Saving is the New Secured Bag Sis!

Saving is the New Secured Bag Sis!

By Sahmia Parks

If you grew up anything like me, you weren't really shown the importance of building a savings account. It felt like as soon as I made money, it left my hands just as quickly (most on food and eating out). I’ve taken beautiful trips with a few dollars to my name in the name of  “Living in the Moment” carpe diem right? WRONG! SIS! I had it all wrong. I found myself enjoying what some would call lavish to being uncomfortable when I got home because I had to hustle hard for my next check. My Aunt would always advise me to treat savings like a game and I’d think “yea ok auntie i have time to worry about a savings”. I wasn’t until I started watching my inner circle starting LLCs and purchasing homes that I started shifting my thoughts on building a savings.

I came up with a game called SPI that I thought I’d share with you guys:

Split your money up:

You can do this many different ways. House your 9-5 paycheck in a credit union that builds interest. Making that your main account for bills. Take what's left after bills and store in a totally different account (capital one 360) so it’s harder to access. This forces you to budget your bills and if you are like me you forget about the second account until payday comes along.

PAYPAL your side hustle:

Aside from working a 9-5 most of us have side hustles. For me, Its photography, book sales, and nannying. I keep this money separate they say it takes money to make money. I keep side hustle money stored in my PayPal account not to be touched until I need to get something for one of those businesses. Most times I forget about it.

INVEST in life insurance:

I treat my policy as a savings account. I invest 10% of my earnings into what is called universal life policy that continues to grow with interest not to be touched until my policy is 5 years old.

Setting a budget and setting financial goals important especially in today economy. Why not keep your monies in different places that way when that new condo in the art district hits the market you’re already on track because you’ve been securing your bag sis!