5 Secrets To Fabulous Financials

17 August 2006, 4:14 UhrMoney ManagementSingle Ma

Here at Single Ma’s Fabulous Financials, I talk about my goals, my investments, my debt, and my BabyGirl. Many readers visit my blog for inspiration and encouragement because I openly share my trials with money, as well as my accomplishments. Side Note: some of you stop by to check my sanity level cuz you know I’m two snaps from seeing dead people (lol). However, I don’t think I’ve ever shared HOW I do it all on a single income.

Here are my 5 secrets to establishing fabulous financials:

1. START NOW: there is no better time than the present to start saving. You don’t have to wait until XYZ event before you open a high yield savings account. Save the good excuses for when you call in sick on a fabulous day. Matter of fact, I can feel myself getting sick next Thursday, but go ahead and open the damn account already!

2. START SMALL: it doesn’t matter how much you save (in the beginning), as long as you are saving SOMETHING. Nobody has to know but you and the bank. Keep your conscience clear though. Saving $5 when you net $1,000/wk is grimy, not fabulous!

3. THE GOAL: establish a goal — realistic but something you’ve always wanted that seems out of reach (for now). In my opinion, a goal keeps you grounded, it keeps you focused, and it motivates you to correct bad spending habits. When a goal is achieved, it’s an ego booster that makes you feel even mo’ fabulous than ever!

4. AUTOMATE: saving is hard, I know. If you put yourself on an automated savings plan (i.e. direct deposit, payroll allotment, automatic transfer, etc.), it minimizes the effort and forces you to live on what’s left. Less money doesn’t mean less fabulous. It encourages creativity to maintain your fabulosity. :-)

5. BALANCE: don’t deprive yourself of things you want. This will only make you angry and resentful of any previous savings efforts. Don’t ask me how I know (lol). Establishing limits while still enjoying the little niceties in life will create a healthy balance. For example, I love shoes and handbags but my entertainment limit is only $150/month. This includes shopping (yes, this is a form of entertainment for me LOL), hanging out with the girls, buying DVDs/CDs, taking BabyGirl to the movies…you get the picture. If I see a supa flyy bag that I want, I’ll forego Happy Hour or LeToya’s CD for a few months in exchange for the bag. Of course this requires a little patience, but so does finding the perfect outfit and accessories to go with my new bag. LMAO!

I didn’t save $10,000 overnight, but I did employ “Single Ma’s 5 Secrets to Fabulous Financials” to achieve my e-fund goal. Side Note #2: Make a list and throw in the word ’secret,’ then you’re guaranteed ‘financial expert‘ status. LMAO! Dayum, I should get a patent and bottle my shyt! Ha!

Keep it fab!

Peace & Blessings
~SM

This post was inspired by the “ProBlogger Group Writing Project.”


~*~*~*~*~*~
Work to achieve, not to acquire.
And as always, BE FABULOUS!

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14 comments:

  1. KHALLI 88, 17 August 2006, 4:57

    Very good formation here, start now definitely the key for most folks :)

     
  2. Miguel, 17 August 2006, 6:48

    Great minds think alike. That is my “secret” formula too. I second everything you just said.

    The part about choosing short-term goals is definately a key to getting started. If you’re like me, your attention span is not so great. My 1st major goal was to buy a home (in NYC this usually means a co-op or condo apartment). Since I knew there was going to be this great pay-off, that I would get to live in a place of my own, it gave me the strength to do it. Note, that in NYC, only 1/3 of residents own their place, so this really was something special to save for. It took a few years, but when that day came (1st one in my immediate family ever own their home), it was sooooooo worth it!!!

    Saving is definately a habit. Once you save up for that purchase,, whatever it is, then you continue the habit, and start saving up for the next thing (hopefully putting some away for emergencies and retirement too).

    But, the funny thing I’ve found is that once you start seeing your savings balance grow, it becomes facinating. After awhile, you really don’t want to use the money for anything trivial - you like having that money right where it is - in the bank. Knowing that I can now afford all kinds of things, seems to have had the weird effect of reducing my desire to spend my hard-earned & saved dollars on any asset that does not have some investment potential. Go figure, but I think this is why a lot of wealthy people are not necessarily big spenders.

    I’m now well into advanced saving, but I still need reinforcement. That’s why I still buy PF books and read PF blogs like this one.

     
  3. Mama Duck, 17 August 2006, 8:55

    Excellent ideas, especially about starting now, always a reason to put it off until later, eh? Our list is up if you’d like to look… have a great day!

     
  4. Aly Cat 121, 17 August 2006, 11:05

    Ohhh that’s a good idea, I never thought about “starting small” when trying to save money. I can see how $5 can turn into $500 and so on.

     
  5. Ms. MiniDucky, 17 August 2006, 12:44

    Definitely second that savings becomes easier as you go: I positively love seeing the balance inching upwards, no matter how itsy-bitsy the progress!

     
  6. Robyn, 17 August 2006, 12:48

    Girl, I am sooo glad I read this today! Me & my girl were having a convo. abotu this VERY subject today and I am about to send her this link so that she can see these tips too! Love ‘em!!!

     
  7. A woman on the move, 17 August 2006, 13:03

    Great Tips!!!
    You gotta start somewhere…

     
  8. Stacey, 17 August 2006, 14:36

    Excellente as usual; will definitely pass these tips on to those not knowing (e.g. those folks you mentioned earlier who make 1G a wk. and still hunt you down to borrow money!)

     
  9. MsJayy, 17 August 2006, 15:12

    Great tips. People think you have to start with a bankroll in order to invest/get your finances in order. Start where you are with what you have.

     
  10. Tired of being broke, 17 August 2006, 15:20

    Great tips Single Ma. The automated process works like magic, and it is funny how you learn to work with less while saving at the same time.

     
  11. dry, 2 November 2006, 7:25

    good reading for someone like me, broke and approaching retirement .

     
  12. TheDasher, 20 March 2007, 5:13

    Is there anything sexier than a fiscally responsible woman?

     
  13. Kristie H, 8 July 2007, 13:35

    Very Interesting information. I am currently looking to make a life changing move and become a single mother (Trust me it is better for the children). I have two little boys who are my world, their father is currently in the picture but I have been afraid to leave due to financial reasons. I am afraid that I will not be able to afford the life I want to provide them.

    After reading your 5 secrets, I understand that a savings plan will not happen overnight and starting small makes sense. However if I do not start NOW it will never happen. I look forward to reading more of your future blogs. Thank you ~

    Do you have any secrets for being a single mom? I am nervous….

     
  14. MissGoldBug, 17 July 2007, 15:57

    This is a wonderfully motivating post… Even an experienced saver needs a little kick in the rear every now and again! Thanks for the pick-me-up. I needed it today.

    Best of Luck,

    MGB

    P.S. I hope you don’t mind, but I added your fabulous self to my blogroll. Keep the great posts coming!

     

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