AFRO Finance Tips And Tidbits

AFRO workers

In honor of National Financial Opportunity Month , AFRO spoke to employees for advice and guidance on how to protect personal finances. Read excerpts from the tips below on how to succeed in managing your money.

Financial advice for different age groups.

Bonnie Deans, AFRO Finance Manager

Children:

Teach your children to set goals for the items they want, and teach them to contribute prize money and allowances earned toward those items. If the parents contribute the same amount of money as the child, make it a "match". This is a great source of inspiration!

A teenager

Know the difference between wanting and needing to spend money. Parents can negotiate the terms and agree to save money on things their teens want, so be sure to do so! Open a bank account and learn basic banking skills.

young adults;

Encourage young people to start a retirement plan (401k, 403b, etc.) that they don't lose with each paycheck. As a guide, determine the minimum amount you want to save each month based on the average amount you spend on a night out with friends or the cost of ordering out dinner during the week. In fact, no amount can be too small, keep doing it and you will grow. As your salary increases, try to increase the amount.

Cooked.

Okay… you've grown up! You work and can spend the money however you want with a great mindset.

Be smart about impulse purchases. Investigate the purpose, price and quality of an item or at least enable a cooling-off period of up to 48 hours for purchases over a certain limit. Set spending limits on purchases with categories like clothing, electronics, furniture and vehicle expenses. Remember, just because you can afford it, you don't have to have it. Be true to yourself and don't let envy take you on a trip to Brooktown!

Simplify your life with the same mindset as those who practice the minimalist lifestyle. Make your purchases meaningful, not just to get more stuff. Be wise and spend your money on the people you care about the most. Material goods are temporary. Your most valuable asset is your time and life experience.

Remember, you may not receive it, but be responsible for what you've been given money and time for.

These are the many conversations I had with my father, Robert L. Stanley, who worked as a typewriter repairman for AFRO in the 1950s. I wish I could follow them all.

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Save, save, save

Dennis Dorsey, Product Manager , AFRO

Start saving when you're young, you won't regret it when you're old! Be careful how you spend your money: Nothing new or "latest and greatest" suits you.

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Make your money work for you

Craig Talley, African Media Sales Consultant

The financial mantra I try to remember comes from Myron Golden, business consultant, best-selling author, and marketing consultant.

Gold urges us to understand the purpose of money!

Golden says low-wage workers "think the money is just to pay the bills. That's why they always go broke!"

Middle-class Americans "think the purpose of money is to save some money, pay bills on time, get good credit, buy things you can't afford," he said, while upper-income people help the world more than "the bottom line." The purpose of money is to make more money! "They're learning to use their money for their own business," he says, "by investing their earnings."

"We're not making enough money, we're not making enough money fast enough," Golden said.

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Let the Bible be your guide

Nicole Baty Special for AFRO

The money rule I follow is based on Malachi 3:10-11 ] Give to God [ . He paved the way for me time after time, showering me with blessing after blessing and grace. He is true to his word!

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More money more problems

Diane Hawker, AFRO's director of communications and public relations

Start saving early – automatic deductions from your paycheck into your savings account. It will hurt at first, but after a while you won't lose money and it will increase over time.

Create a budget. Creating a budget is important for managing your finances and identifying where to cut costs. Sticking to a budget isn't easy, especially when you find the shoes you want.

Get rid of debt. In addition to student loans, credit card debt can be huge and you may think it's free money. You are wrong. Avoid taking on more debt than you can afford. Aim for smaller bills and pay off your debt as quickly as possible. It also improves your credit score.

Tithe : I believe that 10 percent of your gross income should go to your church or any non-profit organization.

Basically, 10 percent should be given to God; This is your tithe. Pay yourself off and stay out of debt as much as possible.

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Lessons are learned the hard way.

Ben Phillips, American newspaper AFRO

Avoid credit cards if possible, especially those with high interest rates. If you must use a credit card, charge only what you can afford each month to avoid paying interest. If you have a credit card that you can't afford to pay off every month, try to use the card with the lowest interest rate to keep your payments and interest as low as possible. If you have multiple credit cards, try paying them off and paying off your debt in full. You can also explore the possibility of consolidating multiple loan accounts into one low interest payment.

Statements in this article have been edited for clarity.