31 tips for spendaholic black women who want to be better with money


One of the biggest themes in 2011 for me has been trying to build wealth. I finally got out of credit card debt, and all I have to do is attack my overdraft.Here are 31 things we can do in order to be better – me included!

  1. Write down how much you spend on transport whether you use public transport or a car
  2. Make concrete savings goals
  3. Cut down how much you spend on entertainment
  4. Instead of reading entertainment blogs every day, check out some personal finance blogs for women of colour such as Seek Wisdom, Find Wealth and Think & Grow Chick
  5. Create a savings group with one or two friends so you can push each other to work hard to keep saving.
  6. Start a personal finance blog
  7. Whether you live in the UK, the US or Tanzania, make it your job to know the personal finance situation of people in other countries so you can spot the trends worldwide.
  8. If going to the salon is too expensive, only go once a month or do your hair at home
  9. If you love buying hair extensions, consider synthetic hair extensions instead of human hair extensions
  10. Weaves are said to be one of the biggest parts of the black hair spending market worldwide. If you like weaves, only treat yourself to a new weave once every 90 days or so. Save money this way!
  11. Put away 10% of your wages/salary into a savings account
  12. Better yet, open a savings account that has ‘lock-ins’ so you cannot take the money out
  13. Consider whether fashion splurges are worth it
  14. Do not buy expensive designer fashion purchases such as fashion coats if your financial house is not in order, ie you are living in a small flat, still in debt and with no savings
  15. Open a pensions savings account for retirement
  16. Know the difference between bonds, gilts, unit trusts and index trackers
  17. If you don’t, read wikipedia immediately!
  18. Close all store cards to avoid further spending
  19. Buy expensive items in bulk at the beginning of the year (such as perfume and make-up) so you don’t buy them throughout the year. January is sale time so perfumes and other expensive items can on discount.
  20. Realise that hair is not the most important thing in the world – sounds funny coming from a hair/business blog but it isn’t. If you cannot afford human hair extensions, getting a cheaper relaxer or having your hair in Afro can look just as nice.
  21. If you have a penchant for expensive shoes such as Christian Louboutin, only buy them when you have your own home to live in! Nothing looks funnier than a woman wearing £500 Louboutin shoes yet still living at home with her parents!
  22. Don’t believe the hype: if you see someone driving a Bentley or  Lamborghini, always assume they paid for it in cash. If you cannot afford to, use that as your dream to spur you on to save so you can have your own!
  23. Don’t count other people’s money! Focus on building your wealth slowly but surely and don’t subscribe to crabs in a barrel mentality!
  24. Don’t read too much into celebrity money or seemingly financial success. Focus on getting your savings account sorted, instead of worrying about which celebrities are broke, thanks to blogs.
  25. Read celebrity & entertainment blogs in moderation if they make you feel like you can’t afford anything.
  26. Once you pay off one debt, whether it is a credit card bill or an overdue electricity bill, reward yourself by buying yourself ONE ITEM that you have always liked. Rewarding yourself reminds you that you are human and not a robot
  27. Don’t feel obliged to always give hand outs to family and friends. Yes as black people we are collective but that does not mean you have to carry them on your back.
  28. If your dream car is a Range Rover, only buy it when you can afford to pay for it in cash and when you know you can maintain the upkeep.
  29. Don’t let people bring you down with negative energy
  30. Create a fashion budget each month that you cannot go over!
  31. Pay your debts!
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2 thoughts on “31 tips for spendaholic black women who want to be better with money

  1. Great list! I think your list is on point for black women especially, because most are in debt, either have bad credit or their financial priorities are just screwed up. If we stick to a plan and save we can rise above.

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