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

A Talk with My Pastor

A Talk with My Pastor

“Quit Comfort!” Ohhh, so you mean, I have to leave my security blanket?? I’ll be the first to tell you that this entrepreneurship journey is not all that comfortable, but it’s necessary for me, especially when operation out of my purpose.

I sat down with @marlonfhall for this week’s video diary to talk about struggling to have faith (how much do I really really trust God) and what you need to quit BEFORE quitting your full time job. This message was sooooooo good. Click here for the full message.

Thanks Marlon!

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

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

Do I Need to Increase or Do I Need to Cut?

Do I Need to Increase or Do I Need to Cut?

Getting out of debt and starting a successful budget may seem impossible if you’re living paycheck to paycheck.  It’s a never-ending cycle that is consumed with expenses and the lack of money to pay them. Monthly expenses have us waiting anxiously for the next paycheck after we have just spent the last one. 

15 years ago I struggled with a major life change that caused for me to put myself on a strict budget.  But by the grace of God, He pulled me through that one.  4 years ago, due to yet another life change, I was amongst the destitute and back to living paycheck to paycheck.  This was an area I vowed I did not want to revisit ever again, but through life and life situations… it was inevitable.  Because of what I went through 15 years ago, I knew I needed strap my boots on and go back to budgeting, accepting life changes and make some sacrifices.  I began to remember the situations that I overcame in the past and realized that if I could get through those… I was definitely going to make it through this. 

Knowing the lack of money was the forefront of my problem, I looked at my finances very closely. After doing all the penny pinching I could, it was revealed to me that I needed to increase my INCOME!  My spending habits had diminished to just paying bills and buying food, so something else had to be the problem!!!  It was my income!  There needed to be an increase from somewhere!  So in experiencing that my question went from, “Where can I cut?” to “How I can increase?” 

A lot of people talk about cutting expenses and budgeting, but let’s talk about increasing income!   There are some things that you should consider to increase your income to bring more money home. 

        1.Ask for a raise

Go to your boss if you haven’t had one in a while or if your job performance has been rewarding of an increase.  Present a case detailing your performance and why you should receive one.  Bible says “You have not because you ask not”.

        2.Seek new employment

Sometimes to see results you have to make a move or jump.  Seeing a salary increase doesn’t always come from where you currently are.  Also complacency can keep you from moving but needing an increase should be an incentive.

         3.Amp up your Resume… Get Certified

In life you have to learn how to be extraordinary while everyone else is ordinary. (I’m going to let you marinate on that) Adding skills, going back to school, and getting certifications will boost you into a different category professionally. 

         4.Side-Hustle/Part-time Work

A side-hustle or part time job is a key way to increasing income.  This is a short-term way to boost income (preferably legally).  Dive into a talent or craft you might have, something that you are passionate about and see how it can make you some extra money. 

Considering all these ways to increase income on both a long and short term basis will allow you to enjoy a better lifestyle you desire as well as some financial happiness and freedom. 

Your financial structure will have to change and it just might not be your budget. 

What ways can you increase your income?  Do you have a talent or skill that can help bring in more money?  Do you have some free time where you might be able to get a part time job? Do you have time to gain a new degree or certification?  What will be your solution? Breaking the cycle will allow you live a happier financial life.

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