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As a kid growing up my Father would always say ” A fool and his money are soon parted.” I think many of us have heard that, but what does that really mean?
1.) Don’t spend money on unnecessary things. Think before you spend. Is that purchase a need or a want? And if it is a want, can you really afford it right now?
2.) Understand where your money is going and why. I hear people say all the time, by the end of the week, the end of the month or a week before payday, they are broke and can’t figure out why. Know where your money is going and create a budget so your money goes further and lasts longer.
3.) Save, save, save!! I say this all the time, but there are so many people living from paycheck to paycheck. This is no way to live. Not setting aside money for a rainy day leaves you financially vulnerable and emotionally stressed out.
The summer time is a great time to get started watching and saving your money. Sit down and write out your expenses, and go one step further and lay out a plan for saving some of your money this summer. Just imagine if by the end of the summer you had saved $300.00! You would be well on your way to starting a nest egg.
Always remember, respecting your money is respecting yourself. If you can get control of your money and understand how important it is to have a long term view of your finances, that will be money in the bank!
Black Enterprise Columnist Jennifer Streaks is a Financial Expert, Author & Pundit. Continue the conversation by following her on twitter @ JStreaks or visiting her website at www.JenniferStreaks.com.