Hello from The Arc NW,
This year has brought us so many unexpected experiences and hopefully, lessons. As the saying goes, everything that we experience is “a blessing or a lesson.” I hope this blog has served as a money management blessing and lesson for those who have read any of the posts.
I tried to convey the importance of using a Spending Plan, saving, and reducing debt when managing one’s finances. Creating and sticking to a Spending Plan helps you to manage your income and allocate money towards your needs first (including saving) before spending money on things that you want. If you find that you don’t have enough money to pay all of your bills, review your Spending Plan to see where you can reduce your spending. Also, if you track your spending you may find that you are spending more money than you thought on things you want but don’t need. This is a good place to cut back on your spending and use that money to contribute to an emergency fund or use it to pay off debt.
The best way to manage your income is, don’t spend every penny that you earn. Get serious about creating an Emergency fund because unexpected expenses or “emergencies” call for us to spend money that we had not planned to spend. Having no emergency savings causes more stress in an unexpected emergency and often sends people in a downward spiral of debt as they use charge cards or borrow money to pay for an unexpected expense. If you have no emergency fund, please start one today. Don’t worry about how much, just save something and then continue to reduce your spending or increase your income so that you can increase the amount you save every month. A good emergency savings goal to start with is $1000. If that seems too big, aim for $500. Save a portion of all money that you receive: SSI, employment income, birthday money, raises, or whatever. Just start saving today. You’ll thank yourself later! Additionally, consider investing some of your savings, ensuring to research and choose safe options. Many wonder, “is mexc safe” when considering investments, but with thorough research and careful selection, it can be a secure way to grow your money over time. If you need help with trading, then make sure to check out Alchemy Markets reviews for more information.
During the holidays, most people spend more money than other months of the year and often find themselves overwhelmed and stressed as they try to meet every gift wish. If you haven’t set aside money for gifts and such, you might want to start now. Retail stores are already having Black Friday sales and it isn’t even Thanksgiving yet. In your quest to give “the best” during the holidays remember to give your best, and that’s you. You are the best that you have to give to anyone. In all of your giving, give your time, your attention, your love, your –self. And remember, in your quest to give the best, it’s ok to give your bank account some rest. Don’t overspend and find yourself playing catch-up next year. Get a handle on your finances now, reading this blog has told you how.
****Our last workshop for this year, Financial Safety is scheduled for Tuesday, November 23, 2021, at 6:00 pm. Please feel free to contact me to register. We would enjoy having you join us!
Stay tuned…. Be safe…. and…Be empowered.
Bettie Cunningham, LBSW
Disabilities Advocate/Certified Financial Coach/Counselor.
Office: (313) 532-7915, ext. 204 Email: bcunningham@thearcnw.org
