“Credit cards are not free money” - and More Money Advice from You

One of the many relationships I’ve been working on to improve this past year has been with money.

I’ve taken small but powerful actions that have helped me in my finance journey. For example, I started to listen to mi mamá about saving money. By the time the COVID-19 pandemic hit I felt secure about having money to keep me floating if I became unemployed.

And like many others, the pandemic made me save even more and pay off my debts.

But it all started with that advice that mi mamá gave to me back in 2018 and one that I, without much ganas, started to do.

Looking back, I should have saved more, but now I take it as a lesson learned that took me to another important tip that helps me have a clear picture of my finances.

If it hadn’t been for that money advice that mi mamá gave me, I don’t know where I would be exactly in terms of my financial journey.

Probably crying over not saving…

So, like the ever-curious person that I am, I also wanted to know from you, what piece of advice changed your relationship with money?

You didn’t disappoint me and I made notes to apply them in this new chapter of my life that I’m currently in.

Today I’m sharing your game-changing advice so more of us can write down and repeat it!

On writing down every single expense

Once I started to write down my expenses for each month, it gave me a better picture of how much I could save and how much I could spend on myself. It also helped me realize that some expenses weren’t worth it. I began to re-arrange my money according to my needs and wants while tossing away things that were not financially smart.

It’s okay not to know how!

Lyanne Alfaro, who was our inspiring guest for episode 57 of Ellas shared this powerful advice that it’s okay not knowing and that most likely your neighbor, amiga, or family member doesn’t either. It can be from how to invest, how to save, or how to manage a credit card. In our conversation, Lyanne shared how her amigas and her began to have these important money conversations and began to learn together! Our financial journey doesn’t have to be lonely and shameful, once we realize that and take advantage of the power of asking, researching, and learning we are unstoppable!

Understanding our needs, wants, and desires

I connected with my bestie Minali’s advice! I’ll be honest with you and share that in my early 20’s I learned the hard way on understanding the difference between my needs, wants, and desires. I’ve been able to manage it better since then. Sometimes I splurge on myself, but everyone is a work in progress. Minali hit the nail on the head with her game-changing advice! Our greed can blind us to the point of ruining our finances, affect our mental wellbeing and our environment.

It’s all about balance when it comes to money

Without Melba knowing, she called out my younger self! It’s easy to fall into the trap of wanting to spend our hard-earned money on EVERY CUTE THING YOU SEE! Trust me, that rush is not everlasting. When you see your bank balance, you’ll be hitting yourself on the head on the misstep. Saving and investing are two vital components of assuring our future self’s well-being. If you want more helpful tips on how Melba secures her financial future, I recommend you listen to my conversation with her! You won’t be disappointed!

whatever you do, don’t fall for this!

How many of us have been guilty of this? I have been there! Stephanie said what needed to be said! Credit cards are NOT free money! When used wisely, credit cards can help us travel, get a new car that can take us where we need to be without stressing out, become homeowners, and so much more. It’s a process to learn how and when to use a credit card. Once we master this, we can reap the benefits of having a credit card.

Let’s have a #MoneyMindset

We inherit a lot of limiting money beliefs. We tend to believe that we are not worthy of having an abundant bank account that'll make us feel secure and help us sleep better at night. You are worthy. I’m so happy that Sandra reminded us of that. Once we start believing that it’ll be easier to navigate our financial journey and learn about investing, saving our money, and knowing between our needs and wants. It’s all about our mindset and actions that complement our growth.

So, before we end this blog, I wanna know.

Share your advice in the comments below!