Black Girl x The Importance Of Savings

“Saving must become a priority, not just a thought. Pay yourself first.”

Dave Ramsey


Hey Black Girl,


Did you know that roughly 40% of Americans can’t cover a $400 emergency expense? In addition, 12% of adults said they wouldn't be able to pay their current monthly bills if faced with an unexpected $400 expense. This is scary considering that most deductibles for car, home or renters insurance are around $500, car repairs can be at least $500, you may even have hospital bills, etc. Life is so unpredictable but saving money can make life a little easier.


If we are completely honest, I used to be extremely illiterate when it came to money. I would spend every dollar before I would even get paid. My most memorable moment of being reckless with money was when my boyfriend and I went to visit his family for new years to pick up his car. Combined we had about $181 to our name.



As we were leaving to go back home the car broke down AT NIGHT AND in the MIDDLE OF NOWHERE(Somewhere in Mississippi...).




Doesn’t it seem like things always happen when you don’t have the money?! This was our worst nightmare come true! We never thought that this would happen to us but it did, unexpectedly.


This was a very eye opening moment for us. This moment defined the way we were going to live in 2019 and beyond. Here are three things we did to get serious about saving:


1. We started to educate ourselves on financial literacy - We started reading books like Rich Dad, Poor Dad, Total Money Makeover and Broke Millennial. We started listening to the Dave Ramsey Podcast, Clever Girls Know Podcast and How To Money. Even finding budget templates online.


2. We came up with a new mindset. - One thing I strongly believe is that if you want to do anything, you have to do it with purpose. Essentially finding your “why.” Why do you want to build your savings and what goals are you trying to reach?

My why - “The wise have wealth and luxury but fools spend whatever they get.” Proverbs 21:20 This verse was literally the foundation of my why, I was tired of being reckless with money and basically scraping by. I did not want to live paycheck to paycheck anymore, I wanted to live a life of financial freedom.


3. Lastly, but more importantly, we took action and developed our own plan. - We started to put little by little into our savings account every time we would get paid and would gradually increase the amount but still making sure we have enough left over to live on. If you have to start small, start by putting at least $50 away each check. Just put something away, you never know when you’ll need it.



Saving is a marathon not a race. You have to find your own journey! You can read all the books, listen to podcasts and even read my blog but you have to come up with a plan that works for you and be consistent. Do something today that your future self will thank you for. To learn more about financial literacy, read our feature for Black Excellence of The Week! She’s providing tips on budgeting, how to be resourceful with our money and how to increase our financial aptitude.


What are your financial goals for the month of November? Comment below.




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