Working Divas

MONEY MONDAYS: Budgeting – Your First Step Towards Financial Success

Colethea Jenkins — Mon, 07 May 2012 18:07:55 +0000

Knowing where your money goes by budgeting and tracking your spending will give you opportunities to reduce your expenses. Saving these extra dollars can be used to help in reaching your financial goals, such as putting aside for the future, major purchases, or paying off debt.

Here are some great tips to get you started and take more control over your finances:

Create a monthly budget by tracking your income and categorizing your spending. This will allow you to monitor your progress toward your monthly budget goals.

Manage your debt. Paying down or off debts will allow you to save more for the future. Remember the10/10/80 rule. 10% -Give Away..ie tithes, donations to your favorite non-profit, give back to the community. 10% - Put Away..ie save for the future. 80% - Spend Wisely ( without the use of debt)..ie monthly expenses within your lifestyle means. The goal of this rule is to leave with less and consistently increase your percentages in the first two categories over time.

Start saving now!! There is never a good time to wait. Remember the rule and start putting aside for a rainy day. In addition, go visit your nearest Financial Planner. A Financial Planner will design a savings plan to match your future goals, ensuring your path to financial success. Your consultation is usually free.

MONEY MONDAYS: What Are You Saving For?

Colethea Jenkins — Mon, 12 Mar 2012 00:39:04 +0000

Economic times are continually changing and cost is rapidly on the rise, but becoming a financially independent Super Star with these 10 great tips leaves just one question Working Divas? “WHAT ARE YOU SAVING FOR”?

1. START NOW! – It is never to late to start saving. Start today. Don’t put it off any longer. There will never be a perfect time. Imagine where you would be right now had you started a year ago?

2. SET YOUR GOAL – What are you saving for? Write it down. Make it visible as a daily reminder. Set your mind to your goal and do what it takes to get it. You will only achieve success if you know what you are aiming for. Know where you are going!

3. HERE’S THE PLAN – Begin putting money aside on a regular basis (daily, weekly, monthly). Separating into categories is not only a fun way to save, but a great way to manage. Four categories suggested are , SPEND, GIVE, SAVE, and INVEST. Each category should receive one fourth of the money you earn. Give it a try!

4. SPEND! – That’s Right! You get to spend as you save. Spend wisely. Don’t spend on impulse, wait a full day before you decide. This will give you time to think it through prior to spending.

5. GIVE – Always implement the law of giving and receiving. For the measure you use, it will be measured to you. Helping others makes a difference!

6. SAVE – The Short Term Goal. These goals cost less and are easier to reach because it takes less time to save for. These are goals like..a weekend getaway, jewelry you’ve had your eyes on, a special little black dress..etc..

7. INVEST – The Long Term Goal. Long Term goals are bigger and take longer to save for. These are goal like a new house, a new car, college funding for the kids, retirement..etc. This is money you can put to work for you. Don’t let this money sit. Let it make money for you by investing. Financial portfolio, bank interest earning accounts are a great start. This type of investing will also give you limited access to the funds, which in turn will help with the temptation to not spend it.

8. OOPS! – This is part of the plan. We will make mistakes along the way. Spend foolishly, forget to put the money aside, whatever it maybe. A smart Working Diva recognizes mistakes, shrugs it off, and get right back on track. We never quit, because we know that just ends you up broke and disappointed.

9. EYE ON THE PRIZE – Know where you are by monthly and annually evaluating your progress. This will allow you to make adjustments as needed, helping to keep you on track.

10. NEED A LITTLE HELP? – Seek professional advise is a very useful tool. You can do this by visiting your local bank or a financial planner in your area.

MONEY MONDAYS: The Wealth Gap

Colethea Jenkins — Sun, 26 Feb 2012 16:47:44 +0000

I would like to share a great study that was reported on Democracy Now by chief author Mariko Lin Chang and executive director of the women of color policy network – Ms. C. Nicole Mason. These “Working Divas” speak on an issue that is declining in the households of women and women of color throughout the nation – The Wealth Gap.

It is time that we become more aware of this rising issue and as Mrs. Chang states: “We as women have to look beyond income to build our wealth”. ENJOY!

MONEY MONDAYS: Women and Wealth

Colethea Jenkins — Sun, 19 Feb 2012 19:48:02 +0000

I would like to share a very powerful forum that took place in San Diego CA a few years ago. The event was sponsored by New America Foundation in an effort to inform and educate the women of our communities on wealth building. The video is over an hour in length, but it will be an empowering investment of time that you will find very engaging! ENJOY!

MONEY MONDAYS: Woo Your Valentine On A Budget

Colethea Jenkins — Sun, 05 Feb 2012 08:02:24 +0000

Valentines day is coming soon. It is also a very expensive holiday, with a little creativity you can avoid breaking the bank and that special someone’s heart. Here are some great ideas that will woo your sweetie:

Create a Fancy Home Meal: Avoid the expensive and/or unsatisfying experience of higher prices and booked reservation, due to Valentine’s Day. Be creative by making a visit to your local grocery store to give that perfect intimate meal at home. Throw in some wine, candles, and soft music.. the romance begin in a very inexpensive way.

Give an exotic fruit basket: Take a walk on the wild side. A great substitute for a flower bouquet and boxes of chocolates is an exotic fruit basket. Fill basket with unusual fruits like star fruit, dragon fruit, lychees, papaya, mangos, kumquats, jackfruit..etc..then later enjoy as a night time sampler for two.

Make a card: Valentine’s Day cards aren’t cheap. You can say it with Hallmark by making your own Valentine’s Day card and I’ll promise you it’ll be cherished more. If being creative and crafty isn’t your thing, opt to make a video or write a love note.

Learn to dance: Many Dance Studios offer Valentine Dance less0ns. Contact your local dance studio for a romantic Salsa lesson for two. Most lessons include dance instruction, performances, and refreshments at an inexpensive price.

Sample romantic wines: If you enjoy wine tasting, you already know that private wine parties or classes can be expensive. During this time of the year for the Valentine season there are many deals out there to experience at an inexpensive price for this special day. Contact your local wineries or internet search wine tasting deals around your town and in no time you and your sweetie will be sampling away.

Have a movie night: Stop by Redbox or grab a movie from your local library — a branch may carry more popular films than you may think — and have dinner and popcorn at home.

MONEY MONDAYS:Bouncing Back from Holiday Credit Card Spending

Colethea Jenkins — Sat, 07 Jan 2012 22:44:18 +0000

According to research, shoppers spend an average of over 1,000.00 on their credit card during the holiday season. Many struggle financially months after the season has pass. Some still making the effort to pay for the balances from the previous holiday spending spree. A good efficient budget will enable you to take control of that debt. Check out some quick tip advise that can guide you on the path.

Create a payment schedule: Gather all your statements and ask yourself the following:

What is the credit card balance?
What is the interest rate?
What is the minimum payment due?
What percentage of your balance is required for a minimum payment?

Review your budget: Send as much as you can consistently to your creditor, but keep in mind that to pay off that debt sooner you will have to pay more than just the minimum payment due. Doubling or tripling your minimum payment (Decide what you can afford) will shorten your time in owing the debt and save you money by paying less interest over time. Consider reallocating your budget, cutting back in areas throughout your budget and apply that amount towards the credit card debt.

MONEY MONDAYS: Moms Raising “Successful” Children

Colethea Jenkins — Sat, 07 Jan 2012 21:43:55 +0000

As mothers/parents we all would love for our little ones to be as smart and successful as an Albert Einstein or Christopher Langan. Setting effective parenting methods, along with a foundation for achievement is critical to the process of raising successful children. Here are some key tips that you can apply in developing the little minds we love the most:

Set Goals: Encourage your children to set goals in areas of their lives that interest them, this will allow them to measure their achievements. Begin by having them write down their goals creating the milestones. Once achieved be sure to praise and reward for accomplishing the challenge.

Teach Wealth Building: In this area you will have to be unique and creative, for this can be a bore to the little ones. A great way to educate this is to give incentives as they learn. A great suggestion to try is to pay them by the hour as they listen to audio books on personal growth, wealth building, and management this will overtime not only teach them the value of money, but also seep into their young fertile minds, shaping them for success.

Develop their Work Ethics: This being the most critical component of all. Teach them that their is no such thing as a dull job it is all about the attitude-Stay Positive. Show them to enjoy their work by taking pride in their accomplishments. “If they don’t do well, they can’t expect much in return”

Encourage Questions
Provide unconditional Love
Teach them to be powerful: “The Power of Positive Thinking”
Let them be independent as they learn
Expose them to diverse cultures and lifestyles

MONEY MONDAYS: Count Down To Smart Money Moves

Colethea Jenkins — Mon, 12 Dec 2011 09:38:20 +0000

The New Year is approaching rapidly and the countdown begins in making annual financial deadlines. Here are five smart financial move to make prior to January 1.

Contribute the Max: Currently for the year 2011 the max you can contribute to a 401(k) plan is $16,500. These dollars can be place in your retirement account pretax, decreasing your tax bill.

One-Person 401 (k): For those that are self employed and needing some year end savings. Choose to set up a one-person 401 (k). Contributions are pretax as an employer’s and if open prior to 12/31, extended contributions can be made as late as October of the upcoming year.

Convert your IRA: Prepay your taxes at today’s rate. You can do this by converting your Traditional IRA to a Roth. Successfully, you would withdraw funds from from your pretax IRA , pay the taxes on it and convert to a Roth, where it grows tax free.

Fund your 529 college fund plan: Postmark a check by 12/31 to contribute to this plan and you can take advantage of tax breaks toward your income tax. Putting money in these type of plans avoids payment of federal and state income tax on the earnings, provided the cash is withdrawn to pay for college tuition, fees, room, board, and books.

Make a charitable donation: Charitable donations are not recognized as income. Make a smart money move by SUPPORTING a great cause.

MONEY MONDAYS: Still Waiting On The Knight in Shining Armor..PLEASE..Create your own opportunity!!

Colethea Jenkins — Mon, 05 Dec 2011 03:36:56 +0000

Black Women Entrepreneurs

MONEY MONDAYS: Tips To Avoid the Holiday Urge to Splurge

Colethea Jenkins — Tue, 29 Nov 2011 03:17:19 +0000

The holiday season is here and so is that “URGE” to “SPLURGE”. A Budget is the hardest to maintain during the holiday season with so much dangling all around you, however with self control and discipline you can beat the odds. Here are some great tips in helping to avoid the splurge:

Don’t Carry the Plastic : Since the start of the financial crisis credit card usage has grown, along with massive amounts of debt. Carry a credit card makes it assessible to splurge and go beyond your planned budget. So leave the plastic home! Carry the CASH.

Tag along a shopping Buddy: Bringing along a shopping partner (a frugal one) is great support in reminding you to stay on track with your budget. A buddy could also give encouraging feedback on spending decisions.

If you must Slurge: Be sure to budget for it.

Out of sight, Out of mind: Split saving your paychecks automatically is not only a great way to save, but also a great way to setting controlled limits on your spending. If you don’t see it. You won’t spend it.