Rollin' in the Green
Creating space to analyze your finances can help you better pursue your goals and dreams. Check out these local resources and ideas for motivation in the finance and budgeting world.
The focus of songs; art; plots of books, movies, and TV; political viewpoints; and a laundry list more, money is an inescapable topic. Finances and personal budgeting are at the base of a great deal of our everyday lives. While conversations about it are shifting, the taboo air around it could still be sliced with a knife.
When it comes to personal finance and budgeting, the negative connotation can rightfully scare many away. Yet, living on a budget does not mean your life has to be any less enjoyable or lead to depriving yourself. In fact, studies show taking more control of our finances can lead to less stress and more personal empowerment.
As with many other cities in the U.S., New Orleans has seen the detrimental effects of wealth inequality and how a lack of more accessible financial education can negatively impact individuals and families. However, this has created a mindset to be able to craft riches when sometimes little is available. The city is one of the best in the country to be in to still have fun and enjoyment while living on a budget. Luckily, numerous local resources are also available to provide education and ideas to make the process more enjoyable.
Not just for book rentals, the New Orleans Public Library system is a wealthy pool of resources for personal finance journeys. These are free resources that can be accessed with a library card or physically in person at the city's many library locations. Their e-resources include Digital Learn, LinkedIn Learning, Northstar Online Learning, Gale Presents: Udemy courses, and Value Line. This group, amongst other numerous sources, can help you tackle the technology of personal finance (including education on scams), creating a basic budget with Excel, self-paced courses and tutorials, and top insights for investing.
They are also offering a six-week "Can We Talk About Money?" series, which partners with Hope Credit Union and the Junior Achievement of Greater New Orleans. In the series, learn more about "taking steps toward financial freedom, security, and well-being with educator Phoebe Brown from Hope Credit Union. Learn how to budget, use credit wisely, and resolve credit challenges." This course will be at the Norman Mayer library on October 16, 30, and November 13. For an additional idea, plan a "Budgeting Library Date" one day where you could spend some time checking in on your finances and browse their physical books, e-books, and audio books for further resources.
In an age where many have started their own businesses or side hustles to pursue their passions, local nonprofit Flyte is providing financial wellness and insights for business owners. It's an application based, yearlong cohort that meets regularly and has access to resources including mentorships from various industry professionals. Executive Director Alexander Bigbie shares sound advice as the importance of surrounding yourself with a supportive and professional circle. Don't be afraid to be honest with yourself, ask questions, and know that everyone has made a mistake at some point. Bigbie also shares a valuable insight that there is great satisfaction in setting savings goals and seeing that growth. He has a great reminder, however—as you work towards your goals, be sure to treat yourself to rewards along the way.
Another inspiring local initiative empowering youth and one that is recognized by the Louisiana Department of Education is the partnership of two former New Orleans Saints teammates Marques Colston and Jed Collins, along with University of New Orleans Professor Chris Surprenant. This program offers high school students financial education to craft a foundation that will help them make informed decisions for a positive impact outside the classroom, from looking at educational loans to their income from part time jobs. They utilize the Your Money Vehicle learning crafted by Collins and the Dollars to Dreams app developed by Colston for instilling an entrepreneurial mindset and personal budgeting.
Outside of these resources, the first step is to create a budget detailing all income, non-discretionary expenses, savings contributions, debts to pay off, and discretionary purchases so you can begin from a strong base. The fun part comes next in finding a budget template and expense tracker that works well for you. This is the place to find something visually appealing you won't dread returning to and is streamlined with its categories to reduce stress. There are numerous spreadsheets, templates online, a great number of mobile apps, and free printable worksheets online that can all help make this process easier. How often you sit and check in on this system is up to you, whether that's weekly or each pay period, but make sure to schedule it in regularly. Consistency truly is key. When you do set aside this time, it can be made into a more enjoyable activity by sitting down with a nice cup of coffee or a fun drink.
To make your personal finance journey sustainable, be sure to build in fun ideas. This can include creative no or low spending days, whether that's visiting your favorite local park in New Orleans, stopping into a free/low-cost museum, bringing a book to a coffee shop, finding a new produce product or culinary item and making a new recipe, or setting aside time to indulge in your hobbies or passions. Get creative with partners or friends on budgeting challenges to build a motivating circle. This learning process will be full of some wins and low points, but along the way, be sure to remind yourself of why you started and be kind to yourself knowing you're trying your best at budgeting and expanding your knowledge.
