What is a sinking fund? I think of a sinking fund as a mini-savings fund for a specific purpose. For example, if you want to save $1,000 to begin Christmas shopping on November 1st and you begin saving as of April 1st, you’ll need to save for 7 months.  So, $1,000 / 7 = ~$143. […]

Budgeting

March 15, 2021

What is a Sinking Fund and Do I Need One?

In the previous blog we discussed the money mindset needed for a healthy budget. Once you’ve at least scratched the surface on money mindset, it’s time to get down to the actual numbers.  What you’ll need Grab the following: The past 3 months of your bank statements, at a minimum A calculator A pen or […]

Budgeting

February 23, 2021

Practical Steps to a Beginner Budget

I’ve been asked, “Where do I begin with budgeting?” I thought long and hard about this and realized that successful budgeting doesn’t begin with numbers at all. It actually doesn’t begin externally on paper or on a spreadsheet. It begins internally.  I truly believe that the following steps lead to successful budgeting: (1) establish a […]

Budgeting

February 16, 2021

How Do I Get Started with Budgeting?

Being that it’s Black History Month, it is the perfect opportunity to discuss race and money. The racial wealth gap is an important issue for this country as a whole.   What is the racial wealth gap? When it comes to Black families, the racial wealth gap is the disparity in money between white families […]

Budgeting

February 9, 2021

The Racial Wealth Gap and Motherhood

The COVID-19 pandemic has shaken my world in so many ways and I’m sure it’s shaken yours as well. It’s affected lives far beyond physical health issues. It has affected mental health, relationships, finances etc. It has simply been a trying time for all of us, however I am committed to looking for the lesson […]

Budgeting

January 24, 2021

How COVID Helped Me Manage Money Better