All Articles Tagged "Personal Finance"

Tiffany “The Budgetnista” Aliche Launches A 36-Day Financial Advice Forum, LIVE RICHER

January 23rd, 2015 - By Taylor Gordon
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Update: Since publishing the first story on the LIVE RICHER Challenge the amount of participants has surged to over 10,000 people, surpassing Tiffany “The Budgetnista” Aliche’s original goal.

The LIVE RICHER challenge is a free online advice forum that helps women achieve seven financial goals within 36 days. Women are taking part nationally and internationally in countries like Kenya, China, Australia and The United Arab Emirates. The LIVE RICHER book that accompanies the challenge has also made it to the Amazon Best Seller List.

As a result of tasks within the challenge, participants have found ways to save over $125,000 collectively. The challenge is currently in Week 3, which covers issues surrounding debt. There’s still time to participate. Continue reading our original story for additional background on the challenge and instructions on how to join the movement.

Originally published January 5, 2015

Let me guess. You’ve resolved to improve your financial situation in 2015, but you’re not sure where to begin the overhaul process.

Well, you’re in luck.

This week personal finance guru Tiffany “The Budgetnista” Aliche kicks-off the highly anticipated LIVE RICHER Challenge. During this 36-day challenge, she’s helping women achieve seven key financial goals. All completely FREE of charge.

I had the pleasure of assisting Tiffany with a project for the LIVE RICHER challenge last year and it was one of my most rewarding experiences. The number of challengers has grown from a few hundred to 7,500 women. Through this challenge, Aliche has created a space for women to stop feeling ashamed about their position and start taking steps toward a richer life.

Tiffany Aliche, via Twitter

Tiffany Aliche, via Twitter

The story behind The LIVE RICHER challenge

Aliche decided to develop this resource when she began receiving personal messages for financial advice. She noticed a need for a community where women could get together and discuss money without judgment. The LIVE RICHER challenge was born.

Participants (also known as Dream Catchers) show up eager to take a financial stand and share their journey with friends, family, and other members inside the group’s Facebook forum.

Why you’ll love “The Budgetnista”

Aliche’s coaching style is that of a best friend or cheerleader with the message that building vast wealth isn’t the purpose of personal finance. Instead it’s a means to live the life you desire.

She’s experienced the financial fear and despair that so many of us have encountered after she lost her job and built up $30,000 in credit card debt. Support from her peers was the motivation she needed to dig her way out of a rut. The LIVE RICHER challenge is offering the same will to persevere to others who’re ready to make a change.

If you’re thinking no amount of financial advising will help you repay your student loan or improve your credit score, think again. According to Aliche, no financial situation is too dire. As long as you’re alive and breathing you can make a change; failure only comes with giving up entirely.

What to expect during the challenge

Dream Catchers will receive daily, easy financial tasks plus short videos from Tiffany throughout the month. Each week covers different financial goals about your money mindset, budgeting and saving, raising your credit score, debt repayment, investing and insurance.

The LIVE RICHER challenge workbook is an additional resource published on Amazon that you can use as a diary or reference after the challenge is complete. And finally, the LIVE RICHER forum on Facebook is available to share your progress with other challengers and Tiffany.

Afterwards, stay tuned for additional financial resources. Aliche has projects up her sleeve to continue the effort including a tour, an investment club, and regional MeetUp empowerment groups.

To subscribe to the challenge, head over to the LIVER RICHER sign-up form.

There’s Always A Message: 9 TV Shows That Teach Us About Business & Finance

January 22nd, 2015 - By Tanvier Peart
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Some shows we watch just for the fun of it. Others can teach us a little something. And no, you don’t have to turn to the History Channel or PBS for smart entertainment.

Nothing speaks to the viewing population like making money. Here, we take  look at a few shows that teach us a thing or three about how to do just that.

You Don’t Need Millions: 10 Ways To Enjoy Life’s Luxuries On A Budget

January 20th, 2015 - By Tanvier Peart
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Are you tired of turning on the television or reading online about how good people have it? Yes certain luxuries require a ton of money, but that should not discourage you from enjoying your life. Here are some practical ways you can have your cake and eat to too without breaking the bank.

 

Are You Reaching For 800? 10 Habits Of People With High Credit Scores

January 16th, 2015 - By Tanvier Peart
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When’s the last time you looked at your credit score? Is it one that makes you proud, or are you in desperate need of improvement? Ideally, we should all aim to have a credit score between 720 and 850. Folks who are in this bracket typically have lower interest rates and perks not accessible to others. Here are some common habits of people with high credit scores.

Can you implement any of these changes into your life?

Strengthen Your Relationship & Finances: 10 Money-Saving Tips For Couples

January 13th, 2015 - By Tanvier Peart
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How are things on the financial horizon between you and your love? Are you two making the right kind of strides, or are y’all struggling with the same old mess? Many people look to the new year as an opportunity to make changes in their lives for the better. Check out these money-saving tips couples can start to put into action right now.

Read Love & Hustle: How to Become a Power Couple

Take Your Money To The Next Level: How To Build A Financial Portfolio

January 5th, 2015 - By Tanvier Peart
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Are you ready to transform your finances in the new year? Honestly speaking, this is something you should want to do at any given time, but some people like the idea of a clean slate. One neverending goal you should work to establish (and maintain) is a financial portfolio. Contrary to popular belief, you don’t need Oprah or Bill Gates’ money to leave a legacy. Here are some tips on how you can start building your financial portfolio.

3 Ways Facebook Can Help Improve Your Credit Score & Teach You to Save

January 5th, 2015 - By Kara Stevens
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I think we can agree that Facebook can be the Devil. With everyone posting and bragging about their (alleged) perfect lives, it can make those of us that compare our real lives (with flaws and all) to these Photoshopped realities a little depressed.

But there is a silver lining.

If you use your time and energy wisely, Facebook can actually be a saving grace for your finances.  There are a number of Facebook closed groups that focus on creating supportive communities for women of color seeking to improve their finances and relationship with money. Here are three Facebook groups that you should join if you want to redirect your Facebook envy into something more productive. I am a member of all of these groups and find the information, accountability, and inspiration invaluable.

Dream Catchers: This group is led by Tiffany “The Budgetnista” Aliche, author of the Amazon best-selling One Week Budget and creator of the Live Richer Challenge. The Dream Catchers Facebook Group is a resource for anyone who wishes to purposefully and passionately pursue their ideal lives and wants to use their finances to help them. In this group, you get to ask financial questions and find encouragement and support for others.  Here is the link to the Dream Catchers group so you can request membership.

Save 50: This closed group is co-led by LaTisha Styles, founder of Young Finances. Americans are notorious for being non-savers or over-spenders. The Facebook group Save 50 serves to address this financial problem. The mission of the group is: “We are a group of individuals who are dedicated to saving half (or more) of our income. Maybe it won’t happen this year, but it will happen.” What is great about this group is that everyone is striving to save half of their income and provide very practical tips and resources on how they are increasing how much they keep from each check. Here is the link to the Save 50 group so you can request membership.

$20 Cash Crash Diet: This closed Facebook community was founded by me a few months ago when I realized that I was mindlessly spending money throughout the course of the work week. The $20 Cash Crash Diet group is a safe and supportive community of women wanting to improve our relationship with money by being more mindful about their spending. The $20 Cash Crash Diet group is not about deprivation. The group is about abundance and building wealth by being conscious of our daily spending. Here is the link to the $20 Cash Crash Diet group so you can request membership.

 

Connect with Kara @frugalfeminista. Learn more about The Frugal Feminista at www.thefrugalfeminista.com Download her free ebook The 5-Day Financial Reset Plan: Eliminate Debt, Know Your Worth, and Heal Your Relationship with Money in Just 5 Days.

The One Simple Trick That Will Make Your Credit Score Jump Like Jordan In 2015

January 3rd, 2015 - By Kara Stevens
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If your credit couldn’t get it in 2014, that’s okay. I had a chance to speak with Tiffany “The Bugdetnista” Aliche, creator of the Live Richer Challenge, to find out how a sistergirl could improve her credit score in the New Year. She explained a super simple process to credit repair that requires no more than 30 minutes of your time.

Here is the nitty-gritty of it all. Take heed if you are looking to apply to for a line of credit for a home loan, business loan, or car loan in 2015.

Step 1: Pay a credit card to zero every month. “So you’re going to take one of your current credit cards that you’ve already paid off or one that you’re close to paying off — and pay it off. If you don’t have either of those, then you’re going to go to GOBankingRates.com and find a credit card that suits you; maybe you get a travel one, or a student one, or one for gas or whatever. Open it up, it will already have a zero balance,” says Aliche.

If you can’t qualify for a regular credit card, Aliche says, “Go to your local bank or the bank that you use, and ask and apply for a secured credit card. It’s like a credit card with training wheels because with a secured card, you put the money up and that’s your limit.” The bottom line of this step is that you’re going to get a credit card that has a zero balance.

Step 2: Check your budget for a “baby” bill:  According to Aliche, you will need to look at you budget and locate the smallest bill on your budget.  “So maybe it’s Netflix $8 a month or maybe you have a $25 a month gym membership that you never use.” Identifying the smallest bill plays a big role in helping your credit score jump.

Step 3: Create a payment sandwich: Once you have identified a small bill like a gym membership, Aliche reminds us to move to action. “You’re going to put your credit card right in the middle and your gym membership is going to charge the credit card and your bank account is going to pay off the credit card.” In other words, you are creating a payment sandwich cycle: You will first automate the gym membership charge to the credit card and then you will schedule an automatic payment for that gym membership using your bank account.  This will happen every month. Easy Peasy.

Step 4: Keep your hands off that credit card.  To ensure that the temptation to charge your credit card is eliminated, Aliche says, “This is going to be this automatic cycle that you will not be a part of, and that card is going to stay at home, and your going to do that every single month. Pay that credit card balance to zero and your credit score is going to jump like Jordan.”

 

Connect with Kara @frugalfeminista. Learn more about The Frugal Feminista at www.thefrugalfeminista.com Download her free ebook The 5-Day Financial Reset Plan: Eliminate Debt, Know Your Worth, and Heal Your Relationship with Money in Just 5 Days. Join Kara’s closed $20 Cash Crash Diet Facebook Group to get some sistergirl support and accountability for reaching your savings goals.  

5 Ways To Save $1,378 This Year Doing The 52-Week Savings Challenge

January 2nd, 2015 - By Kara Stevens
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If you are active on social media, then you should be very familiar with the 52-Week Savings Challenge. Essentially, you save $1,378 by the end of 52 weeks by saving in increasing amounts each week.  You start with $1 during week one. Then, increase your savings by $1 each subsequent week. That means in week 38 you save $38 and on week 52 you sock away $52.

If saving money is extremely difficult, this is a systematic and simple way to stack your coins without feeling the pinch.

The structure described here is the traditional approach, but there are other ways to go about reaching this $1,378 goal. Here are four other ways to make your savings grow.

Reverse: If you want to see quicker progress, then consider savings in reverse. Instead of saving $1 the first week, you start Week 1 by saving $52. Week 2, you will save $51, and by Week 52, you only have to save $1.

Traditional Bi-weekly: If you don’t want the hassle of scheduling weekly withdrawals, you would need to calculate how much you would save every two weeks doing this challenge. For example in January, you would need to save: $3 and then $7. In February, you would have to put away $11 and then $15.

Bi-weekly in Reverse:  If you want to double up on savings but in reverse, this means that your bi-weekly saving goal in January would be $103 and $99.  In February, you will need to set aside two sets of savings: $95 and $91.

Jump Around Method: If you don’t care for the structure of the 52-Week Savings Challenge, but want the outcome, then you can jump around until you have reached the $1,378 finish line. Even though tracking your savings is important for reaching this goal using the aforementioned approaches, you will have to be extra meticulous and organized when using this method. I highly recommend printing out a 52-Week Savings Challenge worksheet like this one and crossing out the amount that you have put away as you go.

Don’t forget to automate your savings with an online account like Capital One 360 or Ally Bank. On the other hand, if you have the discipline and won’t dip into the savings unnecessarily, you can keep this money in a cookie jar,  coffee can, or in an envelope.

 

Connect with Kara @frugalfeminista. Learn more about The Frugal Feminista at www.thefrugalfeminista.com Download her free ebook The 5-Day Financial Reset Plan: Eliminate Debt, Know Your Worth, and Heal Your Relationship with Money in Just 5 Days. Join Kara’s closed $20 Cash Crash Diet Facebook Group to get some sistergirl support and accountability for reaching your savings goals.  

Finances & Friendship: The One Question That Will Instantly Improve Your Next Girls’ Night Out

December 31st, 2014 - By Kara Stevens
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Ask the average Black woman what she loves doing with her friends and you will get answers like “going out for drinks,” “travelling,” and “going shopping.”

The older we get, though, the more complicated and complex our financial realities become— student loans, mortgages, auto loans, and credit card debt. On top of that, Black women have a  singular and more taxing financial experience when compared to other groups, Black women are more likely to carry the fiscal responsibilities of their multi-generational households on a single income. And there’s sexism and racism to contend with in the workplace.

The nature of these money matters makes it so important for us to discuss the cost of the weekly or monthly turn-up.  It’s a sign of mature and true friendship when you think about the possible financial obligations that your friends might have when you are planning the next outing.

So if you are single, well paid, and free from thinking about summer camp for the little one and college tuition for the big one, simply asking your more financially-committed BFF, “Hey girl, I’m thinking about making reservations for us for dinner. What’s your budget looking for dinner or drinks?” will strengthen your bond, I promise. Similarly, if you are married with a lot of money, don’t be afraid to pose the same question to friends that have to go solo on household expenses and financial responsibilities.

I have made this question a staple in my conversations with all of my girlfriends to eliminate the need to spend more than they can afford. I don’t want them to have to choose friendship over their finances.

Most of my friends are so thankful that I bring it up. They say, “Girl, I am so glad that you asked me, because I was doing the math in my head for gas, parking, and drinks, and it was getting to be too much.”

I think the budget question allows for Black women to broach the topic of money and personal boundaries in an organic and meaningful way. Embedded in the question is an overture for women to connect and support each other and grow stronger in their friendships as well as their finances.

Connect with Kara @frugalfeminista. Learn more about The Frugal Feminista at www.thefrugalfeminista.com Download her free ebook The 5-Day Financial Reset Plan: Eliminate Debt, Know Your Worth, and Heal Your Relationship with Money in Just 5 Days. Join Kara’s closed $20 Cash Crash Diet Facebook Group to get some sistergirl support and accountability for reaching your savings goals.