Despite an improving economy and a falling national unemployment rate, some American workers are still struggling to dig out from under sky-high debt that piled up during the Great Recession.
Put yourself on an allowance
While obvious, it’s not always easy to stick to a budget. One trick, she says, is to give yourself an allowance like you’re 15 years old again.
“Track your spending by keeping an itemized list of expenditures, including what you spend on grooming, groceries, entertainment, etc.,” she told NewsOne.
Aliche, 35, knows all about pared down spending and sticking to a budget. In 2009, she lost her job of seven years as a preschool teacher when the school closed after funding cuts. As her savings dwindled, she was forced to move back in with her parents in order to save money.
While at home, she regained her economic footing and launched the Budgetnista after an aggressive social media marketing campaign. Eventually, she began to make more than she earned as a teacher.
“I learned a lot during that time,” Aliche said. “I learned to save and create during a crisis. But I also learned early to manage money.” She had a great mentor: Her father, who emigrated to the U.S. from Nigeria and holds degrees in both finance and economics. He worked for 30 years as the executive director of a New Jersey-based nonprofit.
“I grew up in a financial literate household,” she said. “My dad taught us budgeting.”
Automate your bill-paying
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SOURCE: NewsOne – Lynette Holloway