I Quit My Job: Budgeting as a Single Parent with @clevergirlfinance

I Quit My Job: Budgeting as a Single Parent with @clevergirlfinance

Finances and Parenting!!! I got a chance to chat with Bola Onada Sokunbi of @clevergirlfinance about the challenges of single parenting and entrepreneurship along with this new sense of freedom of living in my purpose.

Things have changed over the last 3 months for me and my budget looks a lot different from when I was making six figures a year at my previous job. I used to shop at Target once a week – literally. But now, I am very intentional with my purposes and I have to pay attention to what I am spending. Recently I opened up my daughter’s savings account and this year, she wants to visit Hawaii!!!

Of all places, she wants to one of the most expensive trips yet, to the Aulani resort this year. But guess what, we have a budget and a plan for it! See how we are STILL going to save for our annual trip to Hawaii here! 

As always, I love you all. Thanks for your DM’s, messages, inboxes and checking on me. The journey continues….

Be sure to subscribe for updates and exclusive prizes on my page jjonthemic.com and check out the video diary every Thursday at 2PM to keep up with my journey!

#xoxoxo#

JJ

Budgeting for Entrepreneurs: Finances

Budgeting for Entrepreneurs: Finances

Now that I’ve quit my job, I need to pay EXTRA attention to how much I’m spending AND bringing in. Being an entrepreneur is so not for the weary. It really takes working 1, 2, 3, 4, 5, 6, SEVEN days a week. It’s all about your hustle, networking and relationships with like minded people. This week, I talked with Wealth Strategist, Jaelsa Ann and she had a chance to look at my own personal expenses, savings and investments. She shares with me some REAL advice. I’m not an over-spender, but here’s what Jalesa had to say about MY finances… Check it out here! 

You can follow Jalesa Ann on Twitter @jalessaann or visit her website at www.mymoneymogul.com

Be sure to subscribe for updates and exclusive prizes on my page jjonthemic.com and check out the video diary every Thursday at 2PM to keep up with my journey!

#xoxoxo#

JJ

How Does My Kid Feel About Me Quitting My Job?

How Does My Kid Feel About Me Quitting My Job?

This week, I spoke to my super awesome kid Alani @alanirocksofficial about her thoughts on me quitting, what she thinks she will miss about @979thebox, things that MUST change for the both of us and more! Be sure to subscribe for updates and exclusive prizes on my page jjonthemic.com and check out the video diary every Thursday at 2PM to keep up with my journey!

Click here for the video! 

#xoxoxo#

JJ

Don’t Break the BANK for Christmas

Don’t Break the BANK for Christmas

With the holiday season here, it’s filled with cheer and plenty of spending.   The holiday season has turned into a time of the year where the quantity of material possessions trumps thoughtfulness and the true reason for the season.  Whether you celebrate Christmas, Kwanzaa or Hanukkah; they all symbolize spending time with loved ones.   This is the time of the year when stores and credit card companies make a killing getting shoppers to overspend.  The holiday season allows individuals the chance to rationalize overspending and to dust off credit cards.  These should be the days of Giving Thanks and being Jolly, Merry and Bright!  Not Broke, Greedy, Stressed and In Debt.  So who says we have to go into debt to enjoy the Holiday Season?  Let’s NOT break the bank for just Christmas sake!

We don’t have to give in to the temptation and overextend ourselves financially for the sake of buying unnecessary gifts.  So, here are some tips to attempt to get through the holiday season without any new debt. 

List & Limits 

Create a holiday shopping list, set a spending limit for each person and only buy for who’s on it.  Leave your emotions at the door. With sales and deals in every retail window, it’s easy to get sucked into purchasing items that you never planned to buy.  Using the money you have set aside in your budget, or using cash you have readily available (don’t use credit), create a cash-only Holiday budget – and stick to it!  Keep track of your spending. Remind yourself of all other debt responsibilities like your car payment, rent or mortgage, etc. that will be still be due after the holiday season. 

Cash Christmas

Pay cash, pay cash, pay cash. Christmas Savings Clubs and Christmas Bonuses are cash options that allow debt free spending.  Avoid using credit cards and do not charge purchases.  Buying gifts with cash will avoid the unwelcoming surprises, interest rates and fees that will come knocking in January. When the cash is gone, stop shopping and refuse to use credit. 

Thoughtfulness over cost

Pay attention to family and friends and purchase gifts that make the person feel special.  Pay attention to hints or comments throughout the year.  And, do not rule out handmade gifts. Sometimes handmade gifts mean the most.  Remember the cliché’, “It‘s the thought that counts”?  Well, it may be corny, but it’s true.  Put time into choosing the gift that the person wants, not the gift that makes you look generous. 

Start Saving for Next Christmas

Christmas is the same time every year, yet somehow we manage to wait until the last minute to make purchases, often without a budget. Consider joining a savings club or opening a savings account that you can’t touch. By putting away $50 each month you will have $550 to spend by the time Christmas rolls around. Also consider picking up gifts throughout the year, which will definitely be easier on your wallet come December. 

Buying gift cards monthly or every pay period is an automatic saver for year-end holiday spending.  These gift cards can be used to purchase Christmas gifts for family and friends or just given as gifts themselves. 

We tell ourselves it is fine, we will worry about it in the New Year. When the New Year comes we are faced with a “financial debt hangover”, where we then spend the entire year trying to pay off our debt, only to do it all over again! Don’t create new damage and repeat the cycle. 

Cicely Jones is the owner of MPA Financials, a Full Service Accounting Firm with 15 years’ experience.  Cicely has a passion to spread knowledge of financial empowerment by educating clients and giving sound financial advice.

Website: http://mpafinancials.com/

Facebook: https://www.facebook.com/mpafinancials/

Twitter: https://twitter.com/mpafinancials


Do You Know How Much You Owe?

Do You Know How Much You Owe?

No one likes to talk about debt and how much debt they may be in.  We most times want to close our eyes and just hope they will take care of themselves, but we all know that is not true.  For most of us, we can swiftly state our monthly debt payments with ease one bill at a time, whether it’s the car note, phone bill, daycare, rent/mortgage, and utilities.  Those are all things that we you can probably say off the top of your head.  But when it comes to the total amount of debt you owed? Many people don’t know or don’t care to know. 

You might say, “Why does it even matter”?  It matters because the total debt amount is what is keeping you living from paycheck to paycheck and unable to do things you would like to do in life (without restraints).  If you haven’t added up your debt, you probably have not created a plan to get out of debt.  To change your habits, you need to see what the big number is. 

Tackling debt starts with writing it out or writing it down. Making a list of everything you owe, whether it’s mortgage, credit cards, car notes and even student loans.


Start by writing out the following:
1. The lender name
2. The amount you owe
3. The term of the loan/debt
4. The interest rate and fees

Then total them up. Sort them from the smallest amount to largest, or you can sort them by the length of time left to pay the debt. This will give you an idea of how much debt you have, how long you have to pay debt and possible ways to attack them. This is something that people do NOT like to do, but doing this is a necessary step to give you a complete look at all debt.

Once you’ve tallied the totals, you can create a plan for getting out of debt. Please don’t underestimate the power of a plan.  “Debt avalanche” or “debt snowball” are two of many methods that can be used to implement a plan to get out of debt.  Don’t get weary if it takes some time.  Just like a diet, you didn’t get in debt over night, so you most likely will not eliminate debt over night (unless you win the lottery).

If you’re having difficulties figuring out where to start or can’t do it on your own, you can seek help from a credit counseling agency, financial planner or money coach, or even a bankruptcy attorney. With a plan, and guidance if you need it, hopefully those fuzzy numbers will turn into a clear plan — and you’ll have a get-out-of-debt success story to share!

Cicely Jones is the owner of MPA Financials, a Full Service Accounting Firm with 15 years’ experience.  Cicely has a passion to spread knowledge of financial empowerment by educating clients and giving sound financial advice.

Website: http://mpafinancials.com/

Facebook: https://www.facebook.com/mpafinancials/

Twitter: https://twitter.com/mpafinancials