Money Matters: Making Smart Money Moves

The fact of the matter is we’re going to have to spend the money we make in some fashion or form. But when we do part ways with our precious hard earned money, it’s best we’re wise about it. But what does that really mean? What does it mean to be a wose spender?

Last month, I finally got a new (new to me) car. And while I was shopping around, Fair was my best option financially. Fair is a no committment leasing option to obtain a vehicle. No, I’ll never own the vehicle I drive but I’m not trapped with a long lease either. My down payment? $535. No, seriously. I had $100 coupon from the Girlboss Rally I attended in June that I used.

And yes, I’ve been driving the new car more so than the 1998 Infinity Qx4 that gifted to me almost three years ago. And as you can see, my monthly payment is $298. But…that’s the monthly lease payment and the insurance. It was just cheaper to use their insurance than my own that I was using for the old car.

As side hustlers, we gotta continuously make smart money moves. It doesn’t matter if our money moves affect our personal lives or our business lives. All money moves need to be smart.

August 💵 Money Challenge #1

I thought it was time to bring back the topic of money but in a more natural and healthy way. And there’s nothing more natural and healthy than…

A CHALLENGE!!! 💵💵💵💵💵💵💵

Well, at the very least, nothing as rewarding as a challenge can be. And I’m going to join in and do it too.

So to kick this off starting with the first Monday (and every Monday for the month) in August is budgeting. Dun-dun-dun. I hate that word too. I know how to do it, but I don’t always stick to a budget as much as I would like to. And maybe there are a few of you out there who feel the same. So to get things started, here’s what we’re going to do:

List all our expenses, everything we pay out from rent to our Netflix and Hulu subscriptions. List them and tally up the actual amount we’re spending. If we’re ordering out twice a week, include that too. We’ll go log online to our bank account to get an idea what we’vespent on food outside of groceries if we need to. We gonna do this right.

After we’ve written everything we’re spending, we’re write down everything coming in. And if you haven’t guess or figured it out, we’re going to substract what we’re spending from what we’re bringing in. This is going to give us an idea of what kind of “disposal income” we have.

Now, here’s the challenge: write down what you’d like to save in dollar form from what you’re already spending.

For example: if you’re bringing in $3,000 a month (and no, this isn’t before taxes) and you’re spending $2,500 a month, that means your disposal income is $500. But what you really want is to have $750 a month in disposal cash. Okay. That means you gotta cut back on $250 in your expenses this month. And no, I don’t want you to get a side hustle for this challenge. We’ll get to that in the coming months. Right now,we’re going to work with what we have to save that extra $250 or $100 or $50 or even $25 that will give us a little more wiggle room. The only activity for this is cutting back.

What can you do without for this month?