Start With Where You Are
By: Tiara Davis
Hey Cousin,
You aight? The quarantine snacks hittin’ ya pockets heavy? Them recipes on Youtube all fun and games ‘til you hit the checkout line. Since when it cost 55 dollars to make tacos?!
This me, “ Oh naw, take that off, “ and then, “ You can put that back.” And there are other times where I’m like you know what, “Treatcho self Fam.” And so, I spend 60-75 dollars on various cooking items that I’ll probably never use again.
But I ain’t stressed. Ask me why cousin?
‘Cause I’ve saved for moments like these. Food is being marked up at my local grocery store, my position is no longer certain and I swear I got a text message from Furlough sayin’, “ You up?”
In the past, I put a little money away until I was stable enough to build an emergency savings fund. Lemme’ show you how.
First, issa a whole lot of literature about the importance of an emergency savings fund. The experts encourage us to save 20% of our income or 3 – 6 months of our expenses. A quick google search will render countless options of “how tos” and “why comes.”
As a young professional, all of those figures seemed out of reach. So I didn’t use it.
I started with what I had which amounted to 100 dollars per pay period. In 6 months, I saved $1200; enough to cover my rent ($595), car note ($189), insurance ($134), and phone bill ($56). I highlighted some of my monthly expenses because I want you to remember to track yours.
In that time, I built the mindset, built the habit, and most important, learned to live without it.
It was too easy.
So I doubled it.
I started saving $200 per pay period. Four hundred a month, for six months, das about $2400 plus my other $1200. That’s a calm $3600! We out here lookin’ cute fam. She really shapin’ up to look like somebody’s fund!
I used the same tactic until I was living off fifty percent of my monthly income. The check I received on the 1st was for me, and the check I received on the 15th was for future me.
I built the emergency savings until I saved my yearly salary. I know, I know, girl whet?! I like a challenge.
But that’s just it. You set the goal. Crush the Goal. Set another one and then set your sights on something greater. Real estate could be cute. What y’all think?
Let’s chat in the comments! What do you plan to start with?
Love Ya Cuz,
Tiara Davis