Do you have “card swipeoma”? Summer16 savings challenge, pt. 2
June 7, 2016 § Leave a comment
Last week I told y’all about the Summer 16 challenge. I hope you signed up, chose your dollar amount and joined the Facebook group. Check my previous post if you want to get caught up.
A few updates from me….
- Someone once told me that there is no reason to track your spending or make a budget if you know where your money goes and how you spend it. This person is broke, for the record. You may or may not want to follow that advice. Each person is different. I follow advice from people who have successfully executed what I plan to accomplish.My opinion is that if you won’t keep a budget for yourself, the least you can do is track your spending. Tracking your spending will force you to reconcile with your spending issue. If you don’t want or find it tough (like we all do!) to change your spending habits, you will at the least know, exactly, what you are spending money on. “What’s the use of knowing what you spend money on if you won’t change your habits?” Looking at your iPhone notes on a Sunday night might make you say, “I spent what on what?!” then you may change your habits for that following week. Just try it.
- After three weeks of tracking my spending, I made a budget. A budget without discipline is useless. Do you have card swipeoma, that is, a problem with card swiping? My brother had the antidote and made the suggestion that I pay my bills early. I mean early. I mean, like, three to four weeks early. Don’t be fooled and think you can keep that money in your account by the 17th when that payment(s) is due. By the second week of June, I will have paid all my bills, and it feels pretty cool. (NTTA – this does not include you). Now, what to do with that extra $1,500…
- Stash and Acorns are similar applications that allow you to invest for cheap and easily. Instead of saving up $1,000 to invest at your local brick and mortar bank, these apps allow you to start investing for only $5 and $10, respectively, and at better rates. Both also track your spending history and diverts the spare change from your purchases into your investments, making saving and investing almost seamless.These two apps remind me how much I hate the fact that I am forced into paying social security. I pay a lot into social security and I don’t care if it will be around when I am 60 — the plain fact of the matter is that my employer and I are forced to give up the goods before I know my check balance to a group of people that has clearly shown it can’t manage money. A flawed ideology would be to depend on my oppressors (or anyone for that matter) to take care of or assist me in old age. Anyways, all of my portfolios at the moment are higher than inflation and have better rates than your savings account, certificates, pillow case and shoe box.
Digit is another application that I use and it includes SMS text. I don’t have any goal with this but I love how easy it is to save.
This savings challenge can become something larger. Imagine if just 50 black people in the same area decided to make savings a big deal in their day to day life? Instantly, that new transmission or tire won’t be such a big deal. Savings is a great start and develops that discipline – the contingent of all your financial plans, really. Savings alone won’t bring wealth. After mastering savings, the next step is investment; imagine if just 20 black people decided to go in on an investment plan?
I am not sure of Eric’s plan after this challenge ends in August but I will be interviewing the Doc soon about black people’s lack of investments (as compared to other races), the best ways to start saving money and the Black Market Exchange plans after the summer challenge.