For the lovely people at Congdon Street Baptist Church, Providence RI

Hello and Welcome! I’m so glad you’re here. Pastor Justin and Courtney love you guys so much and want you thriving in every area of your lives. A blessed life – that includes your finances too.

I’m Sorayah AKA Belle, a new millennial Mom to Grace and Gerardo’s life partner in crime. I am of Haitian descent, RI educated for secondary education, and for everything else in between “the school of hard knocks.”  I’m a fully Rhode Island licensed insurance agent, so estate planning is one of my areas of expertise. Holla at your girl if you’re ever in need.

Budget with Belle came about after being hired and unhired for a position in all in sitting. So, I told myself and Gerardo, I will never allow myself to be put in a place where someone controls my income destiny again. My friends and family always come to me for tips and tricks on Money management. So, one day I learned how to start a blog! And boom, here we are. Now, I get to share all of my budget-savvy ways and how I was able to save $25,000 in less than two-years on an entry-level salary. Best part – you can too! 

A great place to start is with my copy of my simple budgeting sheet. If you’re ready for some one-one attention with your money game you can sign-up for my intensiveFREE money management course.

Proverbs 13:16 A wise man thinks ahead; a fool doesn’t, and even brags about it!

1.Your relationship with money matters.

What does money mean to you?

• Is it a tool?
• A resource or something crazy taboo that runs out of wallet before it goes in?

We are thought to be spenders instead of savers.

• Which one are you?

2. Foundational Basics  

• Estate Planning is FOR EVERYONE
  • Life Insurance  (GoFundMe isn’t Life Insurance)
  • Retirement (The lottery isn’t Retirement)
  • Emergency Savings (6 month worth of living expenses
    • Loss of income or illness
• Tithes comes off the top.
  • 10%
  • Start from somewhere. Anything is better than ZERO

3. Concerns about budgeting and personal finance

Not Having a Budget

• Over half of Americans report that they don’t have a budget at all, and about 20% say they don’t have a good idea of how much they spend on housing, food, and entertainment.

What is budgeting

• Budgeting Is the process of creating a plan to spend your money. Budgeting is simply balancing your expenses with your income.

Why is so important

• Creating a spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do.
  • Budget with Belle has an entire (free!) course on how to establish and implement an effective budget, working on our perfect budget breakdown: the 50/20/30 Rule.
  • No more than 50% of your net income should go to essentials (rent, utilities, daily transportation, groceries),
  • At least 20% should go to your financial priorities (emergency fund, retirement savings, debt repayment) and no more than
  • 30% should go to your lifestyle choices (eating out, shopping, gym, travel, etc.)

Forgetting to Save—or Not Knowing How To

• About 40% of adults say they’re saving less than they were last year, and nearly the same number say they don’t have any non-retirement savings whatsoever.
• the importance of an emergency fund, which should cover a minimum of six months of living expenses. And please, please, please don’t store all your savings in cash! You’ll be missing out on the interest you would earn if your savings were in high-yield savings accounts, CDs or investments.

Overspending

• Over a quarter of U.S. adults say they’re spending more than they did last year.  The most important thing is that your spending is intentional and responsible, rather than emotional or out-of-control.

4. Three Tips for Controlling Your OverSpending

Proverbs 14:29 He who is impulsive exalts folly

Mindfulness

• Becoming aware of your financial health
• Participate in a daily challenge – write down everything you spend your money on.
• What’s your debt to savings ratio?
• You can’t change something you’re unaware of
• Get serious about how you’re spending, & where you’re

Use a Cash Envelope System or a Budgeting App

• Cash Envelope System – Is setting aside X amount for expenses per week.
• Allows you to see how you’re spending habits.
• It’s difficult to part with cash (let me tell ya). 

Use A Budgeting App

• Personal Capital
• Set up a budget for each area of your spending (like rent, food, travel, and clothing) and see what you have and what you owe at a glance.
• I personally use this to track my net worth & it works wonders. I highly recommend it, it’s interface is user-friendly.
• It’s Mint on STEROIDS. I highly recommend it

Make a DECISION

• There’s something very POWERFUL when you decide and act.
• I AM ….

Proverbs 27:23 Be diligent to know the state of your flocks, and attend to your herds.

Mishandling Your Credit Cards, Credit Score, Etc.

• This year, U.S. adults are more likely to have applied and been rejected for a Credit card than they were in 2016. Well over half of those surveyed haven’t reviewed their credit score or report in the last year, and about 40% carry a month-to-month balance on their credit cards. On the bright side, there are more people this year (44%) who viewed their credit score than last year (37%).
• It’s important to pay off your credit cards. Next, Credit Karma allows you to view your credit score for free. A healthy credit score is above 650, and an exemplary score is over 700. Your score is important because it’s the first point of reference a lender has for your trustworthiness with money–and if someone is going to lend you the money to buy a house or go to graduate school, they’re going to want to know that you’re trustworthy.
• Bad Credit? Here’s how to improve it.

3 Things You Can Do Today

• Check your Credit Report
• Setup payment reminders
• Reduce the amount you owe

Payment History Tips

• Contributing 35% to a FICO Score calculation, this category has the greatest effect on improving your scores, but past problems like missed or late payments are not easily fixed.
• If you have missed payments, get current and stay current.
• Be aware that paying off a collection account will not remove it from your credit report.
• If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.

Amounts Owed Tips

• This category contributes 30% to a FICO Score’s calculation and can be easier to clean up than payment history
• Keep balances low on credit cards and other “revolving credit”.
• Pay off debt rather than moving it around.
• Don’t close unused credit cards as a short-term strategy to raise your scores.
• Don’t open a number of new credit cards that you don’t need, just to increase your available credit.

Length of Credit History Tips

• If you have been managing credit for a short time, don’t open a lot of new accounts too rapidly.

5. Three quick ways to save money

Fast From Spending

• A period where you decide to spend only on necessities.

Save It & Forget

• The easiest way to save is to commit to an automatic savings plan.

Reduce Your Debt

• Are you paying finance charges? Such charges eat away at your income and savings.
• Take time to list your creditors, from the highest interest rate to the lowest. Use your resources to pay off the highest-interest liabilities first.
• Save that $$$

Proverbs 6:6-8 Go to the ant, you sluggard;  consider its ways and be wise!  It has no commander, no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest.

Tips for Millennial  

I wrote a detailed post over 1,500+ words at Budget with Belle how to save money in your 20’s

• Make EXTRA INCOME
  • Make Money at Home: 4 Ways To Make an Extra $1,000 This Month
  • Pay Yourself First @ least 10%
  • Pay Your debt second
• STOP BUYING AVOCADO TOAST – Millennials has reported spent 96 BILLION DOLLARS A YEAR ON FOOD ALONE. (Needs/Before Wants)
• Start THINKING ABOUT RETIREMENT YESTERDAY

Proverbs 30:24-25 Four things on earth are small, yet they are extremely wise: Ants are creatures of little strength, yet they store up their food in the summer;

   Tips For Middle Aged/ New Parents Alike

• Embrace Investments
  • Save in Roth IRA, IRA or 401(k), 
    • With a Roth you save with after-tax dollars, so, unlike with a regular 401(k), you won’t pay income taxes on withdrawals. That’s a good deal if you’ll be in a higher tax bracket at retirement, as is the case for many young investors
• Make EXTRA INCOME
  • 7 Perfect Work From Home Jobs For Parents To Earn Money
  • Pay Yourself First @ least 10%
  • Pay Your debt second

Tips For Seniors

Current Expenses

• Budget is KEY

Health Insurance

• If you’re enrolled in Medicare and have limited income and assets, you may be able to put over $100 back in your monthly Social Security check and minimize your premiums and co-pays by learning more about Medicare Savings Programs. There are four different Medicare Savings Programs that can help with Part B premiums and other costs. Each program has a different income and resource eligibility limit.

Prescription Drugs

• If you qualify, Medicare’s Extra Help and local prescription drug assistance programs can help you cut your medical costs.

Property Taxes

• If you own a home.

Phones

• In many states, individuals over a certain age qualify for a free cell phone plan.

Volunteering/Community Service

• Get paid to give back—Senior Corps and the Senior Community Service Employment Program (SCSEP) provide paid stipends for service.

Senior Discounts

• Many retailers offer discounts to older customers on certain days of the week.

Estate Planning

• “Must have” legal documents include a will for property distribution decisions, a living will for health care decisions, and a durable power of attorney to designate a personal representative in the event of incapacity.

Side Hustle Nation

• Volunteering/Community Service (for seniors). Get paid to give back—Senior Corps and the Senior Community Service Employment Program (SCSEP) provide paid stipends for service.
• Start a blog 
• Start an Online Business
• Make Money at Home: 4 Ways To Make an Extra $1,000 This Month
• 10 Awesome and Unusual Ways to Save Money
• Take surveys online
• Earn cash-back on purchases using Ebates, Ibotta & Swagbucks

I hope this sermon thought by  Pastor Justin was educational, spirit filling and resourceful. Thank you for the opportunity. I was blessed to be a part of this series. To your, blessed life.

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