Growing up in my household having respect was a big deal. I was taught to respect others, respect my elders and last but not least, respect myself. In school, I was even taught to golden rule treat others how you would want to be treated. However, no one ever told me “treat yourself how you would want others to treat you”. There’s something special about carrying yourself in higher regard and being conscious of the decisions you make each and every day. We must take advantage of our time and use this asset to create a better future for ourselves. For that reason, I have decided to write this post about how you can learn to financially respect yourself.

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What Is Financial Respect?

What is having financial respect? Discipline, financial stability, and peace of mind. Most of us spend our days worrying or stressed about our finances because we didn’t respect ourselves at some point and made poor choices. A lot of times we are selfish And make rash decisions based off of instant gratification Which, then leads to financial disrespect. Making purchases with money you have earned yet or spending money you can’t afford to spend will keep you in debt with credit card companies forever. If you’re always in debt, the credit card companies will never respect you. Car dealerships won’t respect you either and you will be forced to work twice as hard to get everything you want. This includes paying excessive interest rates, fees and having higher down payments. This type of financial disrespect not only makes it hard to purchase a home but, will trap you in the cycle of overpaying for rent and never enjoying the benefits of homeownership.

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The Journey…..

In order to financially respect yourself, you must master having discipline. We must learn to value the time and effort it takes to make money before spending it on frivolous things. We must overcome instant gratification There are people who work 80-100 hours a week just to afford their lifestyles. Studies show that less than 75% of Americans have $1000 in their emergency fund. Mind blowing right? However, it isn’t your fault. Financial literacy wasn’t taught to us by our parents or school teachers. However, today is the day that we make that change.

Here are a few steps to help you financially respect yourself:

• Pay yourself first out of every paycheck.
• Monitor and check your credit more frequently. (setup credit karma or credit sesame)
• Pay off unnecessary credit card debt. (Start with the smallest debt and work up to the largest)
• Create a savings account With their emergency fund of at least $1000.
• Invest your 401(k) And maximize investment options.
• Calculate your purchases in time. How many hours will it take to cover this expense? (you get paid $10) X (the amount of a new shirt) = Isn’t worth it.
• Only eat out on weekends. (Pack a lunch or if you have friends everyone cook and swap out dishes for the week to mix it up)
• Review all subscription services and canceled the ones you no longer use!
• Choose a car that does not exceed 10% of your monthly income. (Including insurance, payment, and principle) Example: If you make 2k a month your car expenses should not exceed $200 a month. (yes even I have failed at this)

Let’s Bring It Together

All in all, we don’t expect to master everything on this list overnight. The goal here is to slowly transition your mindset and then gradually see the changes start to happen in your life. No one is perfect but, everyone has the ability to be mindful. These small yet simple adjustments can change the direction of your life dramatically within the next 6 months. So let’s buckle down, get serious and more importantly start treating our selves with the utmost respect! You Got This!

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