So, how can you stretch your stimulus check? Let’s be real, saving and budgeting have always been preached about and we’ve always been told to prepare for rainy days, the future, etc. When I was a little girl, my mama always told me that whatever I wanted in this life, I should work hard for it no matter what.
We’re told to plan for our future, but we’re never told how. How do we properly manage our money? How exactly do we save and budget because quite frankly being behind the eight ball ain’t cutting it?
This isn’t even factoring in that we are still very much in the midst of a pandemic. We’re going to break it down so you can stretch your stimulus check and start saving your coins!
DEBT
Girl, I know, I know. Debt is such a touchy subject. It’s like the little voice that’s nestled in the back of your mind, nibbling away at your sanity. However, tackling debt to build your credit can be a burden lifted and essentially open doors to a better life.
Believe me, every time I log into my Credit Karma account, I immediately get overwhelmed with the amount of debt that I have. I also have to remind myself that slow and steady wins the race and that number won’t disappear overnight.
Paying back your debt in bulk will not help your pockets or your stress. Pay it off in portions, the smallest amounts first. Never, ever bite off more than you can chew.
Once you start paying off one, finish paying that specific one before you go playing hot potato and paying off multiple debts at once. Trust me, it’ll save you so much peace of mind.
Extra Income & Budgeting
Saving for rainy days can be quite difficult, especially when the overcast is never-ending. If you’re expecting any extra income, consider contributing a small portion of it to your savings.
Again, it doesn’t have to be huge, but a little cushion can go a long way. This can tie into your stimulus check, tax refunds, school refunds, etc.
Take a moment to jot down all of your expenses. I’m talking anywhere from paying rent to trips to Starbucks, or if it’s been a long week maybe even to the liquor store. Document all that you spend and see what you can do without. If you have a written budget list, it’s much more helpful with keeping track of what you spend.
Financial Support
I know some of us may be a bit reluctant to talk about finances, but it’s not a bad idea to speak with a financial advisor for guidance with your future. It’s truly okay to ask for help! Seeking financial counseling can honestly shift your perspective and offer such great insight. Advisors are also great consults for stock investments.
Invest in yourself. You deserve to have the desires of your heart, you just have to start.
