Sunday, November 9, 2014

Did you resolve to do better with your money this year? By Monique Caradine



For many of the women entrepreneurs I’ve talked to recently, this was their number one resolution. 

Some  had survived really tough times last year while others just wanted to take their money up a notch.  Either way, change is good.  So here are 6 simple yet powerful money habits that can make a big difference in your bottom line in 2015:


  • Automate your savings.  Don’t just take your spare change to the bank on any given Saturday.  That’s what teenagers do.  Instead, have your bank auto-debit your savings at least once a month.  This takes one more thing off your to-do list and before you know it you’ll have a nice chunk of cash put away.  If saving automatically is already a habit, I challenge you to increase what you save each month by twenty-five percent.  I’m a huge fan of CapitalOne360’s online savings program.  It makes saving easy and fun.  Try it here.
  • Track your income regularly.  Most people advise you to track your expenses – and that’s cool too, but I find it a lot more fun to keep tabs on my income.  What this does is gets me in the mindset of expecting and creating money regularly—even daily—simply because I don’t like seeing too many zeroes on my tracking sheet!  One month, I brought in money 19 out of 30 days.  How?  Through multiple income streams.  Every woman should have at least 3.  The more you have, the more frequently money will come in.  By tracking your money regularly, you can see where it’s coming from and how to create your increase!  By the way, one of my fab clients recently told me about this cool tool you can use for tracking income, expenses and budget.  
  • Use coupons.  I used to think that coupons made me look like a cheap-o.  Now I know better.  Trust me, you are never to fly to take advantage of a discount!  Truth be told, I don’t spend hours on Sundays going through sales papers but I do use the coupons the cashiers hand you at the register.  Recently I saved $10 on a purchase at my local pharmacy just by using the coupon the cashier put right in my hand.  Save a few extra bucks a week with discounts, coupons and rewards points and by the end of the year you could splurge on a great piece of art or add to your savings.  
  • Stop money leaks.  A money leak is any kind of fee, subscription or service charge you’re paying even if you are not using the service.  Stop this from happening now.  I know it may seem like a hassle to have to call or write to cancel the service but it is worth it.  The money that’s slipping through your fingers adds up and I’d rather see it going into your savings account rather than to the gym you haven’t been to in 6 months.  So every 90 days or so, scan your credit card statement to make sure there are no leaks.
  • Clean out your wallet and your purse.  Do I really have to say more?  A junky purse and wallet is a sign of insecurity and indecisiveness.  I’ll explain that more in a future article but the bottom line is this: the place where you keep your personal and most valued belongings should be clean, not cluttered with old tissue, gum wrappers, receipts, mail and your children’s toys!  Money will not thrive if its surrounded by chaos.  Take 10 minutes once a week and get your purse and wallet in order, ok?
  • Give. If you know me, you know that I believe women entrepreneurs deserve to be rich and happy.  Generosity plays a major role in helping you get there.  When you have the courage to share your resources with others even when it feels like you don’t have enough to meet your needs, you send a powerful message to the universe that you trust your Source (aka God).   When you give, you show that in Source there is no lack.  You send a message that in God, there is an unlimited supply of everything we need.  Find a church, charity or cause you believe in and give.  When you do, magical things will happen.  I guarantee and decree it.  (Last year I was thrilled to contribute to a scholarship program for urban girls with a focus on media literacy and empowerment.  Check them out here.)
What money habits have worked for you?  Which one of these do you plan to put in place?

FEEL FREE TO SHARE THIS!  JUST BE SURE TO ADD THIS BLURB: Monique is an award-winning TV & Radio personality and a certified Income and Influence Coach for emerging women in business. Using her nearly two decades as a producer and on-air personality and 10 years as an entrepreneur, she helps women in business drop fear and excuses to become highly visible high-earners.  Her OverFlow Women’s Business Retreat is being held in San Juan Puerto Rico June 9-12, 2015.



Connect with Monique Caradine on Twitter @moniquecaradine and check out her www.MoniqueCaradine.com for more information and fee resources. 

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