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My 2 most embarrassing financial flaws

June 9, 2019 1 Comment

My 2 most embarrassing financial flaws

June 9, 2019 1 Comment

Have you ever read Confessions of a Shopaholic? I’m not a shopaholic, at least not in the typical sense of the word – I don’t own a lot of clothes, shoes, or things. But the main character and I have something big in common – we know a lot about finance, even worked in the financial field and are pretty bad at managing our own finances. We can give people GREAT advice about it, in fact, I’m the one my closest friends come to for sage financial advice. But do I follow my own advice?

Fiscal responsibility is something I have struggled with ever since my mom was giving me allowance sporadically when I was a teenager. She would hand it to me and I’d run straight to the candy lady’s house for frozen cups, chips, and those big lemonheads without a single thought of saving any of it for future desires…which is crazy since, like I said, allowance was hella sporadic.

I’ve gotten better over the years, but I’m still that girl. Being fiscally responsible is not something that comes naturally to me. It’s something I have to actively work on and something I often fail at.

I have actually accomplished some really awesome financial goals in my life – I bought a house on my 31st birthday, I currently have a significant amount of equity in that house, I have very little credit card debt (by very little, I mean about $5,000) and from August 2017 to April 2018, I paid off $38,000 in business debt. You read that right, I paid off almost $40,000 in debt in 9 months. CRAZY right?

While I’ve accomplished some pretty great financial goals, I want to share some of the things I constantly struggle with when it comes to my finances.

I spend money indulgently and RECKLESSLY

There is something in me that feels like “it’s my money, I should get to spend it how I want” and says “life is about having fun, it’s not like you can take the money with you” and so I end up shrugging my shoulders, saying YOLO and swiping my debit card like it’s attached to Jeff Bezzo’s bank account.

But this goes deeper than just spending money frivolously, the bigger problem is spending money impulsively. Usually when it happens, it’s in the moment. I’m not giving it any real thought, I’m not considering the other things I can’t pay for if I buy this thing. I’m only thinking about this thing I want right now that’s in front of me.

I have a bad habit of looking at my bank account and saying “ooh there’s money in there” and then, of course, spending it. I remember telling one of my close friends that I “act like my account needs to be at zero to make room for more money to come into it”. I’m sure I’m not the only person that has or had a habit of spending all of their money and finding themselves barely making it to the next payday.

I donate money to the bank

I’m gonna get REAL transparent with ya’ll. In 2013 and 2014, I spent and average of $2,200 in overdraft fees (per year). It’s embarrassing. I struggled with whether or not I would share that, but like I said, we’re being transparent here.

I know a lot of us who have done this. We go to the gas station, knowing we only have $15 left in our account, we swipe the card and pray it goes through, it does and we rejoice and commence to filling our tank up with gas, which runs $36.74 and happily head on to our destination feeling lucky we got approved not even realizing that it just cost us an extra $35 in overdraft fees to do that.

Or, you check your account and see that you have a little money left so you go ahead and spring for a quick fast food meal, forgetting that you have a bill hitting the next day which is now going to put you in overdraft and cost you an extra $35.

Now make things like this a regular habit and you’ve spent $2,200 in overdraft fees without even realizing how fast it all adds up. That’s a $2,200 donation to the bank. Money I could have used to pay off my credit card or put into a 529 plan for my daughter. I’m getting angry about it all over again.

Although these are some embarrassing facts that one usually keeps to themselves or a select few, it honestly felt good to share this with you. If for no other reason than to say it out loud so I can fix it. My hope is also that if you have these flaws, you know you’re not the only one. You can stop beating yourself up about them and, instead, do something to change them.

Where I’m getting help: The YNAB app

You Need A Budget has been an AWESOME tool for helping curtail my spontaneous spending and getting me to focus where my money goes.

With the YNAB method, every dollar has a job. As soon as money comes in, you assign it to a category, even if that category is DON’T TOUCH THIS MONEY, lol.

Seriously though, this app has been a complete mindset shift for me from forecasting (which is technically what traditional budgeting is) to actually budgeting the money I have on hand and being honest about the fact that if I spend $20 on eating out, that’s $20 I can’t spend on getting my nails/hair done or $20 that won’t go towards saving up for the Away carry-on bag I’ve had my eye on.

I no longer look at my bank account to see if I have money to spend. I check the YNAB app to see if I have money left that I budgeted to spend in a particular category and if I don’t, no biggie, I can decide if I want to spend less on another category to make up for it. For example, let’s say I have a Personal Grooming category (nails and eyebrows need to be accounted for in the budget, am I right?) and a Clothing category. Say I’m walking around Zara and see a really cute dress that I just feel like I need to have. The dress is $75 but looking at my YNAB app, I only have $50 remaining in my Clothing budget. I scroll down and see I have $50 remaining in my Personal Grooming budget. I decide I can do my nails at home, so I’ll move the $25 over to Clothing and boom, I can buy this dress, no problem! I’m safe from overdraft fees because the only money I can budget is money I already have.

It truly is a great way to budget.

If you’re like me and have some pretty crappy financial habits, I do encourage you to do something about them. Try out YNAB for free for 35 days by signing up here –> SIGN UP FOR YNAB

I will warn you, the app is a lot of work. I personally need a lot of work to become more fiscally fit. It’s also a mindset shift from the way we know to budget. I also needed a mindset shift to reach my financial goals.

Here’s to conquering our financial flaws!!

Please note, the links in this blog post are affiliate links. That means, should you choose to sign up, I get a small bonus for referring you. It does not cost you anything extra, it’s just their way of saying “thank you for sharing the good news”. Also, I assure you, I would not share it if I didn’t love it myself. I hope you love it too!

libryia

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1 Comment

  • Taryn June 13, 2019 at 2:06 am

    Talk about getting raw! I swear I thought you were speaking directly to me. I’m going take a look at this app you speak of. I could use accountability in my finances. Thank you for sharing and being real about it!

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    Instagram

    • Sooooo much to unpack from this trip to Ghana!! Well, figuratively anyway.

Literally, we have a bit less to unpack because @KenyaAirways lost my daughter’s carry-on bag that they forced her to check on Monday. It’s now Friday night here and we are at the airport now heading back to the US and they still have not given us any indication on where her bag is. 😑😑😑 I’m upset about this because that bag contained the funky socks she inherited from her step brother who we lost two months ago. They were the only thing she asked to keep if his. I sincerely hope they find it.

Now back to the figurative unpacking. Ghana is so full - of people, of life, of history, of culture, of food, and of love.

I am full having been here (also figuratively and literally, LAWD I ATE ALL THE RICE)

This trip was far too short, we will definitely find ourselves back in this land soon. 
Medaase Ghana for a beautiful experience! .
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#Ghana #yearofreturn #YOR #visitghana #wanderingmom #wanderwoman #wanderwomaninc #travelgram #visitafrica #blackgirlatraveltoo #gobacktoafrica #nomadnesstribe #blacktravelgram
    • Cape Town is one of the most beautiful places I have ever been!

In fact, I've been twice! The 2nd time, I stayed for 3.5 months AND I'm headed back 30 DAYS FROM TODAY with 12 families - total of 37 people ages 6 months to 61 years old!

A few quick things about traveling to Cape Town:

FLIGHTS ✈
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Typical flights (from ATL) will run about $1,200+ but you can snag GREAT flight deals at $700 or lower.

WHAT YOU'LL LOVE 😍

There is just SO MUCH to do there for all ages and between the beaches, the mountains, and wine country, your eye sockets may just pop out. Its hands down one of the most beautiful cities I have ever seen.

My fave things about CPT

1. Weather
2. Table Mountain
3. Nightlife (Bree St. be πŸ”₯)
4. Old Biscuit Mill
5. V&A Waterfont - there's ALWAYS something to do over there
6. Beaches - there are SO MANY
7. Wine

WHAT YOU'LL HATE 😑

Apartheid did a NUMBER on this place. While the city has SO MUCH beauty, it is very segregated (aside from downtown). In fact, many tourists think that Cape Town has a far larger white population than it does, only because the nice areas of town that tourists stay in are not populated by descendants of the original people.

Another thing you'll hate (this one is trivial) is that the beaches are GORGEOUS but the water is FREEZING! As a Florida girl, it's quite torturous to have a beautiful beach that I can't actually swim in...mind you, people do it. I can not! 🀣
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WHAT YOU SHOULD KNOW πŸ‘©πŸΎβ€πŸ«
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If you are traveling to South Africa w/ children w/o their other parent, you WILL need to have a separate form completed with the other parent's signature and a copy of their ID. The ONLY way around this is:
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1. Their name is not on the birth certificate

2. You have documented full custody

3. The other parent is deceased (you would need to bring a death certificate)

Ok, that's it. Back to planning my 3rd visit to The Mother City.

Are you thinking about going to Cape Town? Ask me anything! Happy to help.
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πŸ“Έ: Steven of @aroundthetable_cpt
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#capetown #ilovecapetown #travelafrica #visitafrica #visitcapetown #capetowntourism #southafricatourism 
#instatravel #wanderingmom #wanderwoman #familytravel
    • Goals are just talk without a plan. A plan is just words on paper without execution.

We need all three, and in that order!

One of the last conversations I had with my bonus son, Jadyn, was about this topic.

He had come home feeling optimistic and excited about his future. He told me proudly that he had come up with some goals for his life.

I told him, "that's great love and you need to go a couple steps further." I told him to break down his goals into a plan. I gave him the homework of identifying what his plan would be this month and this quarter to hit those goals. Then challenged him to show me how he would execute on that plan over the next week.

I suggested he write these things down and put them up on his wall so he could see his action plan and check things off.

I recently made my daughter go through the same exercise. She made a Goal Book. We meet weekly to go over our plans for the week and review how we executed last week's plan.

Having goals is hella cute.

Having a plan is really nice.

But we HAVE to execute.

I want to lay down a challenge for me, my daughter, and you this week to DO THE THINGS WE WROTE DOWN. 
This week, I'll be executing on my fitness goals, my business goals, and my lifestyle goals by:

1. Hitting the gym 4 times
2. Eating Whole 30 compliant meals
3. Hiring an admin
4. Building a content calendar
5. Planning my Ghana trip
6. Hanging my light fixture

What are you executing on this week? Let me know bc I'm gonna check in with you about it at the end of the week!

LET'S GET IT!
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#mondaymotivation #instainspiration #thingsillteachmydaughter #2019goals #selfimprovement #selfdevelopment #goaldigger
#goalgetter
    • HEY HEEEY It's Work From Anywhere Wednesday!

Ok, today I have THE most simple tip for you about applying for remote jobs:

APPLY FOR THE JOB!

So many people absolutely do find great jobs that they don't ever even apply for because they're afraid they aren't qualified enough or afraid of rejection.

Studies have shown that women have to feel they meet at least 90% of the qualifications before they apply for a job while men will apply even if they only meet 50% of the quals.

LADIES, we gotta put ourselves out there! Worst case scenario. all you lose is the 5-10 mins it took to apply. SO GO APPLY!

If you need help finding remote jobs to apply for, click the link in my bio and grab my free guide with my favorite places to find remote jobs and while you're at it, get my ninja job search wizard for only $7.

While I ain't Oprah, what I know for sure is you definitely can't get the job if you don't apply. You miss all the shots you don't take so

SHOOT YOUR SHOT!
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#remotejobs #remotework #WFA #WFAWednesday #WFH #workfromhome #workremotely #quitcommuting #quityourcommute
    • "I love you all of the time, I like you most of the time" - the real mantra of moms everywhere 🀣 πŸ€·πŸΎβ€β™€οΈ
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πŸ“Έ : @theqovphotos
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#mommiehood #motherhood #mommingateen #wanderingmom
    • It's another Work From Anywhere Wednesday! **body rolls**
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I'm chatting with you from my home office today about positions that are not 100% remote.

They do exist and A LOT of people don't even bother looking at them because they are so focused on finding a fully remote job.

I want to encourage you to apply for these jobs even if they aren't fully remote.

Why?

Well, for one you need to get into the habit of applying for jobs and going through the hiring process. I believe in achievement motivation. Once you start applying for the jobs you "kinda" want, it will be that much easier to apply for the ones you really want.

Secondly, if you get the job, you will now have remote experience and that will make you more appealing to the companies that are hiring a 100% remote workforce.

But the biggest reason I want you to go for it is because partial remote is more remote than you are now!

So get out there and apply.

If you need help finding viable remote jobs, I created a guide with my FAVORITE places to find remote work. Just click the link in my bio and grab your free copy.

Ok, I got work to do! Have a great day!
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#workfromanywhere #workremotely #remotejobs #wfhjobs #wfh #workfromhome #workingmom #workingmommy #quitcommuting #quityourcommute #WFAWednesday #wfa

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