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Tarra Jackson

Tarra Jackson, known as Madam Money, is a seasoned Personal Finance Expert with over 20 years experience in the personal finance sector as a corporate trainer, loan officer, Vice President of Lending and Executive Vice President at several major financial institutions. Tarra is the author of the best-selling book “Financial Fornication” as well as a nationally acclaimed speaker, commentator, consultant, author, & syndicated blogger covering topics from cash and credit management to insurance and investment basics.

Nov 25
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9 Money Saving Tips for Black Friday Shopping

By Money Management, Shopping 2 Comments

Being stuck in the Black Friday and holiday shopping frenzy can be a hassle. Overcrowded stores, bait and switch ads, and overpriced “deals” are not only stressful but can cause a major blow to your household budget. To protect you and your pocket book from the Holiday Shopping Hustle, here are 9 Money Savings Tips for Black Friday Shopping.

Avoid Peer Pressure Purchases

When shopping with family and friends, be careful not to fall into the trap of Keeping Up with the Purchasers. Just because your shopping cohorts are shopping like crazy doesn’t mean that you can afford and have to. Walk away if the temptation becomes too much.

Beware of Bogus BOGOs

Buy One Get One offers for items that you had no intention of buying are budget busters. Protect your cash flow by only getting the BOGOs that are on your shopping list.

Create Your Santa’s List

After establishing your holiday buying budget, instead of making a list of gifts to buy, create your Santa’s List of family members & friends that will get gifts. Everyone does not have to and should NOT Make The List. Send those who were naughty holiday cards.

Ditch the Debit and Credit Cards

Using credit and debit cards can cause overspending, especially if you don’t keep track of the cost of every transaction. Use CASH to protect your holiday buying and household budget.

Have the “Gift” Talk

Have a conversation with other adult family members to only purchase gifts for kids under 18 years old or, to set a limit of a certain amount, like $20, to pay for gifts for the adults. With this economy, everyone will more than likely understand and appreciate the suggestion.

Know Your Limits

Set the maximum amount that you can afford to spend on holiday gifts before going shopping. Your holiday shopping budget is the amount you have saved or can save between now and the big holiday. Remember, if you can’t save for it, you probably can’t afford to borrow for it.

Stop Brand Name Dropping

The biggest Black Friday budget busters are Name Brand gifts. Not everyone deserves the VIP (Very Impressive Present) treatment. Some people deserve and will be just as happy with the generic or store brand gift.

Support Small Businesses

Avoid the headache of the holiday shopping frenzy by shopping at small businesses in your community. As a gift to family & friends that sell products and services, buy gifts from them for others. Take advantage of the great deals the day after Black Friday during Shop Small Business Saturday.

Visit Virtual Businesses

Get great buys from businesses with online or virtual stores. You will save money, time and avoid the holiday shopping frenzy. Most retails stores and small businesses have special deals on the Monday after Black Friday during Cyber Monday. Also, start shopping a few weeks before the big holiday to avoid paying for expedited shipping.

Holiday shopping doesn’t have to be stressful if you follow these money saving tips. Happy holidays and remember to Spend Responsibly.


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Originally published November 25, 2014

Mar 01
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How to Financially Prepare for a Pandemic (CORONAVIRUS)

By Money Management No Comments

With the Coronavirus spreading across the globe, the United States has finally got its wake-up call with the first two deaths in Washington state, and now we must prepare for a pandemic. A pandemic is a widespread infectious disease, bacteria, or virus that sickens a large number of people worldwide. As we begin to learn how to prepare and protect ourselves from this highly infectious virus, the question that we must also address is, “how will this pandemic affect our finances?” 

There have already been rumors and signs of a recession. However, the threat of a Coronavirus pandemic is frightening even the most confident economist. 

Instead of panicking, we must focus and prepare financially. Here are few ways to financially prepare for a pandemic.

Build an Emergency Fund and Keep Cash on Hand

Preparing for a pandemic is like preparing for any other emergency like a natural disaster, power outage, or major medical occurrences or accidents. However, there is time to prepare for a pandemic because we have ample warning of its potential arrival. 

An emergency savings fund will help to cover expected and unexpected medical costs that could arise from being sick, including doctor visits, medications, tests, or even lapse in pay while out of work. Now is the time to start an emergency fund or contribute a bit more, if possible. Setting aside even small amounts to the savings account can make a big difference. Remember to “Save Something Sooner!” 

It is also a good idea to keep some cash handy when needed for emergencies. 

Check Your Health Insurance Coverage & Sick Leave Policy

Review your health insurance coverage to understand what is and isn’t covered. When it comes to paying for medication, prescription discount cards are a great way to save money, whether insured or uninsured.

Also, check how much paid-time-off (PTO) or paid sick time accumulated or available because some companies may change their policies due to the Coronavirus outbreak. Asking about the opportunity for telecommuting or the company’s remote work policy may be beneficial, as well. 

Review Your Investment Portfolio and Act Your Age!

With the stock market dropping rapidly and consistently over the past few weeks, many consumers saw their investments and retirement accounts dwindle. For the young investors with more than 10 – 20 years before retirement, waiting out this market dip may be the best thing to do. Markets move up and down, however over time, they rebound.

However, for mature investors who have less than ten years to retirement, now is the time to reevaluate your investment strategy and consider less volatile investments or accounts to protect what’s left of your principal balances. The reality is that older investors may not have enough time to recover what they need for retirement.

Regardless of age, consult with an investment adviser to discuss the right options for your situation.

Leverage Online Banking Services

Many banks and credit unions offer user-friendly online and mobile banking services to complete a wide variety of transactions from the convenience of your home. Using secure online banking services is an excellent way to manage your finances during a pandemic.

Consider setting up direct deposit for your paycheck, as well as automatic payment or bill payment for monthly bills.

 

Executing these strategies, as well as health tips from the World Health Organization, will help you prepare for this possible pandemic and other emergencies.