So Miss FB was kind enough to share her wisdom with me in a two-part interview...
A majority of fashionistas/women are scared of facing their finances, how would you approach waking them up? In other words how would encourage them to take a look and a stand on their finances?
"It's not as bad as you think.
You'd be surprised and relieved to finally know THE NUMBER(S) of what you owe and what you own.
Not knowing my numbers was a lot more stressful than just being aware of my finances.
All it takes is a little courage (perhaps some candy or wine at your side), gathering all your paperwork into ONE spot, and opening each bill one by one.
Grab a sheet of paper to record down your numbers.
Sort them all into like piles -- Mastercard, Visa, etc. And then look at the LATEST statement balance of each, as well as noting the minimum payment and interest rate.
Then tally up the numbers and look at your total debt owed.
Next, look at your latest bank statements (either on paper or online) and see how much you own.
Put the two numbers side by side, and give yourself some time to let the numbers sink in.
After that, it's just a matter of starting a plan to own more and owe less, all of which begins with simply tracking your expenses and tallying up how much you spend in each category each month.
From there, you can build a realistic budget and start cutting back on your frivolous categories, and start paying more towards your debt, or being able to set aside more in savings to help build up your finances.
Only then should you start thinking about a plan for your savings -- retirement, emergency fund, vacation fund, shopping fund.. whatever you want.
Living recklessly and shopping on the edge of your credit cards is not fun, it's actually stressful if you sit down and think about how all of it makes you feel after it's said and done."
Next Friday, Miss FB shares her advice on how to be financially chic!
You'd be surprised and relieved to finally know THE NUMBER(S) of what you owe and what you own.
Not knowing my numbers was a lot more stressful than just being aware of my finances.
All it takes is a little courage (perhaps some candy or wine at your side), gathering all your paperwork into ONE spot, and opening each bill one by one.
Grab a sheet of paper to record down your numbers.
Sort them all into like piles -- Mastercard, Visa, etc. And then look at the LATEST statement balance of each, as well as noting the minimum payment and interest rate.
Then tally up the numbers and look at your total debt owed.
Next, look at your latest bank statements (either on paper or online) and see how much you own.
Put the two numbers side by side, and give yourself some time to let the numbers sink in.
After that, it's just a matter of starting a plan to own more and owe less, all of which begins with simply tracking your expenses and tallying up how much you spend in each category each month.
From there, you can build a realistic budget and start cutting back on your frivolous categories, and start paying more towards your debt, or being able to set aside more in savings to help build up your finances.
Only then should you start thinking about a plan for your savings -- retirement, emergency fund, vacation fund, shopping fund.. whatever you want.
Living recklessly and shopping on the edge of your credit cards is not fun, it's actually stressful if you sit down and think about how all of it makes you feel after it's said and done."
Next Friday, Miss FB shares her advice on how to be financially chic!
