer use, instead of closing the line which can hurt your credit and make you look bad to credit card companies and lenders. My husband and my bank has suggested just leaving the line open and just cutting up the card. Out of sight out of mind and your credit looks amazing.
This is the final piece and what helps me save without me being even aware is Digit and Acorns. Digit is my favorite and I have spoken about it before on my Vlog, a friend told me about Digit about two years ago. Ever since then I have not looked back, it’s like having a personal accountant, Digit looks over your bank account and monitors your spending and takes money from your account and saves it for you depending on how money moves in and out of your account. What’s amazing about it, is it moves amounts that you don’t notice depending on your earnings anywhere between $0.25 to $100 it just depends. I want you to check out it out because I swear by Digit – SWEAR!!! here is my link check it out see it it’s right for you click here. The next favorite on my list which I only discovered this year is Acorns. It saves money for you in a form of round ups. So you buy a cup of Starbucks for $5.25 and it rounds it up the nearest dollar and saves the change for you, so $0.75 would go to your Acorns investment. Every month you get to have a recurring charge that goes automatically to your investment, I could talk on and on about this but I’ll let you check it out here.
So I hope this blog helps somebody out there, smart women manage their money. So let’s be smart women and learn to manage our money. Something that I’m desperately trying to work on is my impulse spending habit. I don’t think thoroughly before I make a lot of purchases and this year I really want to stop doing that. What are some bad money habits that you have comment below.