Think You Don’t Make Enough To Save? Founder Of Brown Girls Do Invest Tells You How
“I’m not earning enough to save!” “Saving is easier said than done.” Sound familiar? Well, per Bahiyah Shabazz, Founder of Shabazz Management Group, LLC, Fabulous & Money Savvy and BROWN GIRLS DO INVE$T, there are many misconceptions surrounding saving. Recently, BlackDoctor.org had the opportunity to chat with the financial expert and author, whose background includes finances and psychology. Shabazz provides helpful tips for those saving it for a rainy day no matter where they are in the savings game.
“Let me begin by saying for people who feel they do not earn enough to save, everyone earns enough to save,” said Shabazz. “It does not matter how much you earn. It matters how much you can put away.” She continued, “Saving is more psychological than physical.”
“If you tell yourself you’re not going to save, of course you are going to believe that you cannot save,” Shabazz said of having a negative mindset around budgeting and saving.
Meanwhile, Shabazz said you can achieve getting over this misconception by adding saving into your monthly plan, better known as creating a budget. You have to see exactly where your money is going, explained the money maven.
“If you allow your money to run all over the place, it will disrespect you and you will not have a great relationship again.”
So, where do you start?