5 Ways Social Media Can Affect Your Budget Oh social media…what a blessing it has been to us, right? Platforms like Facebook, Instagram, Twitter, and TikTok have created a plethora of ways to connect with family, friends, start businesses, create extra income (or a full-time job), and have changed how we interact in society.However, social media can also magnify insecurities, reduce productivity, and create unnecessary drama and stress in your life. In fact, social media can actually affect our finances and our budgets!See how social media can affect your personal finance and see if you can do small things daily to not let social media deter you from your financial goals!The Comparison GamePicture it: you’re mindlessly scrolling Instagram and you see the latest post from a friend of a friend who is on (another) vacation…this time to the Maldives! Ugh, and you’re sitting on your couch, eating Chinese food, regretting your career, your salary, and your life situation. Now, instead of enjoying your Chinese takeout (that you budgeted for), you’re comparing yourself to this “friend.” Comparing your job, comparing your life, and comparing your goals…all because you were scrolling. Social media means you’re thinking about how to have a life like that person…in the Maldives. Even when you may have just come back from a vacation, such as Cabo San Lucas, Mexico…in your mind, it’s not the Maldives, so that trip to Cabo is now considered “basic.” Instead of enjoying your evening, you’re thinking how to “top” this friend’s trip to the Maldives and how to finance a trip that may be out of your budget at the moment. What an unfortunate way to think…Social media has the tendency to minimize our own accomplishments by getting us to compare our lives to others’ and feeling like we don’t measure up to friends, social media influencers, or celebrities. “Comparison is the Thief of Joy” isn’t just a nice quote that is shared on Instagram (haha); it really does rob you of the joy of accomplishment, the joy of choosing yourself, the joy of putting your goals first.Keeping Up with the JonesesNow picture this: you’ve set an amazing budget (done by City Girl Savings, of course), you’re happy with your career and salary (with goals for leveling up professionally), and you’re saving and investing! Then all of a sudden, you open up Instagram and see a girlfriend from college holding up a “Officially a Homeowner” sign with the keys to her own condo…while you’re still renting—saving for a down payment, but still renting. What if you see someone else from childhood who is posting a picture of their brand new car, which happens to be the newest model that you’ve been eyeing? What feelings does this usually bring upon you? Unfortunately, too many people feel like they have to constantly “one up” people on their social feed, to make themselves seem more significant.Having a Birkin bag means nothing if you don’t have that same amount in the bag (or in your bank account). Maxing out your credit card for a trip for “the Gram” means nothing if you come home to bills that are past due and debt collector calls. Stay in your lane and your budget…trust me, trying to keep up with the Joneses will keep you broke. Honestly, sometimes even the Joneses have maxed credit cards and no savings!YOLO and FOMOIn 2022, I’m not sure how many people are still using the phrase “YOLO” (You Only Live Once), but people are still very much still suffering from FOMO, the Fear of Missing Out. We’ve all been there. Your friends want to go on a girls’ trip, or go see your favorite artist in concert, or check out the trendy new rooftop bar downtown. However, those expenses are not aligned with your City Girl Savings budget or your personal financial goals. But because we do not want to be the odd one out, we do these things anyway because we don’t want to see pics of our friends without us at these events.Treat YourselfHow about this: You’ve been saving, you’ve been making your monthly financial goals, you’re doing all the smart “adult” things with your finances. You’re also feeling like you do not have any space for fun in your budget. As a way to “treat yourself” for making smart financial choices, you decide to go all out on a shopping spree at your favorite online boutique…because you feel like you deserve it, or have earned it. This may feel good at the moment, but then you realize you spent way more than you anticipated, then the guilt starts to kick in. This is a cycle that a lot of us put ourselves through…thinking that we deserve to live in the moment and not think of the possible consequences of our brief YOLO moments, because you see everyone else on social media having fun.Hinder Your Earning PotentialHere’s something that not a lot of people like to talk about, but let’s be honest; a lot of us check our social media while we are working during the day, which can be a huge distraction. Not just from a productivity standpoint: it can also be a distraction from performing your job at your highest potential by decreasing your focus.In addition, since most of us check social media on our phones (that’s attached to our hips), sometimes we neglect “recharging our mental batteries” and replacing actual rest and relaxation with mindless scrolling. This can lead to increased anxiety, lower focus, and dim your creative juices. Targeted AdsYes, as someone with a marketing background, we know exactly what we’re doing! Those Target ads that just mysteriously pop up on your newsfeed after you just had the slight thought of Target…not done by accident, quite the opposite.Platforms like Facebook and Instagram use targeted advertisements to market products directly to you. This is based on demographics, such as age, location, Google search history, and gender. The more you like, comment, swipe, and scroll, the more these ads are retargeted to get you to buy more things that you do not need or have not budgeted for.All in all, social media can, has, and will always be a great way for us to connect, learn, and grow. However, it is important to realize that your actual savings and budget is much more important than “showing” your followers that you can spend like they do.Related: 5 Tips to Make Saving for Money Goals FunHave you noticed that social media affects your spending? How do you deal with it? Let us know in a comment below, and be sure to join us over in our City Girl Savings group on … 5 Ways Social Media Can Affect Your BudgetRead More »

#18: 5 Mindset Shifts that can Change Your Life and Money While we can’t control outside factors, we can control how we think and react to things that happen in our lives.Making the shift to a positive mindset many years ago has helped me feel the happiest I’ve ever felt.Never forget: You have a choice.Regardless of what happens to you, you can choose to be and think positive, or you can choose to be and think negative.Specific mindset shifts can help you change how you handle things in your life. These shifts can also have a positive impact on what you do with your money.If you’re not sure where to start to change your mindset, the thinking shifts shared in this episode can make all the difference.Don’t feel like you have to make a full change from the beginning. Take it slow.Sometimes, slow and steady wins the race – especially when changing the way you think and see things in your life and money.Make a conscious effort to truly shift how you think and you’ll see how your life and money change as a result!Here’s a glance at this episode:[01:31] If you take anything away from this episode, let it be this: You have a choice. You can decide to be positive or you can decide to be negative.[02:20] The first mindset shift to help your change your life and money is appreciating the money you currently do have.[04:10] The second mindset shift involve removing specific terms from your vocabulary.[07:55] The third mindset shift to make is to stop focusing on how far away you are from achieving the goals you have for your life and money.[09:16] The fourth mindset shift focuses on perspective. When things don’t go according to plan, look at them as a lesson, not a loss.[11:40] The final mindset shift is to start practicing gratitude on a daily basis.Click here to listen!Rate, Review, & Follow on A … #18: 5 Mindset Shifts that can Change Your Life and MoneyRead More »

5 Home-Office Adds to Boost Inspiration Sometimes looking at the same four walls literally can drive a person insane and drain the inspiration right from them. If you think about it from the aspect of the same routine, it can be kind of boring and in a sense looking at the same plain walls in your home office can have a similar effect. Break free with some home-office adds to boost inspiration!Given many jobs have resulted to working from home due to Covid and for health reasons why not add a boost of inspiration to your home office to help elevate your productivity level. Let this space be dedicated to letting your full productivity shine through. Check out these five home-office adds to add some extra boost of inspiration!#1 Add some lightingWhether it’s natural lighting or shine from desk lamp, lighting is important. It ultimately sets the mood of the office. Who said you’re limited to just one raggedy desk lamp that barely provides any light? For more focused lighting, choose an angled desk lamp with a dimmer switch. Have fun and add some additional lighting for those gloomy days. Lighting is important because unbeknownst to many lights has an effect on our moods. Have you ever noticed that you feel more relaxed when certain lights are exposed? Or you feel more productive when a select lighting feature is on bright? Artificial lighten is such an effective alternative that gets the job done if you don’t have access to natural lighting. Since the world has reverted to working virtually choosing to work out of a room that provides the necessary lighting is vital. If you do not have a lot of space in your home office, we suggest using light strips or pendant lighting which is a good way of illuminating a room without taking up a lot of floor space.#2 Include your personalityIt really isn’t your home office if you don’t let you and your unique personality shine through. When you incorporate your personality into your home office it becomes and effective and easy way to invite inspiring energy into the space. Add things that you like and enjoy to your office. No one needs to like it and approve it more than you – never forget it. There is no one in this world that has a sparkling personality like you – so let it shine through. You may be asking yourself how can I be the best version of myself. The answer is very simple. You can add your favorite music artists poster, or a framed picture of you doing something you enjoyed doing!#3 Invest in comfortThis pretty much speaks for itself! If you are having the freedom to try the furniture out prior to purchase, we highly recommend you do so. Comfort is so important for boosting inspiration. How can one possibly feel inspired while being uncomfortable? Don’t worry we will wait for your response?! Comfortability is the one things people always fail to remember when decorating or organizing a space. Choose a chair that is comfy and ergonomic to help with comfort. The very last thing you need to add to your plate is a sore neck or an annoying back ache. A decent office chair is essential for your home office so budget accordingly and enjoy!#4 DeclutterMany times, a home office needs a good decluttering. Removing the old and bringing in the new does something that helps provide additional inspiration in the office. Usually when there is a lot of mess surrounding a person it can block their creative energy. They are not able to reach their full creative capacity therefore tossing the items that are no longer needed to make room for the items that do can make a work a difference.Mess can really clutter a person’s creative energy. To help organize and declutter your home office you can invest in storage bins and file organizers. If you feel uncomfortable tossing out certain documents, get a shredder.#5 Incorporate colorWhether you like neutral colors or prefer darker colors in your home office have some fun with it! Similar to lighten colors also can play a major factor in boosting some inspirational vibes. For instance, yellow hues catch the eye and inspire creativity. If you are feeling kind of sluggish, we are confident one sight of yellow will change that instantly. In terms of other colors, blue is another popular one that helps stimulate the mind.Related: 6 Home Décor Ideas to Spark Mental StimulationTo create an inspirational workspace with these home-office adds, it’s honestly all about making the space as homely and cohesive as possible. What trends have you incorporated to make your home office inspiring. Would you try any of our suggestions? If so, which one? Hearing from you and members of the community brightens up our day so chime in on our City Girl Savings Meta page and say hi! Also follow us and drop an emoji on our other social platforms Twitter and Instagram @citygirlsavings. If you are new to the CGS community and looking for a new podcast to listen to, check out and subscribe to our new City Girl Savings podcast. … 5 Home-Office Adds to Boost InspirationRead More »

NBCLX + Raya Reaves Segment – Students & Money I was fortunate enough to be featured on NBC’s Digital Platform NBCLX to talk about money-saving tips for high school seniors and college graduates! Watch the video below to check out my tips for students, when it comes to their money! Tips for HS Seniors: If you’re taking out student loans, only take what you need as they may offer you more than you truly need. Be mindful to only spend loan disbursements on school and living related costs (not on fun). Create a simple budget as early as possible. If you don’t know what you’ll spend yet, give yourself goal amounts to strive for. Going into college with numbers helps you feel more in control. If possible, try to work a part-time job or side hustle while in school. The money you earn can help you enjoy life and build a savings. Apply for a student credit card, only after your budget is created. Only spend what you can afford to pay off in full.   Tips for College Grads: As soon as you’re able to contribute to your company’s retirement plan. If no retirement plan option is available, open an IRA through a financial institution and start contributing. If student loans or excess credit card usage left you with low credit, focus on building it back up. Your goal should be to pay off debt. You can also leverage Self’s Credit Builder Account to help improve your credit score and history. Save something every paycheck. Create a budget to understand what you can realistically afford to save without touching it. The more money you make, the more tempted you may be to spend. Set short-term and long-term financial goals early on, allocate money towards those goals, then spend o … NBCLX + Raya Reaves Segment – Students & MoneyRead More »

5 Helpful Resources to Learn More About Finance Did you know that April is Financial Literacy Month?! An entire month dedicated to help people learn and understand finance – music to my ears! Obviously, at City Girl Savings, we’re dedicated to helping people learn and understand finance on a daily basis. We should all cultivate financial literacy, because we all need it to function in society. If you’re not familiar with the term “financial literacy,” check out the article What It Means to Be Financially Literate. To summarize it quickly, financial literacy is a person’s understanding of personal finance principles to make better decisions with their money. The better decisions we make with our money, the further ahead we can get in life. Thankfully, there are plenty of resources out there designed to help people learn more about finance. Whatever your learning style, there’s an option for you! Keep reading for 5 helpful resources to learn more about finance. 5 Helpful Resources to Learn More About Finance #1 Podcasts The podcast industry is booming…and for good reason! Multi-tasking is the norm nowadays, so people can get work done while listening to things that entertain or educate them. Podcasts are great to listen to while commuting, cleaning the house, or while exercising. If you’re a person who takes in information orally, podcasts can be a great resource to help you learn more about finance. Here are some of our recommendations: The City Girl Savings Podcast – We launched the City Girl Savings podcast at the beginning of the year. It’s a weekly show focusing on the intersection of money and the city-girl lifestyle. If you want to enjoy your life, but manage your money in the process, this podcast is for you! Subscribe now! The Corporate Side Hustler – This podcast is great for people looking to start a side hustle, or ditch corporate America and turn their side hustle into their main gig! Choose FI – Looking to potentially retire early? Maybe you just want to reach financial independence? Choose FI is a podcast designed to help listeners improve their money situation and become financially independent individuals. #2 Books You can never go wrong with an old-fashioned book! Some people learn the best by reading, which is why textbooks are such a big deal! Fortunately, there are plenty of books out there related to personal finance. You can find stories from individuals who struggled and turned their situation around. You can also find how-to guides to help you become better in specific financial areas. Before you dive into picking a few personal finance books, decide what type of book you’ll actually read. Do you like straight-to-the-point walkthroughs? Maybe you need some humor and story with your education? Narrowing down your preference will make the book search easier! Check out the article 5 Books That Changed How I Handle Money for the five books that had the biggest impact on my personal finances. This article is a great starting point if you’re struggling to find a book. #3 Blogs Do you enjoy the digital aspect of reading? Perhaps you like getting personal anecdotes from people you admire or relate to? Blogs are a great resource for learning more about finance, and like books, there are plenty of options out there to choose from. You’re obviously already privy to the City Girl Savings blog if you’re reading this article (and P.S., thank you for that)! Thanks to the City Girl Savings blog, I’ve been able to find plenty of other bloggers in the finance space. I’ve also made friends with other finance bloggers! Here are a few of my favorite personal finance blogs and bloggers – some of them have video blogs as well: We Bravely Go – Kara Perez of We Bravely Go has done a great job of educating people on financial principles. If you’re not earning much, or want to a path to get started, this blog won’t disappoint. Investing Latina – July of the Investing Latina is so sharp when it comes to teaching others how to invest. She also has no problem sharing her own wins and opportunities. The Organized Money – Alaina Fingal of the Organized Money incorporates planning into her money and budget routine. They’re more connected than you think, and Alaina does a great job of merging them! #4 Coaches, Educators, and AdvisorsWhen it comes to learning about money and implementing what has been learned, some people need extra attention. Working with a coach, educator or advisor can provide the extra accountability needed to make the right changes. I like to look at working with a coach as an investment – an investment in skipping the learning curve and saving time. When you work with a coach, you’re learning exactly what you need to do when it comes to your money. You no longer have to leverage the trial-and-error approach. As long as you do the work, you’ll get the results. Does this sound like something you need? Schedule a free financial focus call with me! I’m a personal finance coach who specializes in budgeting. I help women create and stick to realistic budget plans to allow them to reach whatever goals they set for their lives. You can also find other coaches, educators and advisors online. Start with Google, explore Instagram, and reach out to established financial institutions. There’s no reason for not finding someone who suits your needs. #5 Online Courses and Workshops The final resource you can leverage to learn more about finance is online education. Digital courses range from small to large, inexpensive to expensive, there are a variety of online courses and workshops to help you improve financially. If you want to grow or learn more about a specific topic, I’d recommend a workshop. You can get specialized training in the topic of your choice and quickly implement what you’ve learned. If you want longer, more extensive training, online courses are a great option. One of the most popular finance courses is Dave Ramsey’s Financial Peace University. City Girl Savings also has an online program. Money Management Mastery is an 8-week step-by-step program designed to help people master the money they make. We only open enrollment once or twice a year, so get on the waitlist to be informed the next time it comes out! Related: 6 Need-to-Know Principles of Personal Finance   Finance is not as taboo of a topic as it used to be! You can find plenty of outlets to learn more about the subject without feeling embarrassed or ashamed. How do you learn best? Drop a comment below … 5 Helpful Resources to Learn More About FinanceRead More »

Control Your Spending Like a Pro! This post is made in partnership with The Network Niche Influencer Agency and Control Card. All opinions are my own. I’m all about controlling my spending. Obviously. I’m a budget coach! However, I wasn’t always a coach! In fact, there was a time in my life (early 20s, college student) where I couldn’t control my spending if you paid me! The minute money hit my bank account; it was gone. So, if anyone understands the struggle that comes with controlling the impulse to spend, it’s me! That’s why I’m so excited to share how you can control your spending with The ControlTM Prepaid Mastercard®(1)! Why wasn’t this around when I was in college?! Keep reading for some tips and tricks on how to control your spending like a pro! Why Prepaid Cards Keep Your Spending Controlled The most important aspect of a prepaid card is that you have a set amount of money on that card, and that’s it. Once the money is spent, there’s no more spending left to do until the card is reloaded again. This can work to your benefit when trying to control your spending! It’s like using cash. Once the cash is gone, the spending stops. However, there’s no hassle of managing cash! Your balance is managed with your prepaid debit card. I’m personally not a cash person, so I love leveraging features that help me control my spending without the need for using cash! A prepaid debit card is the perfect tool for managing your variable spending. Think things like groceries, gas, discretionary, and other spending that most of us do each month but may struggle with managing. Put your budgeted amount for those spending areas on your prepaid card and VOILA! You can now control your spending like a pro! Introducing the Control Prepaid Mastercard Now that you can see the benefit of controlling your spending with a prepaid card, I want to introduce you to the Control Prepaid Mastercard! And yes, I have one too! Driven by a greater purpose to see ethnically diverse communities succeed, Control is committed to helping you take Control of your money and experience new financial possibilities—together! How amazing is that?! Any resource designed to help us break through the system and come out on top with our money is high in my books! What really takes the Control card to the top is the mobile app(3) that comes with it! The app lets you manage your account wherever you are, whenever you need it. This means you can always keep an eye on your spending! Use it to check yourself!  Plus, the app lets you set up Anytime Alerts (TM3) and get text messages alerting you of your Card Account activity. There will never be a reason for your not to stay on top of your spending money! Another awesome feature that comes with the Control card is the ease and accessibility of transferring(4) money to other card users! If your family, friends or significant other have the Control Prepaid Mastercard or other Netspend prepaid cards, you can easily transfer (or receive) money online.  Whether you have friends or family who owe you money, or if you need split purchases, Control Card makes it easy to get your money without having to worry about continuously following up. Trust me, I know that’s not a fun activity!  All in all, the Control Prepaid Mastercard can help you control your spending by giving yourself only what you need to spend. There’s no getting around the need to keep our spending in check, so make your life a little bit easier with the Control Prepaid Mastercard! -RayaThe CGS Team   1 IMPORTANT INFORMATION FOR OPENING A CARD ACCOUNT: To help the federal government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act requires us to obtain, verify, and record information that identifies each person who opens a Card Account. WHAT THIS MEANS FOR YOU: When you open a Card Account, we will ask for your name, address, date of birth, and your government ID number. We may also ask to see your driver’s license or other identifying information. Card activation and identity verification required before you can use the Card Account. If your identity is partially verified, full use of the Card Account will be restricted, but you may be able to use the Card for in-store purchase transactions. Restrictions include: no ATM withdrawals, international transactions, account-to-account transfers and additional loads. Use of Card Account also subject to fraud prevention restrictions at any time, with or without notice. Residents of Vermont are ineligible to open a Card Account.  (2) Cash Back Rewards is an optional program. You may opt-out at any time by visiting the Cash Back Rewards page in your Online Account Center. Reward offers are based on individual shopping habits. Cash back rewards are credited to your Card Account and are not available in the form of a check or other direct payment method. See the program FAQs and Terms and Conditions in your Online Account Center for additional details about how and when you get rewarded. Program sponsor: Netspend Corporation. MetaBank and Mastercard are not affiliated in any way with this program and do not endorse or sponsor this program. (3) No charge for this service, but your wireless carrier may charge for messages or data. (4) Fees for bank transfers are determined by the transferor’s bank and may be charged to the transferor’s bank account by the service provider or originating bank. No cost for online or mobile Account-to-Account transfers between Netspend Cardholders; a $4.95 fee applies to each such transfer conducted through a Netspend Customer Service agent. The Control Prepaid Mastercard is issued by MetaBank®, National Association, Member FDIC, pursuant to license by Mastercard International Incorporated. Netspend is a registered agent of MetaBank, N.A. Certain products and services may be licensed under U.S. Patent Nos. 6,000,608 and 6,189,787. Use of the Card Account is subject to activation, ID verification, and funds availability. Transaction fees, terms, and conditions apply to the use and reloading of the Card Account. See the Cardholder Agreement for details. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Card may be used everywhere Debit Mastercard is accepted. © 2022 Netspend Corporation. All rights reserved worldwide. Netspend is the federally registered U.S. service mark of Netspend Corporation. All other trademarks and service marks belong to their … Control Your Spending Like a Pro!Read More »

#17: Why Your Budget Should Always Include the Things You Love A budget is the number one tool for financial success. No matter how much money you make, or how little money you make, you absolutely need a budget to manage that money properly. Create a simple budget plan by listing out your monthly bills, expenses, and spending. Then, list your monthly income. Subtract your monthly income by your spending and assess what is left over. That left over amount (also known as profit) is what can be used to allocate money for fun and to your financial goals. One of the most important reasons to include the things you love in your budget is because it allows for sustainability. Constantly telling yourself not to spend money on things you love sets you up for failure. Instead, factor an amount you can afford into your budget. When you know you can afford to spend money on fun things, you won’t feel bad for doing so. Here’s a glance at this episode: [01:25] Learn to take the emotion out of budgeting. A budget is simply a tool that provides you with information on what should be happening with your money. [02:40] When creating your own budget, it’s important to make sure all of your bills, responsibilities and priorities are covered first. [06:39] There is an exception to the budgeting-for-fun rule: when you’re working towards a tight savings deadline, fun spending may be put on hold temporarily. [10:30] Don’t be afraid to experiment with your budget month over month. Look at each month as a fresh start to find a money routine that works for you. Click here to listen! Rate, Review, … #17: Why Your Budget Should Always Include the Things You LoveRead More »

How’d She Do It? Rachel Rodgers Whe … How’d She Do It? Rachel RodgersRead More »

March 2022 Money Review When it … March 2022 Money ReviewRead More »

What You Should Save Before Becoming a Full-Time Business Owner I’ve been running City Girl Savings since 2014. We officially launched on 1/1/2015, but there was a lot of work to be done prior to launching.While I started the business nearly 8 years ago, I only became full-time in May of 2021. That’s right: it took me 6 years to finally take my business full-time.To be honest, though, when I started City Girl Savings, I hadn’t thought about taking it full-time…at least right away. I’ll share more about that later!If you’re thinking about quitting your job and taking your business full-time, keep reading. I’m sharing what you should save before becoming a full-time business owner.My Full-Time Business Owner JourneyAs I mentioned above, when I first launched City Girl Savings, I hadn’t thought about taking it full-time. I was making money working from home with another company, so I just wanted to focus on growing City Girl Savings.I started the company with a loan from my own personal savings. I was constantly feeding money into the business to cover expenses.I was making good money elsewhere, so it wasn’t straining to constantly put money into the business. I eventually got a business credit card and maxed it out with social media marketing.I was spending so much money on paid traffic and not seeing a financial return. I didn’t start making consistent money in my business until year 3, and even then, I was still in the red.I was spending more than I had coming in.Finally, in year 4, I made the decision that I wanted to take City Girl Savings full-time. I was nowhere near where I wanted to be financially to do that, though.From a personal perspective, I had some debts that I paid off and some investments I was focused on. My emergency fund wasn’t where it needed to be. I also hadn’t hit a net profit in my business.When I made the decision to take City Girl Savings full-time, I completely reevaluated my situation. My boyfriend and I had purchased our condo, so my monthly expenses had gone up.I needed to have a safe number in savings before I could even dream of quitting my job.My safe number ended up being 15-months worth of expenses. I’m not saying that’s the amount you need to have saved before taking your business full-time.It’s the number I felt comfortable with based on my current situation – personal and business.It took nearly 3 years to hit this number and make sure everything else was tightened up (no debt, business generating what it needed, etc.), but I eventually got there.My last day in corporate was 5/13/2021 and the next day my boyfriend and I went to Hawaii to celebrate. I’m happier than I’ve ever been, but it’s been a journey!There’s something different about knowing you no longer have a steady paycheck.I certainly prefer the stability, but the time-freedom that comes with running your own business and working on what you want to work on is worth the instability of not having a steady pay cycle!What You Should Save Before Becoming a Full-Time Business OwnerNow that you’ve heard my story, let’s talk about what you should save before becoming a full-time business owner!Let’s start with your monthly business expenses. How much does your business spending monthly to stay operational?You’ll want to have 3 months’ worth of this number saved in your business bank account. That way, when you do go full-time, you won’t be worried about your business having enough money to cover what it needs to.Once your business savings is taken care of, it’s time to think about your personal situation. You should be budgeting your money on a regular basis. In doing so, you’ll be able to determine how much you need to make to survive.What are your monthly bills and expenses? I recommend having six months’ worth of this number saved in your personal savings account.Next, think about your personal goals and wants. Are there things you’re saving for currently that you’d want to continue saving for when running your business full-time?What about your normal life? Do you have certain non-necessary expenses you wouldn’t want to get rid of?The point is to think about what you have going to savings and fun monthly and decide if you want that to continue when running your business full-time. If so, have three to six months’ worth of this number saved as well.All Things Point to Business RevenueOnce you have your business and personal expenses saved, it’s time to focus on getting your business revenue to a place that covers your personal and business expenses each month.If your business expenses are $2000 a month and your personal expenses are $4000 a month, your goal is to get your business to make $6000 a month.If you can do that before quitting your job, you should never have to touch all the savings you have before running your business full-time.Now, things never go 100% according to plan, but if you know your business can make what it needs to (because it has before), then you should feel confident that it can do it again.Related: 10 Lessons Learned After 4 Years in BusinessBefore wrapping up, let me just say that this article is solely based on my own opinion and experiences.I took a more conservative approach before leaving my corporate job, and that’s because I have a certain lifestyle I like to live. I also have other people who depend on me to do my part, and I never want to feel like I can’t cover what I need to.I gave myself 15 months’ worth of time to find other revenue, if my business couldn’t generate what it needs to. That’s a comforting feeling.You don’t have to do it how I did it, but the more security you give yourself, the better you feel. Not to mention, you don’t want your business functioning from a scarcity perspective!Are you thinking of taking your business full-time? How much do you want to have saved? If you’re a full-time business owner, what was your journey t … What You Should Save Before Becoming a Full-Time Business OwnerRead More »

#15: My Debt-Free Story and the Biggest Takeaways Did you know millennials carry an average credit card debt amount of about $4,600?I’m proud to say that I’m credit card debt-free, but that wasn’t always the case.In fact, I had gotten myself into tens of thousands of dollars in debt multiple times.It’s like I hadn’t learned my lesson the first time and kept coming back for more.Thankfully, I got myself out of debt for the final time and I’ve stayed out of it!The first time I got into debt, it was due to constantly spending more than I had.Over time, my debt continuously compiled on top of itself.It took years and thousands of dollars to undo the damage.My biggest takeaways from this experience were:It takes minutes to go into the amount of debt that can take years to pay off.Interest is a killer – it keeps you stuck in the debt payoff cycle – especially when you have high balances.Never go over the credit limit and never pay late – the fees aren’t worth it.The second time I got into debt, it was because I convinced myself the money I was spending was good for my business…it wasn’t.I went down a blackhole of marketing that cost me so much time and money.I thought because had curbed my desire to spend on material things, I’d be safe.I convinced myself that paying for all this website traffic was helping my business – only to realize I had spent all this money on traffic to FEEL good.My desire to spend up until this point was always based on how it made me feel. Now I’m finally at a place where I spend based on how it impacts my budget and goals. I make sure to budget in fun money, so I can feel good when I spend but NEVER to the point where I’m not in control.Thankfully now I can control my thoughts, which control my emotions and I’m never driven by that feel good desire to spend – especially when it comes at the expense of something else.I eventually paid that debt off and have managed to stay debt-free ever since.If I can do it (twice), anyone can do it!Here’s a glance at this episode:[02:10] Credit limit increases can be dangerous territory as they give you a false sense of security that can lead to more spending.[04:31] Learn from my mistake…making minimum payments and continuing to use credit cards, combined with interest fees, can quickly take you over the credit limit.[06:52] If you’re not careful with your credit card usage, it can take minutes to overspend and accumulate debt, and then take years for you to get out of the debt payoff cycle.[08:49] If you do not get to the root cause of your overspending, you will end up back in debt.Click here to listen!Rate, Review, & Follow on Apple … #15: My Debt-Free Story and the Biggest TakeawaysRead More »

#14: Mapping Your Path to Millions I’m not a millionaire…YET! But, it’s something I’m actively working on and it’s something that is realistic for everyone. Anyone can become a millionaire. Sure, it may be harder for some people compared to others, but it’s possible for everyone. The earlier you start investing, whether it’s through retirement or not, the easier it will be to reach the million dollar mark. There are 8 steps that everyone can take to work towards millionaire status. Step 1: Affirm your million-dollar savings goal. Put out into the universe your intentions of becoming a millionaire! Step 2: Start reducing your negative “profit margin”. Get rid of any unnecessary or excess spending and use that money to save and invest. Step 3: Live a life of frugality. Frugal living doesn’t mean not spending on things that matter to you, it means saying no to things that don’t matter – or saying no to things that don’t help you reach that end goal. Step 4: Ask for a raise (or start making more money). Once you get your spending under control and have your investments set up, you can make more money to help you reach your millionaire goal faster. Step 5: Start investing. The earlier you start investing, the more you will have when you’re ready to take that money out. The power of compounding growth is unmatched! Step 6: Remember, your 401k is an investment. Your 401k or retirement plan is an investment vehicle! You can put all your effort into that plan to help you become a millionaire by the time you retire. Step 7: Change your circle of influence. Jim Rohn said “you are the average of the 5 people you hang around”. If you want to be a person who makes money moves, start hanging around other people who make money moves. If you want to be a millionaire, start hanging around millionaires – easier said than done, I know, but they are out there! Step 8: Stay consistent and be patient. Anything worth having is worth working for, so stay consistent and don’t give up until you reach millionaire status! Here’s a glance at this episode: [03:39] If you want to become a millionaire, the first step is to affirm your million-dollar goal. Affirming this goal can happen in a variety of ways. [06:28] Increasing your profit margin over time is the goal. The more you have leftover after your bills are paid, the more you can save and invest to get to the million dollar milestone. [11:13] Investing is one of the best ways to reach a million dollars, especially if you’re getting a later start with your savings. [15:12] Leverage an online calculator to help you determine what you need to contribute towards retirement. Click here to listen! Rate, Review, & Follow on Apple Podcasts “I love Raya and City Girl S … #14: Mapping Your Path to MillionsRead More »

6 Money Moves to Make Before Starting Your Business Starting a business can be a lucrative and fulfilling task, and I don’t just mean financially! When a person starts and grows a business, they put a piece of themselves into it.That’s what can help you put the time and effort into making the business a success. More and more people are looking to start businesses, and for good reason.Has the thought of starting a business crossed your mind? If so, I challenge you to tap into that power! However, you’ll want to make sure you have a few money moves completed before getting started.Not only will this help set your business up on the right foot, but it will help ensure you have exactly what you need to have in place before diving in.Keep reading for 6 money moves to make before starting your business.6 Money Moves to Make Before Starting Your Business#1 Pay down your high-interest debtTake it from me, you want to get rid of any and all high-interest debt before you get your business up and running.If you don’t want to wait, at least get your debt to a place where it’s manageable. Your business will eat up your funds, especially in the beginning or before you start making a profit.Because of this, you’ll want to make sure your cash flow isn’t tied up in debt payments.You can also consider a consolidation loan. Basically you put all your balances into one loan with a much lower interest rate. Your monthly payment may be high, but at least it won’t fluctuate over time. It’s not easy or fun working to pay down debt, but you’ll feel so much better about starting your business knowing that you don’t have to worry about interest-bearing debts.#2 Make sure you’re saving for retirementThe one thing I love about working for someone else is they usually offer retirement plans with matching contributions.This allows you to get more bang for your buck each pay period and contribute more towards your retirement. Not to mention, 401(k) plans have higher contribution limits than IRAs.When you start a business and focus on it full-time, you won’t have the option of contributing to a 401(k) plan. At that point, your only option is an IRA.It’s still better than nothing! Get into the habit of saving for retirement before you start your business, so you have peace of mind knowing that you’re looking out for your life at retirement.#3 Start eliminating any unnecessary expensesAs I mentioned before, your business will eat up a lot of your funds in the beginning. There’s always a new cost or unexpected expense coming up.It’s much easier to deal with this when you have the extra money on hand. Get rid of any unnecessary expenses before you start your business to free up monthly income.Save extra money and put it into a high-yield savings account to help cover your business costs. Since you eliminated unnecessary spending, you transition that money right to something worthwhile.This is where a budget can come in handy! Your budget should outline everything you spend and allocate your money to.When you have that holistic view, you can pinpoint things that don’t need to be there. Once you’ve identified costs that aren’t serving you, get rid of them and put that money somewhere else.#4 Have a personal emergency fundDo not start your business if you don’t have any form of savings in place. Whether you’re running your business full-time or not, you absolutely need an emergency fund.I would suggest having 3 months’ worth of expenses saved before starting your business, at minimum. Personally, I had 15 months’ worth of expenses saved before I took my business full-time.I did this because I share expenses with my boyfriend and I didn’t want him (or me) to worry about costs not being taken care of.When I first started my business, it was a part-time side hustle. I had money saved because I had forecasted some start-up costs for my business.I didn’t have that much saved, however, because I knew I had a full-time job with income coming in to support my lifestyle.If you’re not taking your business full-time right away, you still need an emergency fund. You never know what could happen or what costs your business may need to get up and running.Having that savings will make you feel more at ease and comfortable financially.#5 Decide how much you want to start your business with and save that amountIt’s not realistic to expect that your business won’t need money to get up and running. In fact, it’s wise to take a conservative approach.Expect to need more money than you originally think you will. Whatever amount you think your business will need to get up and running, multiply that by 2 or 3.Once you have identified the amount you need to start your business, it’s time to start saving for it! Have that amount saved before you start your business.I promise you that mental security is priceless. Knowing you have the money before you need it is so valuable. It also allows you to focus on your business without worrying about making money right away.You don’t want a scarcity mindset when starting your business!#6 Have a plan in place for adding personal funds to your business (in case revenue is slow)Let’s assume you saved money to start your business and ended up using it. What now?If your business has additional costs, you’ll need to pay with your own money. Start thinking about this before it happens! What is your game plan?How will you know when and how to add funds into your business?Maybe you have a line item in your budget for business. If you need it, it’s there and if you don’t, it gets saved.Your plan could also consist of the business earning money. That puts some pressure on you and your business, but it means you won’t need your personal funds for the business.Another option is loaning money to your business. Anytime you use your personal funds to help the business out, your business has to pay it back at some point in the future.I did this early on in my business. Since I was running my business part-time, it wasn’t making as much. When I had a big expense, I would loan the business the money.The business eventually paid it back, with interest, and it’s all legal.Regardless of the option you go with, have the plan in place before a situation comes up. It may be difficult to think about, but it’s be one less thing to worry about when you get your business started.Related: 5 Ways to Find Motivation to Start Your Side HustleOnce you have the 6 money moves above in place, there’s no financial worry that should be holding you back from starting your business!You have put yourself in the best position to succeed financially as you get ready to start your business. That’s a wonderful feeling.Remember, you don’t know what the future holds, but you can do things now to set yourself up for success!You got this! Have you started a business? What money moves did you make before getting your business up and running? Post a comment below to share yo … 6 Money Moves to Make Before Starting Your BusinessRead More »