I’m not sure if you remember Ciara’s catchy song, “Girls Get Your Money” but I love the message of the song’s title. Although CiCi is singing more about getting money when it comes to men approaching women who don’t have money, I want to talk about this title from a different approach. This week on the blog, I’ve been talking about M-O-N-E-Y. Most women have a love/hate relationship with money and, it’s time for us to appreciate the freedom that having money, affords us.
The older I get, I look at my credit score obsessively when I get those email alerts that my credit score has changed. I’ve been on a “fixing my credit” journey since about June of this year. I’ve heard various financial experts say that it’s important to fix your credit and then worry about building your savings account (if you can’t do both at the same damn time). At first I didn’t quite understand the logic behind it but think about it….. if you have great credit, you will have the freedom to deal with a crisis if and when they arrive in your life as opposed to only having the available dollar amount in a savings account.
I felt like Jesus had just dropped that burning bush right in front of me with gems of knowledge like that example. So for example, if my car breaks down and I need a total of $3,000 to get it fixed but only have $2,050 in my emergency funds savings, I’m screwed! But that credit card that I have with a limit of $10k on it because I’ve been paying off my debt, can be used to fix my car. Don’t be afraid to look at your credit score and your credit history. Trust me, I’ve been so embarrassed by mine in the past but when you know better, you better do better!
You can’t conquer what you don’t face. So it’s time to face those fears you have about money. I’ve been using the law of attraction which has taught me to be more grateful about the money I currently have coming in, which attracts more money to me. Here are a few simple tips that will help you get those delinquent accounts, paid and your credit score increased:
Tip 1: It’s simple, PAY YOUR BILLS ON TIME!!! This will keep your accounts current and the discipline this simple method teaches, is incredible.
Tip 2: Keep your balances low on your credit card(s) and revolving credit accounts. High credit utilization hurts your score by 30%.
Tip 3: Get a secured credit card (most have a $300 limit for example, Captial One). Make small purchases like paying for your gas bi-weekly and pay that balance off every month. This will help increase your score.
Have your come to Jesus moment or whatever it takes to get your money in order. There’s a bunch of resources out there in the media or in print that can help you fix your credit. Follow financial experts on social media, they are always dropping freebies for tips and hosting online courses. You may have to sacrifice your daily $20 lattes to get your money in order. Treat your credit just like you treat yourself (I’m gonna assume that you treat yourself great, if not, girl call me!!). I do not write this post as a financial expert but I have studied these basic tips and use them in my life towards repairing my credit.
I’m a single parent of three children, who fathers have passed away. It is critical to me to learn how to better take care of my finances now so that I can leave behind money for my children’s children. I want to break the cycle of being broke and having children out of wedlock like I did, and I want to help educate my children EARLY about their credit scores, investing in stocks, etc.
How are you building generational wealth? What can you do to get your money in order?