Be Careful Of Credit Cards
It’s easy to wreck your credit score if you have no idea how a credit card works. A lot of retailers will offer you store cards but this is also a type of credit card. When you swipe a credit card or use contactless payment, you have to pay it back within the companies timeframe otherwise, there will be charges. Guess what happens if you ignore or forget about those charges? It can make your credit worse for years on end. A few purchases today that aren’t paid in time can mean you spend years rebuilding your credit. After a few years of financial success for Nasty Gal, Sophia Amoruso tried to finance a Porsche and she couldn’t because she had a mediocre credit score.
Cash Is King
The reason cash is king is because you can only use what you have. Do not spend more than you have. It sounds easy but it’s not and that’s why there are overdrafts, credit cards, and loans to facilitate our extra “needs”. The more you use cash the more you’ll be in control of your money management. Remember, people cut up credit cards for a reason. Get better at only using what you have in terms of cash.
Sophia reminds us of something we all know, too many people find it awkward to talk about money. However, if you are one of those people who don’t like discussing money then you may be missing out on money you deserve. We spoke to the women in charge at The Financial Times and one lady told Refined Currency that the advice she would give herself from 10 years ago is to ask for £10k more. If you don’t put yourself out there and ask for what you want, the answer will always certainly be no. Ask for more money than you think you’re worth, it’s not being cheeky it’s being an opportunist. It’s been said that women tend to settle and men to ask but we are changing. We are no longer settling and we have started asking so for the sake of your financial future, ask.
Separate Your Money From Your Emotions
From going shopping when you’re feeling down to crying if you don’t get the raise you asked for, try not to keep any of your emotions in your finances. #GirlBoss Sophia suggests being articulate in the reasons you deserve a raise (being there a long time doesn’t count if you haven’t made significant improvements). Avoid giving personal stories to get money, to mention that you’re struggling because of XYZ isn’t enough reason for a raise, join the queue and you’ll see how many other people are facing hardships too. Don’t make money decisions based on if you’re sad or happy, try to be as neutral and logical as possible.
This post was written by Bola.