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22 In Money/ Money Management

Establishing A Better Relationship With Money

How I went from being stressed with debt to healthy relationship. | Imperfect Concepts #SmallBusiness #DebtFree #MoneyManagement

Three years ago, I was a horrible manager of my money. That’s putting it nicely. Money would come in and go out the same day. I had no self-control or balance to my finances. I just did what I wanted. This was a disaster in the making. To break it down, I had missed payments on my student loans and a few other bills. In addition to that, I had no real savings account.

A good majority of American’s are two paychecks away from being homeless. We have become a society that depends upon our checks to always come in and help me out. We rely daily on our credit cards to live. It shouldn’t be this way. So, I am going to get real transparent on what I did to change my finances. This is going to work for some people and not others.

Knowing It’s Not Cute

One day, I woke up with the thought “it’s not cute to be in debt”. I know that seems vain, but that was my honest thought. I wanted God to bless me with this amazing guy, who had all these great virtues with his finances together, but I had none of them. It goes back to the old saying “be what you want others to be”. I can’t want him to be a debt free with a seven figure income, and I’m over here praying my credit card doesn’t decline. This was a huge thing for me. I had to admit that what I was doing wasn’t cute, and having the latest and greatest now would do nothing for my life later down the road.

Rally The Troops

I went into my bank that same day and talked to Nicole. At the time, she was my personal banker. Now she’s the assistant branch manager, and Liz is my personal banker. Over the last three years, these women were not only my bankers but they became my friends. I know some people are like, all mine do is sell me services. Well, mine did too until I made the decision to make them apart of my family. I told them what was going on and my plan. They keep me accountable. On a weekly basis when they see me they always check on me. Regardless of the reason we set up meetings. I wanted to buy an Alexander Wang dress last year, so we discussed what this meant for my finances.

Create A Plan

I became addicted to Dave Ramsey quick, fast, and a hurry. He is blunt and truthful. He gets me and I love it. Every day from 1pm-3pm I would listen to his show live while writing content. If I missed his show the day before, the next morning either while working out, showering, or eating breakfast I would listen to it on podcast. Education is so important.

V3_Establishing A Better Relationship With Money

Stop Blaming Others

My parents didn’t instill some life long financial plan in me when I was younger. They did what they knew. My dad always taught me to pay with cash. I didn’t listen. My first credit card was a Neiman Marcus card, with a $2000 limit at the age of 18. We tend to blame others for our financial problems. No one is holding a gun to your head forcing you to make these decisions. You are choosing to live in debt. You are choosing to buy those shoes. You decided to eat out five days a week versus saving.

The catalyst for my change really was the “it’s not cute to be in debt”. I have shared this with clients. As I knock out debt every month become more and more proud of myself. I am ecstatic that there is a high chance that I will be a consumer and student loan debt free by the time I am 32. My recommendation to someone swimming in debt is, its time to get real with yourself.

You can read this article a million times. However, until you recognize the problems you have and decide to overcome them, things will not change. Start small. Get a $1,000 in savings. $1,000 in one month is $250 per week. $1,000 in two months is $125 a week. Don’t take to long to gather this $1,000. Bust your butt to get it in a month, if possible. Then the next step I took was, pulling my credit report and credit card statements. Placing them in snowball effect as Dave Ramsey says. Smallest to highest, this gives you momentum and excites you when you pay them off.

Running a business is super hard by itself, having a bad relationship with your money will make it even worse. If your finances are not in order, I strongly suggest against starting a business. It will wreak havoc on your already fragile finances.

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  • imperfctconcept

    First, stop saying you’re horrible with money. That is the many issue. You are constantly telling yourself. I tell myself I am a great steward over my finances. Secondly, look into Dave Ramsey Total Money Makeover. It really helped me get on track. Wishing you success in your business.

  • Kermisha

    Great post!!!! I have a meeting schedule to meet with my banker this week! Looking forward to that and I also signed up for Dave Ramsey Financial Peace University classes. God is working this thing out! Thanks Tasha for every post lol, it hits current situations every time.

    • imperfctconcept

      Yes, let them know what you’re trying to do and you need them to be on the team of your financial success. You will love FPU.

  • Tamara Belvin

    Great Post! I am happy that i discovered Dave Ramsey when i did so now instead of drowning in debt, i am slowly swimming to surface. Thanks for all your insight Tasha!

    • imperfctconcept

      Yesssss! To slowing swimming to the surface. Thats what counts. Keep knocking that debt out.

  • Love the candidness of this article. I used to have a terrible relationship with my money too. Used to hate to face it, now I get excited to check on my money daily. Establishing simple habits like that has truly been helpful for me. Dave Ramsey has also been a HUGE help. I’m sure so many of us can relate to your story, so thanks for letting us see that it’s not all “daisies and roses” from jump like some folks make it seem lol.

    • imperfctconcept

      Yes, I personally feel I rather show you all elements. Not just the shiny happy parts of business. We all need better relationships with money. If my story helps one person get on track thats what counts.

  • Adrana France

    Just made the decision a few weeks ago to actively manage my household’s budget and have been listening to Dave Ramsey’s podcasts and the newest podcast from his company, Chris Brown: True Stewardship. Both have been a tremendous blessing. We’ve recommitted to our savings and are doing the envelope system.

    • imperfctconcept

      Yeah, I can’t do the envelope system but I follow almost everything else. Its always about making the decision and sticking to it.

  • Tiera Patillar

    Yet again another wonderful post!!! I have started my savings account and can not wait until I have $1000 (almost there)! I told myself I wasn’t going to launch until that amount is in my account…It makes perfect sense to have those back-up funds! Thanks for sharing your expertise with us again! As I always say you are the BOMB!

    • imperfctconcept

      Thats great to hear. However, that $1,000 is for true emergencies. You should have a regular savings for your business account too if that makes sense. The first is for personal life expenses.

  • Brittney

    Thanks for another wonderful article. I never thought about using my banker and building that relationship. I’ve recently been thinking about talking to a banker because I want to buy a house. You have put some things into perspective for me. I save but I know I can save more.

    • imperfctconcept

      Even, if you wanted to buy a house its best to establish a relationship. You might find out you don’t want to have a relationship with that bank. Truly glad this article can help you.

  • TYRIONA J

    I really believe God created this article through you especially for me. Last night I was on IG and I told myself to remember to ask you how you turned your money management around because you mentioned it in a previous post. This was very motivational and inspiring, I now have a template I can utilize to get back to financial freedom and managing my money and not allowing my money to manage me. I struggle with money management and that’s the reason I have been delaying starting my business. But no longer will that be an excuse it’s time to take action!!!

    • imperfctconcept

      First, I am truly glad this article came exactly when you needed it. Second, stop saying you are struggling with money management. When we allow negative phrases like this to run through our mind it becomes our truth. I found bible verses on being a good steward over my finances. This helped me too.

  • I absolutely love this!! Dave Ramsey changed my life too. It’s because of Dave Ramsey I own my condo outright and I do not have a car note payment. I was blessed to had paid off most of my debt with the exception of my student loans. I wanted to grow my business but I’m a worry wart and didn’t want to go back to the way I was living when I graduated college back in 2003. My pastor recommended our church read Dave Ramsey Total Money Makeover. I read in this book about an Ohio couple who found a apt for 200.00 a month in rent and saved enough money to buy their house cash. My mom offered me the same deal, I moved in with her and one year later I owned my condo outright. No mortgage. My goal is to be debt free before my 36th birthday. I just need to stay focus. Thank you for sharing this. I’m in the process of getting my savings back up which will be a lot easier with no major bills.

    • imperfctconcept

      You can do this. Keep the principle he has for you and go at it. I am writing an article on how to run a small business + handle student loan payments. Will touch on what I did to get ahead.

  • Love your honesty and candor! Such great advice and love Dave Ramsey

    • imperfctconcept

      Its always my pleasure. I love Dave Ramsey

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  • I have got to do this!!!! Thanks for sharing so openly!!!

    • imperfctconcept

      Allie, I feel its important to have open conversations. Too many times we “hide” things and others need to know they are not the only ones who are going through, what we are going through. My goal is to share as much as possible.

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