Do you know the benefits of getting your finances in order? I’ve been so busy these past few weeks with the release of our latest issue (the Favored & Fit issue), hiring a new managing editor, and planning our Her Money Matters event, but today I wanted to touch on the benefits of taking control of your finances.
We all think if only we had more money, but baby- let me tell you, it doesn’t even matter if you don’t know what to do with the extra money you receive. I assure you P. Diddy and Mase were serious about the more money you come across the more problems you see if you don’t handle it correctly. I was really amazed to see how well we did last year, but then I thought about how much better we could have done had I known more about money.
If you are unsure about why you need to take control of your finances. Here are four reasons why.
Stop the Repeated Cycle of Debt.
About 340 million Americans are in debt according to Debt.org. The website also states that women usually have more debt than men, and the wage gap contributes to this. The credit card debt for Black families is $3,000 more than that of white families, and student loans also impact Black people disproportionately.
Your dreams come with a hefty price tag.
We all have dreams and goals, but if you know for a fact that your dreams are pretty lofty, you know you will need money. It’s important to be honest with yourself about this so that you can have adequate time to prepare. Proper financial planning prepares you for success.
No one wants to be working for the rest of their life.
Speaking of proper planning, we all hope to retire one day. I don’t think I know anyone who wants to work until they die, but that is a harsh reality for some. According to Annuity.org, women have an average of $57,000 saved, while their male counterparts have $118,000 stashed away.
The American Psychological Association reports that “72 percent of Americans reported feeling stressed about money at least some time in the prior month.” That’s well over half Americans. Taking control of your finances can help to reduce stress.
While these are reasons to better manage your finances, they are also the reason why we are hosting our Her Money Matters event. We want our sisters to be financially savvy.
I’m personally inviting you out to this free event next week, where we will be speaking with several financial experts. Learn more about the event here.