In The Know and the women behind Black Girl Podcast have teamed up to bring you a special video series. Enter the chat, where we discuss topics ranging from dating and budgeting to self-care.
Unpacking finances is a constant chore for many. In this episode of Enter The Chat, the women from Black Girl Podcast split the budget with “The Budgetnista” and finance guru Tiffany Aliche.
Aliche explains that her Budgetnista nickname comes from her family, but finances run in her blood. Alich’s father taught her and her sisters finances as children. She says her father was CFO and she learned how to budget and save from a young age.
“It wasn’t until college that I realized that most people didn’t understand,” Aliche tells the group. “My roommate had a debt collector calling the room and I was like ‘what? ‘That was because her mother was struggling and her mother opened credit cards on her behalf. So I would go home and ask my dad for advice and I would go back to school and give her advice. “
One thing Aliche is noticing is that no one can prepare for a recession, even though no one can predict a pandemic. Aliche explains that recessions occur every 10-15 years.
“If you were financially unprepared in 2020, you know we’ll be back in 10, 15 years, but will you be here again? Prepare now. Step one is always: “You have to spend less than you earn”.
Aliche says if you’re someone who doesn’t make enough to spend less than you make, there are ways to turn around. One of them? Ask for a raise when you feel ready. Enter this discussion prepared with evidence that you are providing the work to the superior
“Your go me folder should show right away how much you’ve saved or done the business,” she says. “Then you don’t ask for a raise, you say, ‘According to my go-me folder, I made $ 100,000 last year.'”
Need it, love it, like it, want it
Scottie cuts in and asks what the biggest misconception about budgeting is. Aliche explains that there is a false narrative about budgeting that is tantamount to self-depriving.
The story goes on
“Ultimately, your budget wants you to be able to afford things comfortably. Just because you can pay for something doesn’t mean you can afford it, ”says Aliche.
There are four things Aliche says you should ask yourself before you ever spend a dime. 1. Do I need it 2. Do I love it 3. Do I like it? 4. I want it
She explains, “If I don’t get this thing, can I keep my health and safety?”
One thing Aliche says people often ignore is the things they love. For Aliche, the “loved ones” are the things that you will still enjoy in at least a year.
“Here’s my way of thinking: if you had Oprah’s bank account, what would you do or do more?”
On the other hand, Aliche says that preferences and desires are fleeting. Plus, she says they are essentially instant gratification and you won’t even remember them like you did with your breakfast.
How and where to save money
Bexx asks where you should invest your money and how you should organize it.
“How do you split your money into a checking account and a savings account for spending, luxury, safety nets?” Asks Bexx. “Is there really a need or purpose for a savings account, given that interest rates are virtually nonexistent?”
Aliche admits that she has four different personal bank accounts. Two are checking accounts, one for bills only and the other two for savings.
“The billing account receives its money from this deposit account. The only way out is that the billing account has to pay an invoice, ”explains Aliche. “I’ve had my invoices automated so I don’t have to worry. I just need to make sure my money is in my billing account every two weeks. “
One of their savings accounts is an emergency account if, according to Aliches, “Sh * t hits the fan”. She also says the emergency account should save at least three months of living expenses.
“It’s a safety net that if something happens you have a soft landing spot immediately and how to find out in 3-6 months.”
Tiffany Aliche about saving big
The fourth account is for your big expenses. This includes investing, buying a home, a car, and other purchases from life events.
Alisha says she’s someone who managed to save a lot of money.
“What advice would you give someone who is currently in the pandemic and is saving all this money but isn’t sure what to do with it, whether they keep it in a savings account or keep it flowing into that account and just waiting for it what essentially happens when is it all over? “
According to Aliche, it’s okay to leave your saved money where it is. With the future unclear, the three month cost of living shouldn’t be going anywhere.
“These three months should sit there bored,” she explains. “Let it sit there because we don’t know what’s going to happen. I don’t care how stupid how flying, everyone must have this pillow. “
Check out the video above and follow the Black Girl Podcast on Instagram, Facebook and Twitter. You can also shop any of the black pieces in the set at Enter The Chat by LIT BKLYN, THNWBLK, Signature Petals, Crackflower, Modern Pearl Primus Poster and Canvas Print “Identity Crisis”.
If you enjoyed this story, you might also like LIT Brooklyn founder Denequa Williams Clarke, who talks to the hosts on Black Girl Podcast.
More from In The Know:
Here’s how to navigate the overwhelming world of mental health resources online
What can you buy from Emma Chamberlain’s Bad Habit skincare brand?
10 matte black tools and gadgets you need to add the modern touch to your kitchen
Textured hair lovers rave about this 4C hair brand
The post The Black Girl Podcast Hosts Discuss Moving Money With ‘The Budgetnista’ Tiffany Aliche first appeared on In The Know.
