Tanisha Matthews is the founder of Purpose and Finance. On this episode she shared her story of overcoming challenges and how to effectively manage money. Tanisha focuses and assisting young mothers, families and single men and women with their financial literacy as she had to go through the journey as a young mother, in her early twenties. She became an emotional spender to cope with the stresses of parenting and life in general and so she fell into a little debt from her overspending.
But thankfully through her faith in the lord and through therapy sessions she was able to recognize her overspending habits and to curb them and deal with the emotions behind them. She says that you need to get to the root cause of your spending habits. When you feel stressed and go to the mall, or go online shopping or buying fast-food, or even gambling… People cope with stress in many different ways. You have to figure out what triggers you and when you are shopping ask yourself do you need this? Does it really serve a purpose?
Tanisha is currently focusing on helping her son transition to starting his first year of university. And her future goals are to continue working on her upcoming podcast as well as other projects.
Here are her useful tips to tackling debt:
Focus on daily essentials
Housing i.e. budget for rent or mortgage and consider moving in with family to save money.
Food - look for sales only by healthy food you need, use food banks, and don’t order food to stay on monthly budget.
Transportation - carpool, become a Ubereats or Door Dash driver to earn extra income.
Major bills i.e. credit card, phone, internet, hydro.Clean our your of things you no longer need and can sell
Ge advise from a financial professional at your bank.
Sell good condition items on Facebook marketplace, Kijiji or Ebay.
Get a lower-interest rate credit card speak to your bank.
Get another part-time job: catering/baking, cleaning, babysitting, braiding/styling hair, tutoring and editing documents etc.Connect with her on social media:
Instagram: @purposeandfinance
Linkedin: https://www.linkedin.com/in/tanishamatthews7/
Facebook: https://www.facebook.com/tanishastylish
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