xoSelf (short for Love Yourself)) is a weekly advice series where women can anonymously seek advice on topics about relationships, work, finding themselves or life challenges. xoSelf is responded to by educator & life coach Dr. Walter Hidalgo.
Dear xoSelf: My spending habits are the worst and I really want to change this about myself as the new year approaches. I eventually want a family and would like to have better control of my spending habits; start a savings account and not live paycheck to paycheck. Living in New York is beyond expensive so it’s hard to really save anything; but I am willing to try. Any tips on where I should start?
Answer: Create an excel budget sheet! This is very important and you will have to do this regardless especially if you are looking to do such things as improving your credit score or buying a house. You need to create a sheet that lists all of your bills, loans and debts. Once you have that, look at what is left over. Then determine what is priority. By that I mean, buying those shoes versus saving money aside for a house, or, to pay more of your credit card, for example. That is to say, start making your debts and bills a priority so you can get more from your check instead of constantly paying off bills. In other words, pay more into the principal of loans instead of the bare minimum. This also means you will need to sacrifice miscellaneous spending habits so you can achieve your goals expeditiously.
Related article: Healthy Tips with Toni to Roll into the New Year
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Dr. Walter Hidalgo is an educator and coach. He has a master’s of arts in Church History and Sociology from Union Theological Seminary at Columbia University and a doctorate from New York Theological Seminary where his focus was on the intersectionality between Hip-hop culture and socio-spiritual movements. He has taught in universities, high schools, prisons, not-for-profit organizations, and faith-basedinstitutions from all over the world. And finally, he is the author of the critically acclaimed book, “Beyond the Four Walls: The Rising Ministry and Spirituality of Hip-hop” where he
has worked with numerous Hip-hop artists, educators, and youth from all over the world to