Everyone walking this earth is embarking on a financial journey. Some more aware than others. At 24, I am extremely dedicated to having low debt with numerous savings accounts. Businesses and life take money, for more than just cute clothes and accessories. It is very important for young professionals to be educated and invested in growing their personal finances. Today, Tonya Rapley of My Fab Fico, answers a few financial questions to get you started or further you on your journey. Be sure to check out My Fab Fico often to stay in the know on her journey and advice for own.
HH: Tell us about MyFabFico. What
makes you and your blog different?
TR:My Fab Fico began as blog
documenting my financial journey. It has since grown into a guide for becoming
financially fabulous. My blog is different because of the perspective it is
told from. There are lots of finance sites out there but most are ran by
married 20s and 30s something white women. As a whole the minority experience
is difference in this country and that is especially true when it comes to
finances, what we are taught about money, parental guidance as it pertains to
money, and our income earning opportunities. I understand that people want to
be financially responsible and fabulous. My site works to help others find that
happy medium.
HH: What are your suggestions
for starting a personal savings plan?
TR:Be realistic with what you can
afford to save. If you need to pay off debt before saving more, do so. Also
have strict personal boundaries as to what constitutes an emergency when it
comes to your emergency savings fund. Car troubles are and emergency. The
Victoria’s Secret semi-annual sale is not.
HH: What advice do you wish you
received about using credit cards?
TR:HAHA! Have a job before I got
one. I literally signed up for my first credit card with no way to pay for it.
Later in life it became find a credit card that rewards you if possible. There
are so many cards that offer cash back reward options and travel benefits. Make
sure you are getting the max return. And lastly, set limits on what you will
charge. It’s easy to justify items, but harder to pay them off once they start
accumulating.
HH: Do you use any apps or
other budgeting tools? Any favorites?
TR:Yes, I use a few. Learnvest has
a pretty decent website and app, although I do feel that at times it lags
behind in updating your transaction history. Which is why I created a
customizable budgeting and spending template that is available for download on
My Fab Fico (under our resources tab). If you take at least 3 days a week to
record your spending and transactions it will help you be that much better with
your budget stay within your budget.
HH: What resources do you
suggest for learning more about managing personal finances?
TR:Ummm My Fabi Fico! Lol I am a researcher and anthropologist by nature and trade so I’m always researching information and passing it along to my readers. I’ve tried to compile a decent amount of information that people can use and if there is ever a topic I haven’t touched on, I invite people to contact me and I provide the answer within a week. And I haven’t started charging for this! Get it while the getting is good!
HH: How do you suggest saving for a big trip/investment purchase?
TR:Ummm My Fabi Fico! Lol I am a researcher and anthropologist by nature and trade so I’m always researching information and passing it along to my readers. I’ve tried to compile a decent amount of information that people can use and if there is ever a topic I haven’t touched on, I invite people to contact me and I provide the answer within a week. And I haven’t started charging for this! Get it while the getting is good!
HH: How do you suggest saving for a big trip/investment purchase?
TR:I recommend setting up a special savings account such as a CD
account that doesn’t allow you to just go an pull money out. CD’s have
limitations thought and I don’t think you can make regular deposits, only an
initial lump sum deposit. Some banks and credit unions also have special
accounts for this. I know of a bank that offers a “Vacation Club” account and
another that has a “Christmas” club.
HH: Where can we keep follow
you and MyFabFico?
TR:I invite people to sign up for our mailing list! You can subscribe via the website and you will receive information on great offers such as our Free e-book we are working on and weekly tips to accomplish your financial goals.
TR:I invite people to sign up for our mailing list! You can subscribe via the website and you will receive information on great offers such as our Free e-book we are working on and weekly tips to accomplish your financial goals.
I am also on Twitter & Instagram : @financially_fab
2 comments:
This interview was well received by people like me...and came right on time! I'm in the process of re-establishing my credit after countless screw ups and this alleviates the struggle of it a little. I love that it's a viewpoint of a black financially savvy woman. That part is truly what is missing when it comes to money matters in the black community. This is now my new go-to site! Appreciate you for the information!
-Chymere
www.chymere-anais.blogspot.com
Thanks so much for the love. You did me such JUSTICE! xoxo I look forward to continuing to build!
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