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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.

Feb 27
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6 Easy Emergency Savings Set Up Tips

By Money Management, Saving No Comments

Having an emergency savings fund can save you from significant financial hardship.

[ctt template=”8″ link=”Q2Ozl” via=”no” ]“… for money to save you, first, you must save it.” – Kevin O’Leary of Shark Tank[/ctt]

Financial experts agree and recommend that consumers should work to have three to six months of living expenses saved for emergencies, in addition to long-term savings. Three to six months of monthly expenses saved may seem like a significant and unattainable amount, but it is possible. Here are 6 Easy Emergency Savings Set Up Tips.

Make a Commitment.

One of the hardest part of saving is not the act of saving, rather, it is making the conscious commitment to save on a consistent basis. Making a commitment to save is the first step in establishing an emergency savings account. Once you are mentally ready to save, the act of saving will become easier. Start by taking this Pledge to Save by America Saves.

Determine how much is needed.

Simply add up all of your monthly expenses and multiply that amount by the number of months (ex. three or six months). This will tell you what your emergency savings goal should be. You can also use this Emergency Savings Calculator to determine how much you should save. Knowing the amount needed for your emergency savings fund is the first and most important step.

Take baby steps.

The total emergency savings amount may seem big and intimidating, but don’t let that number discourage you from saving. “How do you eat an elephant?” The answer of “One bite at a time” applies to saving as well. Break your big emergency savings goal into realistic and reasonable bite size goals.

For example, if your total emergency savings goal amount is $10,000, break that goal into smaller goals of $2,500 per year over four years. This makes that big intimidating goal into a SMART (Small, Meaningful, Achievable, Repetitive, and Trackable) Saving Goal.

Automate your savings.

The easiest way to stay on track with your emergency savings goal is to automate your saving. Set up direct deposit of a percentage of your paycheck or a specific amount per pay period into a savings account.

[ctt template=”8″ link=”2bmMN” via=”no” ]Automating your savings will help make your saving repetitive and consistent.[/ctt]

Make emergency savings account inconvenient to access.

Avoid having your emergency savings account at the same financial institution where you have your checking account. Open a savings account at another bank or credit union that you cannot easily access into but is accessible when necessary and needed.

Also, avoid getting an ATM or debit card for that account to eliminate the temptation of tapping into it.

Don’t tap that asset!

Sometimes, unexpected expenses or shopping temptations happen. However, not all unexpected expenses are emergencies. Avoid using your emergency savings account as an overdraft account when you do not have enough money in your checking account.

[ctt template=”8″ link=”YbMse” via=”no” ]Reverence your emergency savings account and protect it so that it will be enough when a true emergency arise.[/ctt]

Building a true emergency savings fund takes time, persistence and consistency. It will not happen overnight or even over a year, but it will happen if you stay the course. Establishing and growing your emergency savings fund can be achievable and fun when you use these six easy emergency savings set up tips.

 

Join the 30 Days to Financial Freedom Challenge. It’s a free, online financial coaching resource.

Feb 26
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5 Ways to Fund Your Savings Account When Living Paycheck To Paycheck

By Money Management, Saving No Comments

With a tight budget, it can be a challenge to add to a savings account on a regular basis. And while the world is busy buying stuff and spending money, many people are looking for ways to fund their emergency / opportunity savings accounts.

So, here are 5 ways to take BREAK the traditional ways to save and build up your emergency / opportunity savings fund with ease.

B = Be a DUALpreneur (Monetize Your Talents)

If you are a full-time or part-time employee and still need extra cash; instead of getting a 2nd job, consider being a DUALpreneur (Employee and Entrepreneur) by monetizing your talents. Whether you can cook, clean, teach, tutor, fix things, etc., you can turn your talents into cash with an entrepreneurial venture. Despite what most people think, getting started doesn’t take a lot of money. Some people start off with Network Marketing, while others sell their products using etsy, pinterest or Instagram. Once you start making extra cash, save most of it or as much as possible to build up your emergency / opportunity savings fund.

Related Article: 3 Money Tips When Starting a Side Hustle

R = Refund (Tax Refund That Is)

If you are one of the lucky ones that get a hefty Tax Refund each year, put most or at least half of it in your savings account. I’m not telling you not to spend any of it. Just spend a small portion, pay off a few bills and stash the rest of the cash in that emergency / opportunity savings fund.

E = Evaluate Spending

One of the reasons why many people have minimal or no savings is because they spend it all. However, evaluating spending, using apps like MINT, will help identify where we the money is being spent and areas where spending can be reduced and transfer to the savings account. Starting off with ten dollars a week can eventually turn into stashing $100 or more a month to the emergency / opportunity savings fund.

A = Automate Savings

Sometime we just forget to transfer money into our savings account. Set up a direct deposit of a specific amount to the savings account through your employer or use apps like Digit or Qapital to automate your savings. This is the best way to consistently build up your emergency / opportunity savings fund.

Related Article: 4 Mobile Apps To Help Manage Your Money With Ease

K = Keep the Change

Many banks offer a simple way to add money to your savings account by transfer the difference between what you spend to the nearest dollar. For example, if you spend $1.65, it will round the transaction up to $2.00 and transfer the 35¢ to your savings account. This is a great way to automatically add cash to your emergency / opportunity savings fund.

Using these 5 strategies will help you increase your emergency / opportunity savings fund faster and with stress free, even if you are living paycheck to paycheck.

Feb 01
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[Video] Ways to Fund Your Emergency Savings Account

By Money Management, Podcast, Saving No Comments

The importance of having an emergency fund was proven by the recent government shut down. The shut down lasting over 30 days, left federal workers without pay put many in financial hardship.

Establishing and maintaining a emergency fund, with up to 6-12 months six months of your annual living expenses, is critical for financial wellness.

Black Enterprise just released a new podcast “Your Money Your Life” hosted by Alfred Edmond, Jr. It was such a pleasure to be the guest expert for this episode.

I answered questions of where to get the money to finance your emergency fund.

Listen and share!

Share your tips on how to finance an emergency fund below.

Dec 30
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10 Ways to Turn Your Commutes Into Cash Generating Opportunities

By Business, Money Management No Comments

 

Most Full-Time Working Professions who are also Entrepreneurs, also known as DUALpreneurs,  have the same challenge … not enough time to do everything that needs to be done. Between working all day, taking care of the family, running errands and “Plotting Profits in PJs” for their entrepreneurial venture at night and on the weekends; finding time to do necessary small business tasks, like follow up, answering emails and calls, etc., can be overwhelming.

Throwing in a commute to work that’s thirty minutes to an hour or longer makes completing those tasks seem almost impossible.

Thank God for modern technology, because entrepreneurs can use Laptops, Tablets and Smartphones to conduct business. So, whether your long journey to your full-time gig is by plane, train or automobile, here are 10 ways to turn your daily commutes to work into cash generating opportunities for your side small business.

Keep in mind that most of these tasks are recommended if you are the passenger. However, some of them can be completed while you focus on driving safely.

Catch Up On Emails 

If commuting by plane or train, use the time to catch on responding to important business emails, as well as emails to follow up with prospective or existing clients. Most planes and trains have WiFi, so reply and follow up with those potential income emails with a quick response.

Even if the commuter does not have wireless internet, most smartphones have a Mobile Hotspot feature that uses the data plan for wireless internet access.

Conduct Conference Calls

Although best while commuting as a passenger on a train or automobile; if driving make sure the car has hands free calling capabilities for this one. Use the windshield time to conduct conferences calls for your small business or schedule client coaching sessions.

Scheduling those much need conversations during your commute will not only expedite the cash generation,m but it will make the commute seem must for profitable.

Start Or Finish Writing A Book

That book deep down inside is itching to come out and bless the world. Turn that boring passenger ride into the best story ever written by … YOU! Start off with an outline, then during each trip write a few paragraphs or chapter for each outline topic.

Before you know it, the first draft of a future best-seller will be written and ready for editing and publishing to be sold all over the world! Cha-Ching!

Listen To Or Read A Book

One of my most favorite smartphone apps is Audible. Audible will turns commutes into an audio adventure of learning to earn more profits. Audible sells digital audiobooks, radio and TV programs, and audio versions of magazines and newspapers via the App and the internet.

So, do you have a book that you always wanted to read but never really had the time like “How to Win Friends & Influence People” by Dale Carnegie.

Or, maybe you’re just not an avid reader but really wanted to learn some strategic techniques like in “Side Hustle: From Idea to Income in 27 Days” by Chris Guillebeau.

And as the passenger, if you are an avid reader, the app Kindle is awesome. It’s like having access to thousand of books in a tablet or in your smartphone through the Kindle app. So, go ahead and finally read “Financial Fornication” by Tarra Jackson. I hear it’s great! 🙂

Listen To Motivational Speakers

Motivation is at your finger tips. Youtube is not only the #2 largest search engine in the world (next to it’s owners Google, which is #1), finding motivational speeches from Celebrities and Business Moguls like Oprah, Tony Robbins, John C. Maxwell or Eric Thomas is easy to access. Maybe that recorded motivational call by your network marketing up line will start your morning or end your work day on a profitable note.

Listening to motivational speakers ignites an excitement about your small business, gives you helpful tips and keeps you motivated to keep moving forward. So, let’s get Motivated!!!

Pray or Project Positivity

An attitude of gratitude is the key to prosperity. Saying a prayer for your family, your day, your business and yourself will start your day off on a positive note.

And based on the Law Of Attraction, we attract into our lives whatever we are focusing on. So, take the commute time to think about everything you are grateful for, ask the universe for what you want, and imagine your day, week, year and life they way you want it to manifest. Also, recite, think about or create positive affirmations.

You have the power to create everything (good and bad) in your life. Doing this mental manifestation and projecting positivity will open up the universe for you. Always remember:

[ctt template=”8″ link=”ta71I” via=”yes” ]Money making moves manifests in the mental. [/ctt]

Write Down or Dictate Your To Do List

So many things to do … so little time. Well, you at least have about an hour to think through what you want to accomplish for the day, week or month during your commute. Think about the tasks that will help you generate cash quickly.

As the passenger, write down or enter into your smartphone those tasks. What is also helpful is the schedule when those tasks will be worked on or completed.

As the driver, use the microphone app in your smartphone to dictate those quick cash generating tasks so you can refer to or write them down later.

As for those miscellaneous busy work tasks that need to be done like social media posts, blast emails, etc., find a friend, family member or college student that believes in your business to help you out. If you are financial able, consider paying a virtual assistant to handle the busy work while you focus on the money making matters.

Journal

“A journal is a written record of your thoughts, experiences, and observations. You can write in your journal daily, or only when you feel the urge”

Journaling can also be therapeutic if you a dealing with emotional challenges as well.

Let out all of your emotions with your pen, as a passenger, in your journal and you will feel a sense of relief so you can focus on starting and completing your cash generating tasks.

As a driver, create a voice journal by recording your thoughts during your commute. There are plenty of free apps for that.

Think About Solutions

Where there is a challenge, there is a solution. Most of the time we know how to fix the problem, we just need time to think it through. So, take your commute time to think about a problem or challenge that has been blocking your cash generation and think through some possible solutions.

Trying to figure out a way to engage your audience on social media without being on social media 24/7? Do you need for customers to come to your website to buy your products and services? Or … Do you need to tell you partner that you need more help around the house or with the business?

Whatever the problem or challenge, turn your commute into a Troubleshooting Session. Sometime your solutions is figuring out who to ask for help to fix the problem.

Take A Power Nap

Now, this one only works for passengers! So drivers, don’t try it unless you have time to pull over in a safe place.

Sleeping may not seem like a cash generating activity, but a quick 10 to 30 minute power nap can produce the small boost of energy needed to tackle the day and necessary cash generating tasks. Have you ever tried to get something done but your brain seemed clouded and every other word was mumbled by an uncontrollable yawn.

There’s nothing like feeling refreshed and focused to get thing completed and feel accomplished.

 

What do you do during your commute to increase your cash generation?

Dec 02
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5 Ways to Make Extra Money Before Christmas

By Money Management No Comments

Everyone wants to celebrate Christmas in a lavish way, but sometimes you do need to make the cash in your pocket stretch a little further. It’s a special time of year, the time of giving and you don’t want to settle for anything less than you and your loved ones deserve.  Don’t worry! Santa might not be coming down the fireplace to save the day, but there are other ways that you can try to make some extra money before Christmas. With a little hard work you can create that Christmas miracle for yourself.

Freelancing

Freelancing is one of the most preferred extra money making options. If you have expertise in any skills, and you are looking to earn more cash, try freelancing. Offer your skills and get paid for your work, you choose your hours and in control of how much you want to work

Freelancing jobs are both local and global. You can find freelancing jobs independently, from your contacts and connections, or you can also find them online. The Internet has opened several freelancing prospects as there are various freelancing sites available to try out, it is best to start now and build up a good reputation with their review systems as you are more likely to get work the more positive reviews you have.

Freelancing is a good option if you want freedom and flexibility while working. Freelancing is also fit for those who want to achieve a higher degree of employment in isolated communities. Skills like writing, editing, translation, web support, creative assistance and virtual assistance are higher freelancing opportunities.

Freelancing is also easy and fast to start. If you are thinking of making some cash before Christmas, Sign up for a freelancing opportunity as soon as possible.

Online survey

Online Survey is another popular way if you are trying to make some extra money in your spare time. There are various research companies that recruit new people every day to participate in surveys. A few minutes can make you some cash. You can receive up to 5$ for some surveys.

You don’t, however, qualify for every survey. Surveyors demand specific type of people. They might be looking for someone at the age of 55, and you are only 30; likely that you’re not going to get the survey offer. There are some who offer more surveys than others, therefore keep your eyes open looking for open surveys. But make sure you identify fake and real sites before you hop into online survey.

There are some companies who ask you to pay some fee to access their survey lists. But never pay up front! Chances are higher that you might land on a fake site. Before starting, check their terms and conditions, reviews, forums and FAQ’s. It is better to try with sites that have good ratings.

Online trading

Online trading is the act of selling and buying currency or financial securities with the help of an internet based online trading platforms. Traders, like Teri Ijeoma offers courses to teach you how to trade online.

It can be a little daunting at first, so it always best to start sensible and do your research and see how it goes. One can trade stocks, currencies, commodities, shares, bonds and options through online trading. One can buy or sell commodities like gold or silver or trade shares of multinational companies.

Write for Kindle

If you are good at writing, try writing a book for Kindle eBook and offer Christmas discounts. Amazon Kindle store lets anyone publish an eBook and make money. Amazon is the global selling machine. If your book gets some visibility and sales, you will make a good amount of money by writing and selling eBooks.

You can write fiction or non-fiction books. Try making your title of the book attractive and catchy. You also need an appealing design of your pages, especially the front cover, they say not to judge a book by its front cover for a reason – but it’s always worth taking some extra time to make it look enticing.

Sell stuff you don’t need

Well, they do say, one man’s junk is another man’s treasure. If you want to make some extra cash, try considering selling some of your old things that you don’t need or use anymore. You can sometimes be pleasantly surprised what people are after, brand names are normally safe bet when selling, and sometimes vintage retro items are a real hot seller. Ebay is perfect for this. However there are some other selling platforms around these days which are made for more niche specialized items like antiques and designer handbags which are always worth a try.

Nov 29
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How To Build A Budget On A Bar Napkin

By Money Management No Comments

I like Bars. Airport bars, hotel bars, restaurants with bars, bars with bars! Don’t judge!

Sitting at the bar connects with me great people and I have the best conversations. For example, I recently met a new client at a restaurant and we chose to sit that the bar. As we were talking, my client was sharing how challenging it was for her to create and stick to a budget.

“It’s so complicated and every month I don’t even come close to what I write down. So, I just quit.” she explained.

As I sipped my favorite drink, I calmly said …

“There are many things you should quit, like overspending, getting into more debt, maybe even that man you’re with. However, taking control of your money is not something you should quit. It is something you must Master.”

I went on to share with her that it is understandable to want to quit something that seems complicated and that building a budget can be, and is actually, very simple.

I saw the look of disbelief and skepticism wash over her face. So, I said …

“Here, let me show you.”

I asked the bartender for a bar napkin and wrote down a simple Spending Plan (Budget) and explained the idea percentage of her income she should spend in each category. I shared that she just needed to start where she was and understand what her spending actually looks like in those categories.

“That’s it?” she ask in amazement.

“That’s it!” I responded and took another sip of my drink.

The bartender stood across from us behind the bar and watch what I was doing.

“Will that work for me too?” he asked.

I nodded and smiled as he grabbed another bar napkin and copied the information I wrote for my client.

Bar Napkin Budget

If you, or someone you know, likes the bar like more OR just need a simple way to create a simple Spending Plan, click here to get a copy of my Bar Napkin Budget template for FREE!