CHICmom just wrapped up our Financial Fitness Series and it was amazing!!!!!!! The series included weekly tips from Credit Consultant, Shelley Wallace, an interactive workshop sponsored by Flagstar Bank and facilitated by Mary Mbiya , two live Facebook discussions chatting about credit and life insurance with Shelley Wallace, and State Farm agent, Kandiss Ecton, and we closed it out with accountability partners to keep us on track. Our discussions talked about credit, savings, investment, life insurance, and our mindsets.
We choose to do a series on finances because we know it’s not a sexy topic and we also know that finances take more than just one day to see any real change. We hijacked the whole month of February to get CHIC in finances. Here’s what we uncovered:
1. Getting your finances in order is more mental than anything. Changing your mindset to live off of little is key (this is what the riches do). We don't NEED something new all the time. Finances are physiological we've taught ourselves to shower our children with more and to do excessive spending. Well, actually the world teaches us this. This world is cultivated by the idea that we need more. Sadly, when we get more it's usually never enough. Gratitude ladies!!! Say it with me. And oh for our little people; It's not always better to shower our children with gifts because we want them to have a childhood better than ours, we have to teach them responsibility and accountability.
2. Talk to your children about finances. This is key!!! Credit is a character trait, ouch! Credit shows the banks how we treat and think about money. More importantly it shows banks how we treat our responsibilities and how much they should trust us. WE should talk to our children about money, when they want something, ask them why, have them justify it. Teach our children how to save and work for allowances. Did I mention, TALK about FINANCES in our households!!! Talk to them about importance of having good credit, paying people back and establishing a savings mindset. Teach them character traits associated with working hard, saving, and living a meaningful life. The opposite of spend all you have for the moment. Teach them the importance of having a balanced life, more then anything MODEL what you teach.
3. Finances are personal, there's no one size fits all. But one thing we should all be doing is saving!!! We should be working towards having six months of living expenses in our savings account. Think about one thing you could give up to save more, rather it’s eating out, taking lunches, or inquiring about adjusting our rates with insurance and phone bills. Also, research different savings accounts that aren’t linked to your checking accounts.
4. Pay YOURSELF first!! The wealthy always pay themselves first and majority of America does the opposite way. Set an amount to pay yourself every time you get paid, or receive funds.
5. Don't give up. At the workshop we imagined we were all on a trip together and along the way there were various challenges, but we kept going. However, many people don't treat finances this way. Changing your mindset in finances is going to be hard at first, you may stumble but don't get discouraged and stop. Keep going.
6. Invest for your future and your children's future. Invest in IRAs or 401ks, and also make sure you have a 529 plan for your children, the earlier you start the better. Also take time to learn about your 401k. Don't be in the dark about your money.
7. Create a household budget!
8. Life insurance: ok this was an eye opener! Life insurance can also be considered an investment for your family if you have the right plan in place. Many people view life insurance as daunting but in reality it’s a way of life for the wealthy.
February was a great month for us CHICmoms!!!! Moving right along to our March literacy month.