{Financial Cents} Are You Broke on Payday?

Published on June 6, 2013January 20, 2017 by Danielle YB Vason2 Comments

broke-on-payday It’s the weekend baby (or close enough) and for some of you that also means PAYDAY! A joyous day that, in theory, represents the culmination of your hard work. Regardless of your income, this is the day when you get the funds to take care of all the things in your life that need funding. So what happens when you get paid and you are already broke? Not broke, as in oh I have a hundred-dollar bill in the back pocket of that pair of skinny jeans, but more like, how I am going to afford the gas to get to work and eat once I’m there? For some of you this is a baffling predicament to be in and for others, this may very well be your reality. I know a woman, Carrie*, who just got paid today and is already broke. Having past due bills is her norm, she is struggling to stay afloat, and her zero balance checking account doesn’t help. From talking to her, I gathered that she is overwhelmed with her situation, feels alone, and wonders how something that is supposed to represent the culmination of your hard work is worth nothing. I often find in situations like this that it is very difficult for people to truly see how their actions may have an effect on their current situation. For those of you that are underpaid that is one thing, but for those of you who overspend, that’s another. Carrie wants the fab life but refuses to take some necessary steps to get it by overspending on wants and needs.

Naked, Bossy, & Freaky = Better Money Management!

Get Financially Naked: Being honest about your financial situation is like being naked in a crowd of strangers. You can’t fake it until they make in this situation if you are stripped down. You have to acknowledge that your financial situation represents more than money. It could be the manifestation of your mental state. Carrie feels alone and is overwhelmed. Maybe there is extra baggage/clutter in her life that is cluttering her thoughts and behaviors? Is this true for you too? Being honest with yourself will help you to recognize the problem so you can begin to create a solution. Are you complacent in your current job situation? Is it keeping you from finding your calling or a better income? It is scary and uncomfortable, but if you are serious about getting back on track, it’s time to strip and understand how a change in mindset can help improve your financial situation.

Get Bossy: Tell Your Money Where to Go. I believe the reason that people don’t like to hear the word “budget” is because they associate it with “sacrifice”. I, on the other hand, associate the same word with being financially empowered. My favorite financial quote comes from John Maxwell who maintains, “a budget is telling your money where to go instead of wondering where it went”. In one of my earlier posts, How to Make A Budget, I suggested you start by listing your sources of income and then create a list of your monthly Fixed Expenses ( i.e. Mortgage/Rent, Car Payments, Insurance, Emergency Fund) and your Variable Expenses (Utilities, Groceries, Gas, Food, Entertainment). If your expenses are more than your income, then it is time to make a realistic budget and decide if you would rather make a temporary sacrifice of luxuries say cable or weekly salon visits, or the comfort of knowing that you won’t be broke next pay-day.

Get Freaky: Neat freaks are the new cool… think Martha Stewart, not Mommy Dearest. It’s easy to forget about a bill when you never opened it in the first place, throw it in your purse, or simply ignore it. I stay organized in a few ways. For one, I keep a record of all of my service providers and current balance on the due date in the monthly view page of my calendar. If I need to check on a bill, I look there first. It is a way to see if my bills are increasing or decreasing and paid for the month. It also helps me figure out how I can best schedule payment. I also keep online records to stay organize and paper copies of any bill that requires disputing. For those documents that need paper copies, I have designated ONE place for them.

What is your best tip for Carrie*? Share below.

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{Women in Business} Lessons from Kell on Earth

Published on May 7, 2013March 11, 2014 by Danielle YB Vason3 Comments

Meet Kelly Cutrone!

I used to watch the Bravo show Kell on Earth that followed fashion publicist, author, and mom, Kelly Curtone, and her team at the fashion PR firm People’s Revolution. While yes, I loved the “reality” of this reality show, without knowing it, I was learning valuable life and business lessons. Perhaps, her most repeated note of advice to women comes from the title of one of her books- If You Have to Cry, Go Outside: And Other Things Your Mother Never Told You. I remember hearing her say this and thinking to myself, duh, I wouldn’t cry at work. That’s so unprofessional. My naiveté at my judgment of people who do this. While yes, tears in the workplace can be viewed as unprofessional, sometimes things happen where the scale of logic and emotion could be tipped in either direction. My lesson learned from Kelly Curtone, never let them see you sweat or cry!

{Business Cents} Habits of Successful Business Women

Published on May 6, 2013April 7, 2014 by Danielle YB Vason1 Comment

I was going through some old papers when I came across my notes from the Spring 2006 Career Night hosted by my alma mater, Spelman College. The theme for the evening was “To, Work, To Live, To Love: A Conversation about Finding Passion and Balance in a Chaotic World”. In the midst of my note taking style, which looks like a cool info graph, was valuable information. Then I was absorbing information with the mindset that I would be an attorney in a large firm. Now, I can see how the advice from panelist Yolanda Bivens, Andrea Brown, and the ever inspiring Allegra Lawrence can apply to most industries.

Check out their tips!

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{Wise Words} Dream A Little Bigger, Darling!

Published on May 1, 2013April 30, 2013 by Danielle YB VasonLeave a comment

dream a little bigger

{Beauty Cents} HairspirationThat Saves Your Strands & Money

Published on April 30, 2013May 17, 2013 by Danielle YB Vason3 Comments

I have recently been introduced to the curling wand and while I love the results, I’m not sure my hair is loving the amount of heat that it requires to keep up the look. I don’t see a problem using it now and then, but when I first got the wand, I was using it up to three times a week….and we all know that overexposure to heat based styling tools can lead to brittle hair and split ends. I’m trying to maintain healthy hair, especially in between salon visits, with hair styles that will save my strands, money, and time. I have found myself lacking hairspiration and it shows. Lately, I have rocked straight hair, a bun, or wash and go, which reveals my natural curls, but I’m looking forward to switching it up a bit.

Check out these braided upgrades on my favorite hairstyles:

Which Hair Style Do You Like Best?

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{Cinco de Mayo} Host Your Own Shindig on a Budget

Published on April 26, 2013March 3, 2017 by Danielle YB Vason5 Comments

As a brand, She Makes Cents is all about inspiring and informing you of ways to use your “cents” to live a fabulous life. So it’s time to start thinking about…well, some fabulosity. Now that the weather is warm and I have officially come out of hibernation, I keep thinking of ways I can get my entertaining groove back. Luckily the calendar is on my side as next week presents a few options for themed entertainment with the Kentucky Derby & Cinco de Mayo. While I LOVE the idea of playing dress up for a Kentucky Derby party, I am leaning toward a chic yet laid back Cinco de Mayo celebration. I plan on keeping the guest list intimate and executing a food and beverage plan that will keep costs down. Working in the special events industry certainly comes in handy with my planning. A fun taco bar, vibrant colored fruit, and of course, a signature drink will create a fun atmosphere for my guests! This is where presentation makes the difference between being the host of a cheesy get-together or hosting an event with effortless style!

Check Out My Inspirations Below!

Host Your Own Shindig on a Budget

1. Keep your guest list small & intimate. I often find that I am able to be more apart of an event when there are fewer people. The conversation is more engaging and it lessens the chance of people cliqued up and not mingling with new people.

2. Go Green. Don’t waste your money on paper invitations or Evites. Instead, try calling people. It’s more personal, your guests will appreciate the effort, and you are more likely to get an immediate rsvp.

3. Be Like Santa! Make a list and check it twice. Save yourself money and stress by making sure you get everything you need ahead of time. Having to rush to the store to grab an extra bag of ice is never cool.

4. Select a Flexible Menu. My taco bar allow guests to essentially make their own meal. It’s cost-effective and this removes the chance of me forgetting that Lauren is allergic to cheese and Victoria hates onions just as much as I do. An added bonus for this particular meal is that all the colorful ingredients can be stylized to create an awesome visual display on the table. A signature drink or two (one with plenty of spirits and one without) helps keep your beverage budget down…especially compared to an open bar.

5. Added Touches. I never host an event without background music, fresh floral, and a co-host. Keeping your guests comfortable will keep your party going. Don’t forget the little things such as stocking up on extra TP and paper towels, strategically placing trash cans throughout the house, citronella candles for outside, and thoughtfully positioned seating areas for guests.

What Is Your Favorite Entertaining Tip?

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{Financial Cents} How To Make A Financial Plan

Published on April 11, 2013March 13, 2018 by Danielle YB Vason13 Comments

Sometimes I need to remind myself that a goal without a plan is just a wish. Every morning I would pray for financial blessings but somehow found myself going through the motions, which was slowing my progress to my goal of zero debt. For me, it is about finding that balance between enjoying my lifestyle and making financially sound decisions. I have been bitten by the travel bug and I can’t wait to explore the world, I live for bottomless mimosas at brunch, and I believe shoes and the right lipstick makes the outfit. However, I also believe in building hefty savings, going into marriage without bad debt (i.e. credit card and student loans), and building generational wealth. I must agree with Dave Ramsey, financial guru, who affirms, “Personal finance is 80% behavior and only 20% head knowledge”. I am working on the behavior part. I found that even though I enjoy shopping, I’m more likely to shop when I’m bored. Recently, I started filling that boredom with QT with the Mr. walking and exploring our city. I am focusing on better decisions, which will yield better behavior. Every cause has an effect and every decision has a financial consequence; that’s why coming up with a personalized financial plan has been my saving grace. Yes, I prayed for financial blessings…I still do, but I have also added the caveat that with financial blessings come financial responsibility.

Check Out My Financial Plan Outline!

1. Write down your debt & don’t forget to include people you owe money. I was talking with a childhood friend who says he had zero debt. As we got to talking it was revealed that he did not include the almost $7,000 he owed to a family member and the card he maxed out in his college days. Out of sight, out of mind, I guess. Once we dove deeper into our conversation, he and I started listing our debt. At the time of this conversation, my list was simple- one credit card, student loans, and mortgage. His, well…let’s just say that I composed a very sobering list on his behalf that included all the debt that he could remember. Seeing your debt listed and then learning out to find out just how much you are paying in interest makes it all VERY REAL.

2. Emergency Fund Minimum. Baby Step One of the Total Money Makeover is to get your emergency fund to $1,000 if you have an annual income of $20,000 or more. “Your car will need repairs and your kids will outgrow their clothes. These are not emergencies; they are items that belong in your budget. If you don’t budget for them, they will feel like emergencies”. It was this statement from the book that caused me to stop dead in my tracks and redefine what I considered an emergency versus saving.

3. 52 Week Money Challenge- BINGO Style. This was actually a part of my New Year’s Resolutions every year. The challenge is to make a weekly deposit that reflects the number of weeks of the year. For example, on week one you deposit $1.00 and on week 27 you deposit $27.00 and so on. I took the challenge one step further by remixing it into a BINGO style which makes it easier to be successful. The most I have ever saved in a year is a little under $2,000.00 and I am hoping to beat that very soon. I have used the 52 Week BINGO Money Challenge to pay off my credit cards completely, save for my birthday plans, and even gifts for family and friend during the holidays. Want to join this money saving challenge? Click here for more information and to grab your FREE copy of the money guide.

4. Tackle Your List. I revealed in the post, Tackle Your Credit Card Debt Today, that as of January I started with $5300 in credit card debt. I have reduced my debt down to $0.00 by paying a little over the minimum and applying the money challenge money to the balance EVERY Friday (I have yet to miss one), but that was interest is killing me. While making additional payments to the credit card, I am making the minimum payment toward my student loans and mortgage. Once the credit card was paid off, I will now apply that money to extra payments to my student loans and so on…this is called the Snowball Method. Now, I will confess, if I had more debt, I would recommend switching between the Snowball Method and the Avalanche method, which we will discuss later in the Financial Cents series.

5. Emergency & Savings. Don’t forget to save that money you are no longer paying to others. Use it to prepare for the future. Emergencies will arise and more than likely something will come up that will cause you to tap into your savings….be prepared.

{Financial Cents} Is Your Way of Thinking Making You Poor?

Published on March 28, 2013January 26, 2022 by Danielle YB Vason4 Comments

Just as slaves born into slavery can’t visualize freedom, we Americans don’t know what it would be like to wake up to NO debt.
–Dave Ramsey, Total Money Makeover

Your alarm clock sounds, alerting you that a new day has come. You awake to find yourself owning a car without a car payment, a home without a mortgage, an education without student loans, and credit card(s) with a zero balance. How did you get to this financial freedom? Did you a) win the lottery, b) rob a bank Sugar & Spice style, or c) align your behaviors with your long-term financial goals? Well, the answer to the question depends on whom you ask.

I told a friend of mine that I was working to become debt free and she looked me right in my face and laughed. I mean laughed to the point of tears while telling me how unrealistic I was being. “Everyone has debt”, she alleged. If this were her outlook on financial freedom, I would guess that she could imagine a debt free life comes only as a result of a windfall. She will either rob the bank or win the lottery. I, however, understand how even the most minute sacrifices will help me get closer to my financial goals. I have to think beyond the day-to-day and month-to-month if I want to build generational wealth. Financial expert, Dave Ramsey adds, “We have been sold debt with such repetition […] that it’s hard for people to imagine what it would be like to have no payments”. Debt shouldn’t be the normal status quo and I am not comfortable adopting that mind-set. When the day comes when I wake up with no mortgage, no student loans, and no credit card balance, I know it will be a result of my financial plan and my commitment to it.

Is Debt Normal? Share Your Thoughts…

How Your “Lean In” Might Make You More Money

Published on March 19, 2013July 2, 2020 by Danielle YB Vason1 Comment

Money Talk At Work. Yay or Nay?

For months, I have been researching and preparing myself to have series of what I can only call uncomfortable conversations. Surprisingly enough, I found it uncomfortable to bring up the topic of money and compensation in the workplace. Talking about money management for women of all ages and women’s right to be whatever they like… be it the boss, the fashionista, Suzie homemaker, or a combination of it all, is what I LOVE to do! While some view the conversation of money as uncomfortable and impolite, I have always been unapologetic about the topic because I recognize that the benefits of the conversation outweigh the discomfort. Over the maturation of this site and of my development into “real” adulthood, a sort of financial confidence on the subject of debt management has come over me. During that same time, I have realized that while the benefit of the conversation outweighs the stress it may cause, starting and engaging in conversations about my career path and the appropriate compensation has brought up a new feeling of uneasiness and forced me to become a human pendulum of leaning in and leaning back.

What does “Lean In” truly mean?

The phrase “lean in” comes from Sheryl Sandberg, author of the book Lean In, Chief Operating Officer of Facebook, and now contributing writer for Cosmo (which I LOVE). It is a phrase used to encourage women to achieve one’s goals and tighten the gap of inequalities in the workplace. The book, which I just started, challenges women to change the conservation from what we can’t do, to what we can. I believe my lean in started when I polled a number of women on the She Makes Cents fan page and asked the question, Have You Ever Asked for a Raise? That one question commenced my research of women in business, gender/minority inequality in the workplace, and what has surprisingly become my platform of choice, the pay gap between men and women in the workplace. My research confirmed some things I already knew. On average, a woman makes less than a man for doing the same job. This is a fact and for many reasons, but one I had never considered was that women are statistically less likely than men to ask for a raise. Learning this forced me to sit up, dust my fear off, “lean in” and take responsibility in deciding that NOW was the time for my talent, career path, and financial compensation to fall in line. I invite you to stay tuned as I dive into topics such as understanding the best time to ask for a raise, networking tips, work/life balance, leadership skills and personal branding.

Tell Us About Your Last “Lean In”!

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{Financial Cents} What Your Wallet Say About You?

Published on March 9, 2013April 16, 2013 by Danielle YB Vason1 Comment

leath_travel_wallet_7

What’s In Your Wallet?

I’ve heard it said that you can tell a lot about a women based on the style of purse she carries and the contents within. Is she well taken care of? Polished? Neat? Messy? High maintenance? Laid back? I want to take this a step further and look at the center of money- the wallet. A women’s purse may reveal a lot about her, but her wallet sheds light on what she finds important and how she spends her hard earned money. Parents my keep photographers of their children. Entrepreneurs may carry business cards. Me, I carry a mix of business and pleasure. Below is my emerald green Cynthia Rowley leather wallet that I bought myself for Christmas and some of the contents within.