Why a blog about finances? I have been asked this question so many times. So I wanted to make sure that my why is known. In 2010 I moved to Mobile, Al where I worked for a title loan company. The company paid decent however, when I realized that the saying “the rich stay rich, by keeping the poor, poor” was what I was doing I HAD to quit. One customers story that I will never forget, it was the breaking point for me. This customer borrowed $5000 on her vehicle to help pay medical bills for her sick child. The principle was $5000 and her monthly interest was $500. She paid $500 for a year, when she received her income tax money she came in to pay the loan off. When she asked her balance she started crying, her balance was $5500 to pay off her loan. $5500! Every month that she came in to pay she was told like all other clients that the $500 payment that she was making was interest only. She was told every month that her principle was $5000. If you don’t know what “principle” or “interest” mean it is easy to not understand why you owe $5500 on a loan that you borrowed $5000 on and had currently already paid $6000 on. She relentlessly paid the loan to get the title back to her vehicle, in total she paid $11,500 in 13 months to borrow $5000. What really bothered me the most was that we were required to hang flyers in communities to advertise. What communities do you think we advertised in? If you said low income-majority black communities. You would be correct. My goal to educate and teach those making cents how to SAVE and how to create generational wealth for their families is my mission. Black children deserve to inherit deeds to lands and homes just like children of other races. You can’t do that without knowledge. Knowledge combined with action will change the future for our next generations.
-Budgeting Cents
Budgeting While Making Cents 
My mother would actually borrow from those places often, and even when I was in a pickle and had to pay for a semester of school she advised me to visit her favorite loan place where the ladies were always nice and did anything to help you get what you needed. I QUICKLY realized oh heck naw Ma this ain’t where it’s at. With an interest rate of 20-30% duh they’ll give you what you want. Y’all it took me 4y to pay off that one $2,500 loan and I was paying extra every month! If you can’t afford it right now that’s okay. It wasn’t meant for you right now. Put a little bit aside every week, take your lunch to work once a week and the money you would have spend on food can start your savings! You will definitely get to your goal, may not be in the time you wish but it will definitely be on time. Actually while writing this I realize I need to take my own advice!!! I will definitely be saving my coins at least 3x a week until next March!
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Yes, loans from traditional places like banks and credit unions have high interest rates. Title pawns however, have rates that are astronomical! I have been told since I was a little girl that a bought lesson is the best lesson. As for me I would rather to know how not to “buy” the lesson and save my money for something worth paying for.
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