According to Pew Research Center, approximately 40% of Black adults say they have an emergency fund that would cover their expenses for three months. One of the main reasons people go into debt is because they lack the necessary cash to pay for the unexpected in life.
If you began 2024 with a New Year’s resolution to get your finances in order, but have not made much progress, consider investing in some form of coaching. If Al and Lesia, who aren’t that different from you, were able to get their financial house in order, chances are you can too. Here’s the secret: You must be intentional about how you invest your time on the front end to get a return on your investment on the back end.
Let’s assume, during their first year of marriage, Al and Lesia spent 3 hours each month (36 hours per year) perfecting, more like arguing about, their spending plan. Now, they spend approximately 5 minutes each month (1 hour per year). Here’s another way to look at it. They saved over 700 hours (35 hours/year x 21 years) by being intentional with money early in their marriage. What would you do with this much extra time? Answer: Have more fun!
When people make the choice to let money happen to them instead of them happening to money, it causes more stress. Do yourself a favor and start counting your money then giving every dollar you earn instructions to make sure it behaves. If, after a few months, you are not satisfied with the results, go back to your old way of doing things.
