Secure the Bag: How to Keep It

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Woo-hoo! It’s Friday, and that means pay day for some and another week till pay day for others. I thought today would be a great day to start off the series of Secure the Bag. For those that don’t know, according to one definition in the Urban Dictionary, the term Secure the Bag means to focus on money and to get your money. Well while this term has been urbanized, used in many songs, and in our lingo; no one has took the time to tell others how to KEEP the bag secured once you have it. That is my goal today, to give you my personal tips that I use on how to secure the bag. While reading these, please keep in mind that I am not a financial advisor, expert, or anything pertaining to that. I am just a young woman that has watched family members, studied many finance courses, and is willing to help others keep their bag secure. In doing this, I will give you two simple steps that will help you keep your bag secured.

1. Budget

I know, I bet everyone was like what? No way, I don’t know to budget, I don’t have enough money to budget. Yes you do, and you HAVE to make it work. To create a budget, you simply need to:

  1. Write your monthly income (Your base income, do not include side jobs that aren’t stable or if you work a commission job like me. Only include guaranteed money)
  2. Gather your fixed costs (expenses you CAN’T go without, i.e. Bills, food, shelter, health care.)
  3. Gather your flex costs (things you pay out, but CAN go without, i.e. Eating out, shopping, movies, etc.)
  4. How much can you afford to save (after you evaluate what you can cut back on flex costs, save the remainder)

Now the first budget is not the budget I use because my income fluctuates. I work a job that I get a base pay plus commission so the next budget is what I use and I acquired from a finance coach, Lynn Richardson. Depending on what bills are do with that pay check depends on which formula I use.

a)10%-tithes                                                                          a) 10%- tithes
b) 10%-savings                                                                     b) 20%- savings
c)30%Incidentals (hair, movies, etc.)                              c) 35%- incidentals
d)50%- Bills (Bills and/or fixed costs)                             d) 35%- Bills

Tips that I use for keeping my budget:

  1. Do not eat out but once a week. I meal prep majority of my meals.
  2. Put your incidental money in an envelope and once that money is gone, you can’t spend anymore.
  3. Write down EVERYTHING. Yes! I keep a journal with everything that I buy. This helps you see where your money is going and where you need to stop spending.                             

   2. Save

This was included in the budget plan and I’m a firm believer in saving. I recommend everyone having an emergency fund with at least $1,000 in it. This comes in handy for car trouble and unexpected emergencies that you need money for. After you’ve saved enough for that, have a regular savings account, and if you’re like me, I love to travel so I have a travel savings account. To save, have goals. What am I saving for, how much do I need to save, and put a date on when you want to have the money saved by.

I hope these tips help and if you have any questions regarding the budget plans or savings feel free to email me living267blog@gmail.com and I have linked a previous post about credit here. Blessings to all and remember to keep your bag secure!

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