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 What’s your 10 year plan to make your life a better one? Well here are a few tips on how to get your finances on the right track!!!




via: Essence.com


 1.      Live With Your Mama Longer:   I know this seems like something you wouldn’t want to do after graduating but it will help you save a lot of money. If you’re making at least 50k a year 43k after taxes if you save half that that’s a total of $22,000 in one year!!!

 2.      Create A Spending Plan:  Track of your spending and cut out unnecessary expenses using a program like mint.com or just jeep a small book as a financial log.

 3.      Pay Off Your First Car: Honestly buying a brand new car is nice but it loses 10% of its value or more as soon as you drive it off the lot. If you have a new car try and make bi-weekly payments to cut down on interest

 4.      Build An Emergency Fund: Experts suggest that you should have 9 to 12 months of your income saved in case of an emergency. A generous start up would be $1,500 of immediate cash savings then gradually adding funds to build your nest.

 5.      Look Great On A Budget:  You can save money and still look like a million bucks!! Buy your clothes for the summer and fall when they’re out of season to save money on high markup prices.

 6.      Establish Good Credit: Pay your bills on time, pay down the amount owed down to 30% and dispute errors on your credit report.

 7.      Save Money For A Down Payment On Your Home: You’ll need to be fiscally responsible in order to save money to buy a home. With closing cost, the initial deposit and down payment for African Americans a substantial amount of income is generated from home ownership. Go to hud.gov for more info.

 8.      Be Serious About Investing: Talk to a financial advisor about opening an IRA account with at least 5% of your income. Check out cfp.net

 9.      Generate More Than One Source Of Income:  Have more than one way to make money besides your 9 to 5 day job. Try taking on a part time job if you have the time on your hands as it will help you reach your financial goals quicker.

10.   Give Back:  giving money is a great way to give back to a worthy cause but its alos a GREAT tax write off!!!