Black Women financial literacy-Hot Girl Business
Hey guys, Happy Sunday! How was your week? Did you enjoy it? Did you save money? Did you make a sale?
Wellll I had a good week. I enjoyed it, I saved my money, but I did not make a sale. As you know, I recently moved here to Atlanta, GA, where there are thousands of hair stylists, and I am building my clientele from the ground up. However, although I did not make a sale, I started my part-time job and I networked with about 15 women this week, my goal is 10, so hooray for me! Also, some exciting news is that, I became a pescatarian two weeks ago, and I love it! I am slowly trying to transition into becoming a vegan, but I’m not ready for it yet. But shoutout to my vegan readers out there, I commend you.
Side note: so a friend took me to Top Golf Saturday, and I tried to order the Impossible Burger, which is basically a plant based burger, using genetically engineered ingredients that looks like and tastes like meat……how about they were sold out, and the patties were on back order for two months! The other Top Golf was even sold out as well! I guess a lot of people are becoming vegan, or at least giving it a try.
But anyways, I wanted to talk about money this week. I had the privilege of attending a Currency Conversations event which is hosted by Essence, and Chase Bank. This event educates, reassures, and supports black women and their financial literacy. It is a judgement free zone, and a great way to make friends on your journey to saving money. As a matter of fact, do yourself a favor, and take their pledge, and you can make a pledge, along with thousands of other black women, to save a certain amount of money each month so that you can have a goal to reach at the end of however many months you want. I pledged to save $50 each month so that in 10 months, I will have saved $500. This amount could go towards a business expense, summer vacation, or whatever I want to do.
I believe that a huge influence in Women Empowerment, is having money and being financially secured. I don’t know about you, but I don’t feel too empowered when I don’t have money. I read this quote the other day that said “money looks better in the bank, than on your feet”. I really felt that because one of my worst spending habits is clothes and then food. I know I’m not the only one here who has that problem. I even remixed that phrase and said “money looks better in the bank than on your body”, meaning I should save money and stop eating out, because I will gain weight. I realized that if I stopped eating out frequently, I would save money and pounds, it’s a win-win situation! However, I am still curvy and confident!
Soooo I have a confession: When I was a broke college student (and maybe even a little after college), I would get on Tinder or even Facebook and try to find a date, just so I could get a free meal! I used to act like I was soooo interested, then ghost them after a free meal or two, or maybe even three! I feel so bad now that I think about it. I did this because I was not educated enough to save my own money. But this is why I am writing this blog today, to encourage you to save (not to get on Tinder so you can go to Ruth Chris).
So I just wanted to share with you 10 things that I learned at this Currency Conversations event, and I hope it helps you:
On Sundays, meal prep, or write down what you will cook every day and commit to it. No more stopping at Chick Fil A, or Zaxby’s on your way home! If you already have it pre-set in your mind what you will eat, there will be no reason to spend extra money (matter of fact, leave your card at home, but make sure you have enough gas in your tank lol). However, you can treat yourself to one day out the week and limit yourself to about $15-$20 for that particular treat. If you’re really good at it, try holding out and treat yourself every two weeks.
Learn how to say no! I struggled with this, because my friends are always asking me to go out for drinks, food, party, trips, etc. I used to say yes, and then have to use my credit card to pay for it or struggle after the fact, or just be in a bad mood because I was broke and had no business being out. I feel like if you need to use your credit card to have fun, and you can’t use your own money, you should not be having fun. The credit card is to build your credit, not build your debt (although this is not true for some, like myself). If you don’t have the money, just say no. No need to impress them, you’ll end up playing yourself.
Cut out unnecessary things! This goes for the the cable bill (it’s a distraction), monthly subscriptions, etc. I am about to cancel my planet fitness subscription, and go to the gym with my cousin lol. Plus I can run a few miles at the nearby park and watch at-home workout videos on youtube. That saves me gas anyways!
When grocery shopping, or shopping in general, make a list of what you need, write a budget for it and STICK to that list! No more target runs lol! I get so distracted when I go in there, so lately for groceries, I have been shopping at Aldi’s. its the same food, for lower prices, meaning more bang for your buck. TIP: if you need an outfit for a girls day out, limit yourself to about $40 or $50 and find items that will keep you under that number (including shipping if you shop online), that way, you aren’t just mindlessly shopping and you have a little control.
Make a vision board, and write down a deadline for when you want to make ish happen with your visions. It serves as a visionary guideline for your goals. Or you could even write post it sticky notes with little messages to motivate you to save and to reach your goals.
Ask your job if they offer discounts to their employees. I remember working at Victoria’s Secret, we got discounts off our phone bill and other stuff.
if you must shop, spend wisely. I never pay full price for anything anymore. I download apps and search for discounts. Restaurants also have amazing deals on their apps, especially the ones with rewards like Chick Fil A, Jersey Mikes, Chipotle, Ruby Tuesday, etc. You can mess around on the apps and eat a whole meal for free. I remember when I first moved to Atlanta, Chick Fil A sent me a reward that said “Welcome to Atlanta” and I got a free grilled sandwich, big ups to them!
Subscribe to “The Financial Diet” on Youtube. They show everything about money and living better.
Never be afraid to pick up a side job if you do not have enough money to pay for your bills, save, AND take care of yourself. You know how us black women love getting our nails and hair done. Some of my clients even ask their partner to pay for their beauty services, which nothing is wrong with that, but what if they break up? Will she still be able to maintain that beauty lifestyle? Start thinking of ways to give yourself an extra cushion. I do Door Dash sometimes, I know some people do Uber, Lyft, Instacart, etc., and it allows them to take care of whatever they need. So if you ever feel the need to get your nails or hair done, but you’re a little low on funds, download those apps and get to work!
Any time you get a bonus check, refund check, income tax check, accident money check, any check, just put it away. Act like it’s not even yours, and save it. It’s August right now, how many people do you know still has their money from income tax season? Most people blow it on vacations, shopping, food, just random things they would not have bought with their own working money. Save that money for a down-payment on a house, or a rainy day.
Here is a not so fun fact: approximately 70% of retired black women are living in poverty because they did not save their money when they were working. They either had to pay for bills, student loans, children’s life insurance, etc. Don’t let this be you! Forget Hot Girl Summer, it’s Hot Girl Business season. Get your money sis, make that money, but don’t let it make you!
I hope this helps you guys and that you benefited from it. Please comment below your thoughts, I love hearing from you guys!
Side Note: I uploaded a video on my definition of what it means to Secure Yourself First, Then Secure the Bag, check it out here!