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Queens, a few weeks ago, I posted the following video message on the Phorbe Instagram page:


To my surprise, this seemed to hit the spot for some of our Day 1 Queens. So, for today's "Best You" post, I decided to give you my top 8 money tips!


This isn't a topic I touch on much because, let's be honest Queens, I am still learning how to properly manage my money. However, the tips below have really helped me get a leg up on my finances and I am proud to say that I have begun thriving in this area of my life. Let me show you what I mean:


Queen Maree's Top eight Money Tips

1.Create a Budget

Queen, it's so simple, yet so many people neglect to do this and then wonder where all of their money went 2 days after pay day...it's me, I'm people.


Queens, whether I was rideshare driving, working at Kaiser Permanente, or doing something else, all together, I always found it difficult to figure out where my money went a couple of days after getting it. It was so frustrating. Not to mention, it was completely embarrassing getting paid on the first and having my card decline on the fourth.


Creating a budget helped me work through this frustration and embarrassment. I now know where every penny of my money goes and I no longer get that judgmental look with the"I'm sorry ma'am, but your card was declined."


If you're ready to take back control of your finances and build a little breathing room, the first step is creating a budget. The best way to create a budget is to first look over your last month of expenses.


If you usually make payments with plastic, print out all of your transactions for the past 30 days. If you usually make payments in cash, keep all of your receipts for the next 30 days.

Once you have 30 days of transactions, grab your calculator and download the free Phorbe Starter Budget:

Phorbe Starter Budget
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Download XLTX • 596KB

The Phorbe Starter Budget is literally the same budget sheet I use every month to organize my finances. All you have to do is plug in the numbers Queens. I've already set up the formulas for you. Input what you've made in the last thirty days. Go through each transaction/receipt and add it to this form until you have a complete picture of where your money went the last 30 days.


Now that you know where you're money's been, it's time for you to build a plan of where you want your money to go in the future. Plug in the numbers for your monthly bills as those are pretty much set. Then, fill out the rest of the budget with numbers that represent what you would like to spend on each item; paying special attention to your savings account. It's very important that you be truthful and realistic with this step. If you make $3000/per month. Don't put $3500.


There you have it. You've built a budget!


2.Stick to your Budget

Now Queens, it takes some work putting together a budget. Don't let all of your hard work go to waste by completely ignoring your budget the next time you get paid. This is where the real work begins Queen. You have to put in the work to stay focused, disciplined, and consistent. If you only budgeted $20 to eat out per week, than you better learn how to pack your lunch once you've hit budget. If you budgeted to save $50 per month. Make sure you are moving $50 into your savings every single month and you're forgetting about it.


3. Review your Budget & Expenses Frequently

Review your budget often to make changes and track your progress. Start out reviewing your budget weekly. Then as you get more comfortable, review it monthly, then quarterly. If something's not working, adjust your budget. If you need more money in a certain area, adjust your budget. You have complete and total control here. You hold the brush that will paint your new financial life. Yield it, but yield it wisely.


A good thing may also be to journal your spending habits. Just so you can track your spending patterns. When do you tend to do more online shopping? When are you craving that Starbucks coffee most during that week? This can help you better plan your transactions so that you can stay on budget.


4. Use Cash not Debit

I debated whether or not I should put this on the list, because #Covid. However, I think this will definitely help you save money, while also helping you stay diligent with washing your hands. The premise is easy. Use cash instead of your debit card. Your debit card is just a piece of plastic, that you easily swipe to make transactions. The connection between that piece of plastic and your money is weak. You're not thinking about the actual real money, that card is connected to, that you're spending. You don't even think about it, you just swipe, swipe, swipe!


However, let's say you've budget $50 for play money for the week and you were to go to the bank and withdraw that $50 in cash and keep it in your wallet. Every single time you make a transaction, you would see that cash flow get lower and lower. Holding that cash in your hands makes you double think your purchases. Seeing that cash flow dwindle and dwindle in your wallet is more real.


And again, if you're worried about #Covid, keep your sanitizer handy and make sure you sanitize whenever you handle money.


5. Get Credit for Paying your Rent

Do you have bad credit Queen? Even worse, do you have no credit? Well, here's an easy way to boost your credit score without changing too much of what you do already.


We all have to pay rent, every single month. If we don't pay rent, then we're risking eviction and nobody wants that. However, although your rent is a bill you pay every single month, most likely on time, it's not something that's reported to the credit bureaus.


Until now, with companies like Credit Rent Boost or Rent Payment you can continue paying your rent every month while also, building credit for your on time payments.


The way it works, is that you will pay the company your rent payment and they'll send a check to your landlord. These companies will then report the on-time rent payment to the credit bureaus, thus increasing your credit usage and score.


6. Automate your Payments

Sometimes we have the money Queens. We've stuck to our budget and the money is stacking up. However, as boss Queens we get busy and sometimes we just forget to make a payment. Automating your bills is an easy way to make sure that you never forget again.


7. Create Multiple Streams of Income

This is a big one Queens. During the 1st California Stay at Home order I realized that I work for a CEO that would rather line his own pockets then care about the health and safety of his employees. It was at that moment that I realized that I'm no longer okay with helping someone else get rich, while I just get by.


So many money coaches and gurus preach multiple streams of income and I didn't get it until I had this revelation. Queens, your job is never going to pay you enough. It's never going to pay you what you're worth. So, it's important for you to set up multiple different streams of income to make sure that no matter what, you are always taken care of.


Your job is one stream of income. A quick second stream of income could be investing in the stock market. With Apps like Robinhood, this is super easy to do with any budget. Starting a side hustle could be another stream.


Since this revelation in March, I have built three extra streams of income and nearly tripled my income every month. Granted, income streams like investments won't always reap instant benefits, the money is adding up regardless. Also, it's important to note that investing in stocks or real estate is a great way to make money while you're sleep. You don't have to trade your time for those profits.


8. Plan Ahead and SAVE SAVE SAVE!

Queens, every year around this time of year, I remind you to start getting your plans together for the holidays. August gives you two months to prepare your budget and save the money you need to have a great stress free holiday season.


It's important that you set a plan for holidays, birthdays, vacations, etc. as early as possible. That way you can create a budget and start saving the money you'll need in order to make that fly ass birthday vacation, or white Christmas dream a reality.


There you have it Queens! My life saving money management tips. Which one resonated with you the most? Let me know in the comments below!


It's a great day to conquer the world. So, step into the Queen you're meant to be and SLAY!

QUEEN MAREE


ORIGINALLY PUBLISHED ON AUGUST 14, 2020