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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.

Jun 08
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5 Ways to Avoid Financial STDs

By Credit, Debt Management, Loans, Money Management No Comments

Have you or someone you know been infected with Financial STDs? I have…   

In my book Financial Fornication, I talk about Financial STDs (Substantially Tremendous Debt).  This financial dis-ease is not only financially and emotionally painful but also contagious, infecting families and cosigners. So, here are 5 ways to avoid Financial STDS.

Use Financial Contraception.

Financial Contraception is better known as a budget or spending plan. Create a budget or spending plan that works with your lifestyle. Using a budget is the best protection against acquiring Financial STDs.

Avoid being financially promiscuous with multiple credit cards.

Pick a credit card with the lowest rate and bonus points if you must or choose to use one for purchases. Using multiple credit cards may lead to excessive spending, resulting in Financial STDs.

Limit or Avoid Financial One-Night Stands.

A financial one-night stand is a financial transaction, usually less than $50-$100, that should be paid in cash or paid in full if purchased with credit. If you choose to use credit for these types of transactions, avoid turning those financial one-night stands into a long-term financial relationship by revolving the balance and not paying it off in full. Just “Hit it & Quit it!”

Become Financial Abstinent.

When your finances feel like they’re getting out of control, sometimes it’s best to just STOP using credit to get a handle on your finances. Being financially abstinent stops the financial leaks, so a budget can be created to build immunity against Financial STDs.

Get out of Financially Abusive Relationships.

If you are getting your butt kicked with ridiculously high loan rates, low deposit rates, lots of fees, and poor customer service, they’re probably really not that into you, which means that it’s time to plan your exit strategy from that financially abusive relationship.  You don’t have to stay. Date financial institutions to find the best one for you.

For more healthy financial tips, read my book “Financial Fornication.”

 

Originally pubslished May 2018

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