Rich Her

Happy Ditch New Year’s Resolution Day!

They say January 17th is typically the day that folks ditch their resolutions 🚮

When ask WHY, a study indicated that:

🗣35% of people failed because they had unrealistic goals

🗣33% of people didn’t keep track of their progress

🗣23% of people forgot

How have you done with your resolutions, especially those that are related to your financial goals?

For me, I have to say I’ve been doing great. Thanks to the money system I’ve put in place, every pay I have it set up so that money is automatically directed to
🌳 my growing emergency savings
📈 my TFSA and RRSP
🛍 my splurge account
👫🏾the joint account my boyfriend and I have for ‘fun’ and ‘not-fun’ expenses

All of my savings goals were calculated at the end of last year, so I the amount that I automate was predetermined and aligned with how much I make. No excuses over here 😌

⏩ Swipe through this post to see why you may have ditched you resolutions only 17 days into the year, and how you can recover before the end of this month.

If you’re looking for some extra accountability this year, OR need help creating better goals and a blueprint to guide you through, DM the word HELP!

Drop a 🏆 emoji below if you’re still on track with your 2022 goals👇🏾

In 2021, Canada hit a record breaking 4.4% inflation rate - which is the fastest year-over-year spike in 18 years.

Outside feels more expensive because it IS more expensive!

And because of inflation and the cost of living increasing, you essentially need more dollars to purchase the same things you’ve been buying.

In other words,
🗣 “yesterday’s price is not today’s price” !

Sooo… what’s the point of knowing this?

Well for those of you that are, or know of someone, keeping money in a chequings account, you need to read this!

The main function of a chequings account is simply a holding account. Funds are not meant to be held there for long periods.

One big indicator?
🚨You do not earn a single penny of interest in these accounts.

In fact, because of this, you’re actually LOSING money each month you leave it just sitting there. A climb in inflation 📈 makes your dollars less and less valuable 📉

The main goal is to direct your money in vehicles that will yield better returns than:

☝🏾 the chequing account (that’s literally any savings account, but high interest savings is your best bet)
AND
✌🏾 inflation rates (hello investing!)


Did this help anyone?
How do you plan on making your money work for you this year? Share with us below 👇🏾



Need help creating a plan for your $$? A few spots are left for Financial Facelifts in January, slide in the DMs to snag a spot! 📥

It’s not just you, I promise!

Up until the point I was leaving the retail side of banking, I literally didn’t know how to read my credit card statement

I just paid a bit more than the minimum payment, and that was that 🤡

It wasn’t until I happened to actually take a look at it one day, that I saw the “Estimated Time to Pay” section, and I was like woah what??

[scroll through the post to see what that section means!]

You should always be aware of what your credit card company is charging you, but I urge those of you who owe a big balance to REALLY comb through it.

You may be incurring so many fees that you don’t even know about, or extra interest, it’s no wonder that thing is taking forever to pay off!

☝🏾My advice - take a look through this post where I’ve highlighted the KEY areas of your statement. All statements look a little different, but the core information is still the same.

What’s the most shocking thing you’ve learned about credit cards?

This didn’t happen to me, but I once met with a client who was actually using her credit card to withdraw money (back when cash was a thing) and I couldn’t believe the interest charges I saw… we’re talking interest EVERY SINGLE DAY.

⚠️ In other words… NEVER do a cash advance. You will cry tears.

Drop yours below so we can learn👇🏾

Happy to all the strong, intelligent, beautiful women following this page! ⁠
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Working as a woman of colour in the financial industry for 10 years of my life has shown me how incredibly important it is for us to take our finances by the horns, control our relationship with money and work towards . ⁠
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Simply put, financial freedom means you do not need to depend on ANYONE when it comes to finding your dreams and maintaining or levelling up your lifestyle.⁠
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Want to start taking control of your finances? ⁠
Start with these 3 steps, and you’ll be well on your way⁠
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💰Normalize having money conversations with friends and family - talking openly about money with those you trust encourages idea sharing and helps a build healthy relationship with money. The more you talk about it, the more comfortable you are with asking questions and furthering your knowledge⁠
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💰Ask for help - those questions you have regarding your finances are not stupid! Seeking financial resources (such as Rich Her 🥰) and speaking with a Financial Advisor will help sort facts from fiction. Don’t allow your ignorance to be the reason you don’t progress financially⁠
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💰Just start - it doesn’t have to be complicated, start with the basics such as implementing a budget or money System for yourself. Once you have a clear understanding of how your money works, you can build on this by gradually investing to grow your money for your future⁠
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What are some other tips you’d share with someone who’s struggling with getting their finances on track? ⁠
Drop them below to help a sista out👇🏾

Do you know your love language? (if not I highly recommend doing the quiz!) ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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This weekend is all about love - showing love, self-love, feeling loved… sticking with the the theme of love, let’s put a fun twist on the 5 Love Languages! ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Here are some fun but useful money tips for each love language: ⠀⠀⠀⠀⠀
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🫂Physical Touch ⠀⠀⠀⠀⠀⠀⠀⠀⠀
You are a “I need to feel it to know it” kind of gal, and physical cues are what you need to feel connected. This is a tough one, but using physical cash to spend would be a great way for you to remain financially aware instead of using cards. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
As the world becomes more and more cash averse, make sure you’re keeping spending cash separate from funds intended for bills, and apps as a way to keep yourself in line. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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🙏🏾 Acts of Service ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Receiving help and helping others is how you recognize love best. Make sure that you are setting boundaries when it comes to helping out!
Set a percentage for giving whether it’s charity or helping out friends and family to ensure you leave enough for yourself ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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💬 Words of Affirmation ⠀⠀⠀⠀⠀⠀⠀
Words mean things to you!
So when it comes to your financial goals, in additional to saying them, write them down to make them stick.
Also, use your love for words to enable healthy financial conversations with your partner, family or friends
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🥰 Quality Time
You love being around loved ones, so when it comes to planning outings or nights in, you may go a little overboard. Ensure you’re carving out an area of your budget that goes to entertainment so you don’t go overboard. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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🎁 Receiving Gifts ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Gifts are your thing! You absolutely love receiving them, you’re an amazing gift giver, and you love to gift yourself. Make sure you are creating a Wishlist Account so you’re not taking away from savings or using credit. Also try rewarding yourself AFTER reaching a goal so the gifts are that much more meaningful ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Happy Valentine’s Day everyone 💕!
Drop your love language below👇🏾my top 2 are Words of Affirmation and Quality Time

🗣Your $50,000 salary does not mean you can afford a $50,000 lifestyle ⠀⠀⠀⠀⠀
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Don’t let the offer letter fool you - what your employer has agreed to pay you is nowhere near what you’re actually getting once the CRA gets their share ⠀⠀⠀⠀⠀⠀⠀
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In fact, did you know an annual salary of $50,000 (in Ontario) is really just under $40,000 after taxes? Even less if you have medical and dental insurance deductions.
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If you justify your spending based on the salary that was given to you, you are 100% overspending, trust me⠀⠀⠀⠀⠀
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Me when I hit my first big girl salary:⠀⠀⠀⠀⠀⠀⠀⠀⠀
Trips, booked ✈️ ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Shopping sprees, charged 💳 ⠀⠀⠀⠀⠀⠀⠀
Bottles, popped 🍾 ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Sound familiar? In your head you keep saying, “well, I make 🤑 now, so I can afford it!”⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Fast forward to tax time when you see how much you actually made, and your savings & debt pretty much stayed the same or.... is worse 🥴⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Here is what I do to ensure my spending is in line with my salary, especially after a raise. Because Lifestyle Creep is REAL sis 💸 ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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✨Use a take-home calculator
I use ca.talent.com every time I get a raise in pay so I can understand what I’m ACTUALLY getting. You’d be surprised to see what a $5000 pay increase translates to after taxes 💀
Note: depending on your work benefits, there may be more deductions but this calculator gives a good ballpark figure for what you can expect ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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✨Adjust your Expenses
Review your list of Needs and Wants expenses and try to get those expenses under 50% of your income. Cut out Wants that you can do without ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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✨Bump up your Allocations
Make sure you’re increasing your debt and savings allocations as you make more. If there’s room, squeeze in some extra cash for your Wishlist Account 😉 ⠀
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Take a stab at it - once you see how much you’re ACTUALLY making, and come up with a plan that is based on net earnings, you’ll be wayyy better prepared. ⠀⠀⠀⠀⠀⠀
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Drop some love below if this helped! Waitlist for the newest Rich Her program is open 🙌🏾 Slide in the DMs to get the tea & some sweet early bird bonuses

$10,000 or more in a savings (or worse a chequing account) is not a flex… like at all 😕 ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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[share this because people NEED to stop doing this] ⠀⠀⠀
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Your savings stockpile has become a safety blanket/shiny trophy, and contrary to what our parents may have taught us, you DON’T need to hoard money just to feel like you have it. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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What’s worse - did you know that each year you hold excess money, you’re actually LOSING money? 👀
The return on your savings/chequing account doesn’t even keep up with inflation… your money is losing value sis!
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Don’t worry though, I have a fix ⠀⠀⠀⠀⠀⠀⠀⠀⠀
My ✨Layered Savings Strategy✨ is better than what you’re doing now, by assigning your savings dollars a job that fall into short term, medium term and long term savings categories. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Layer 1: Emergency savings 🚨
You gotta know by now that having funds set aside for emergencies is a must. Anything more than $10,000 is overkill and a high interest savings account would make a great home for these funds ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Layer 2: Medium-term savings 💰
Things that fall into this category can be your Wishlist Account, wedding savings, a vacation, a downpayment, etc. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Keeping this as cash within a TFSA account works well ⠀⠀
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Layer 3: Long-term invested savings 📈 ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Money in this bucket won’t be touched for a long while. Retirement savings would be its main purpose (use an RSP account for this), as well as savings for your child’s education ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Also, investing this money is highly recommended here since it’s long term and has time to grow ⠀⠀⠀⠀⠀⠀
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Including this layering ensures you are hitting every aspect of a well rounded savings plan, and you’re not just saving to save. ⠀⠀⠀⠀⠀⠀⠀⠀
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Did this help any of you hoarding money in savings? February availability has been released - hit the link in the bio and let’s book a Discovery call and see how we can beef up your savings game 💪🏾

Your Pinterest is full of ‘boho chic’ decor inspo for the home you’ll be buying next year but you have less than $10k in your savings account…⠀⠀⠀⠀⠀⠀⠀⠀⠀
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You’ve been driving around the neighbourhood scoping out your new crib, expect to put down 20% but are left feeling super discouraged because your bank account isn’t doing too well. ⠀⠀⠀⠀⠀
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No worries, there are 4 steps I used to give my First Time Homebuyer clients when I worked as a Financial Advisor to guide them on how to save for that downpayment without feeling demotivated. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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☝🏾Firstly, be realistic about what you need in a home as your first purchase.
👶🏾 Will you be planning to have a family soon? ⠀⠀⠀⠀⠀⠀⠀
🏠 Do you have time to maintain a 5 bedroom home? ⠀⠀⠀
💰 Are you looking to rent out some rooms or the basement? ⠀⠀⠀⠀⠀⠀⠀⠀⠀
🚗 Will you have to return to work and commute once COVID subsides? ⠀⠀⠀⠀⠀
These factors will impact where you buy and how much it’ll cost you! ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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☝🏾Hop over to a real estate site (ex. realtor.ca or zolo.ca) and start looking up prices, given your criteria - this will be the basis of your savings and give you a reality check on what homes are going for these days ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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☝🏾Determine how much you can REALISTICALLY put down. A lot of people have said to me they want to put down 20%… if you’re in Toronto where the average condo price is $700k, a 20% downpayment would be $140,000. Is that reasonable?? Yes, the extra CMHC insurance is annoying but remember that in addition to your downpayment there are extra closing fees ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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☝🏾Awesome! You now have a target number (let’s say your downpayment will be 5% on a $600k condo) - now we reverse engineer and create a savings plan. Start with your target date and work backwards to calculate how much you (and your partner if applicable) need to put away each month to hit the goal. Adjust as needed.⠀⠀⠀⠀⠀
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See how this was broken into manageable steps? Your solid savings plan has logic to it so you’ll be able to work towards that downpayment in a clear and motivating way. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Was this helpful? Comment below if you’re looking to buy your 1st 🏡

Do you have Plastic Paralysis? 🤒⠀⠀⠀⠀⠀⠀⠀⠀
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💳 You finally pay off your credit card
🎉You feel pure joy as a weight has been lifted from your shoulders ⠀⠀⠀⠀⠀⠀⠀⠀⠀
🛍You treat yourself to a few things ⠀⠀⠀⠀⠀⠀
😞And… BOOM, your credit card is showing a balance you can’t fully pay off ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
I was there and I was convinced credit was not for me. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Does this sound like you? Are you ready to cut up your cards and stick to cash for the rest of your life? ⠀⠀⠀⠀⠀⠀⠀⠀⠀
My solution is ✨The Wishlist Account✨ ⠀⠀⠀⠀⠀⠀⠀⠀
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This is a system I created for myself to be able to still get the things I wanted (notice I didn’t say needed), without relying on credit and feeling guilty. It just took some delayed gratification and planning. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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I know, there’s nothing like anticipating a product release and being able to cop it the day it drops. But let me tell you, the shops aren’t going to stop making things. And if it does sell out before you can get to it, there will always be another release or… something better is on the way. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Here’s how to break the cycle, it’s so easy:
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👉🏾Open a separate savings account and automate a set amount from each pay to go in - this will be the start of your Wishlist Account and start to accumulate seamlessly without having to do anything ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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👉🏾Put together your wishlist - this is the fun part! Hit your favourite stores and start making note of what you want and the price ⠀⠀⠀⠀⠀⠀
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👉🏾Set your treat frequency - quarterly or semi-annual are my favourite frequencies because it gives you enough time for funds to accumulate in the account ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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👉🏾Continue to pay down your cards - stick to your debt plan and watch the balances dwindle down. Once it gets to zero, leave the card alone! That card is for needs and emergencies ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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By following these steps, and embracing some delayed gratification, I promise you won’t be reaching for your credit card anymore, and you’ll see that your debt cycle end ⠀⠀⠀⠀⠀⠀⠀⠀
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Did this help? What would be your first splurge item?
Mine is the Tom Ford Black Orchid perfume which I will be purchasing, guilt free 🥰

You have a plan for saving and paying off debt right?⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
If no, we need to talk… 🤨⠀⠀⠀⠀⠀⠀⠀⠀⠀
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If yes, then let’s kick it up a notch- do you have a spending plan? 👀⠀⠀⠀⠀⠀⠀⠀⠀⠀
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In all honestly, I’ve always had plans for savings, investing, debt… but when it came to spending, I just spent what I had and that was the end of it.⠀⠀⠀
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I quickly realized in order to have a FULL financial picture of everything going on, having a plan that encompasses your spending will almost never result in your overspending. I can attest to this.⠀⠀⠀⠀⠀
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Here is the blueprint:⠀⠀⠀⠀⠀
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Take a look at your spending over the last few months, and categorize each expenditure by Needs, Fun or Future You. Add up the total you get within each category, then divide that number by your take-home pay each month.⠀⠀
➡️ You make $2000 a month, Needs = $1,200 per month, Wants = $500 per month, and Future You = $300 ⠀⠀⠀⠀⠀
➡️ To determine Needs: $1,200/$2,000=0.6=60% of your pay goes to Needs⠀⠀⠀⠀⠀⠀⠀⠀⠀
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〰️No more than 50% of your take-home pay goes to your NEEDS - this includes things like groceries, bills, debt payments

〰️No more than 30% of your take-home pay goes to FUN - this includes ordering food, your subscriptions, that new Telfar drop (I’m waitinggg 🙏🏾)⠀⠀⠀⠀⠀⠀⠀⠀⠀
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〰️No more than 20% of your take-home pay goes to FUTURE YOU - this includes investing, extra debt payments, savings (emergency or medium term)⠀⠀
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Now, if you’re not hitting this mark, don’t worry. If you’re spending 70% of your income right now, review your spending and make cuts to bring that number down.
The goal is to gradually bring your Needs spending down to 50%⠀⠀⠀⠀⠀⠀⠀⠀
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Are you looking to get advice on your current plan, or lack of one? Slide in the DMs saying “help me” and let’s get to talking

We’re a week into the new year and you haven’t set your financial goals for this year.
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What are you waiting for? ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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😒 “I have an emergency fund already, I’m good”
🤔 Okay, but do you have any long term savings?
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😒 “I have other things to focus on at the moment”⠀⠀⠀⠀⠀
🤔 Understandable, but do you want to look back on the year and be in the same position you started? ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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😒 “I’m not making any/enough right now”
🤔 This economy is tough, but when you do start making (more) money will you even know where to start? ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Here are some top money resolutions to get started so you don’t let another year go by stuck in the same financial situation: ⠀⠀⠀⠀⠀⠀
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💡 Create a spending plan ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Spontaneous spending is super toxic. It’s all about Intentional Spending. Spend time to think through the areas you need to live (rent, food, etc) and those you really want to focus on (mine is self-care) and carve out a % of your income for each ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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💡Plan your debt strategy ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Throwing a couple hundred dollars across a variety of credit cards will take you forever to pay off. There are many ways to prioritize debt, but the main ones are the avalanche method (start with most expensive debt) and snowball method (start with the smallest debt). Both are good for different reasons, but ultimately choosing a method will keep you focused and motivated ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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💡Build your emergency fund ⠀⠀⠀⠀⠀⠀⠀⠀⠀
This should be at the TOP of your list if you don’t have at least 3 months of expenses covered, especially in this economy. If we’ve learned anything from 2020, it’s that nothing is guaranteed. Don’t put yourself in a situation where you rely on credit to get you through tough times ⠀⠀⠀⠀⠀⠀⠀⠀⠀
💡Make investing a habit ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Investing in your future does not require hundreds of dollars to invest in the stock market. Start with $20 per pay into a managed portfolio, and work your way up as you gain more confidence. Imagine how much you’ll have in 20+ years when retirement hits ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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What is your top priority this year? Drop it below - I want to see something 👀

For me, 2021 is a reset year.
I’m pushing myself to hit higher financial goals because 2020 really showed what we can do with a lot less. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
I didn’t NEED my daily macchiato just to feel productive in the morning ☕️ ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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I didn’t NEED to spend on Black Friday or Boxing Day, or any other day because there was a big flashy sale 🛍 ⠀⠀⠀
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I didn’t NEED to indulge in Happy Hour and appetizers once or twice a week to catch up with friends 🍸 ⠀⠀⠀⠀⠀⠀
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Who knows when this ‘panorama’ will disappear, but I’ve been spending the last part of December writing down my financial related goals in preparation for this new year because it’s really the only thing I can control. ⠀⠀⠀⠀⠀⠀

📌Goal #1: max out my TFSA for 2021
It’s $6000 this year and when I calculated it, that’s only $500 per month or $250 per paycheque. I can totally do that. (My stretch goal is $10,000) ⠀⠀⠀⠀⠀⠀⠀⠀⠀

📌Goal #2: invest in self-care once a week
I completely burnt out towards the end of this year, and it was SCARY. Balancing my 9-5 and Rich Her kept my mind off the pandemic, but I got so consumed in the work that I wasn’t taking the time to pour back into myself. Thanks to the self-care queens I’ve been talking to, I have one day a week where there will be no phone and I’ll indulge in whatever I need to feel complete! ⠀⠀⠀⠀⠀⠀⠀⠀⠀

📌Goal #3: order food just ONE day a week
I have been badddd when it comes to buying food. I know my weakness is UberEats and those days where quarantine had me feeling crazy, I had zero motivation to cook. I don’t even want to share how often but my bank account was telling me, “girl do better”⠀

What are your financial goals for 2021? Drop them below so we can start manifesting ✨