Afrikan Goddess (AG) Online

Written By: Christen deMedeiros

Change is all around us. America elected its first African-American President, global warming has caused normally cool months like October and November to feel like an August day, and the economy is in near shambles thanks in part to America’s habit of borrowing too much and repaying too little. In 2009, it is time for another change to be made. It is time for us to seriously think about our financial situation and how to get what we really deserve.  If you are not where you want to be financially, there are changes you can make to become successful.

As women of color, it is our right and our responsibility to gain and keep control of our finances.  Although it is not nearly as easy as it sounds given today’s economic conditions, it is possible to change your financial situation to the best of your ability. Here are a few ways we can ensure that our goals of reaching financial stability, lowering debt, earning more money at work and saving for our future, are met.

Save it! We have a tendency to pay our bills as soon as we get paid. While this is an excellent practice, remember to pay yourself as well. Experts say you should save at least 10 percent of your income for a rainy day. Although the interest rates for savings accounts aren’t as high as they have been, it still beats keeping your money under your mattress! Check out bankrate.com to find out which financial institutions are offering the best interest rates.

Lower it! Carrying a balance on a credit card is sometimes unavoidable, so instead of fretting over doing so, create a plan to lower, and then payoff that balance. A good rule of thumb is to tackle the card with the highest interest rate first, or work on lowering the amount you owe on the card with the highest balance.

Turn the other cheek! Each of us has been a willing participant of an impulse buy. While the occasional unplanned purchase is not always a bad thing, too much of it can deplete the funds in your bank account faster than you can say automatic teller machine. Resist the urge to impulse buy, and watch how much more money you get to keep each month!

Invest in your future. If you work for an employer who offers a 401k, 403b, or IRA retirement investment fund, take advantage! Putting aside at least 3% of your monthly salary will certainly add up in the long run, and if you are fortunate enough to have an employer who offers a match, take it! If you don’t work for an employer who offers a retirement plan, check out your local bank, they offer Roth IRA’s and IRA accounts. They are well qualified to discuss helping you save for retirement.

Speak up! If you feel that you are not being paid what you deserve, it may be as simple as just asking for it. Hopefully, your boss values your work, and is open to ways that would make you happier and more productive at work. Before you walk into your boss’s office asking for a raise, do some research on what other companies are paying for the work that you do. Also make a list of things that you have done to show how much of a value you are to the company you work for. A good resource for salary negotiation and for professional women in general is “Nice Girls Don’t Get the Corner Office” by Lois Frankel, Ph.D.