This girl has all the keys you to need to smart spending and financial literacy! Khadija Bingham is the founder of MoneyHoneyCo and she's all about the Benjamin's. Check out her interview and she how she's impacting the community one dollar sign at a time.
"I’ve been challenging all ideas of confidence lately and I’ve realized that it has so many different levels. It’s about being unapologetically you in whatever aspect or area and recognizing that there will be areas of weakness, which means there is always room for growth. You have to view that weakness as a point of growth and believe that you will grow from it."
What inspired MoneyHoneyCo?
"MoneyHoneyCo has been subconsciously in the works since forever. The ultimate inspiration was my upbringing because my parents were no financially literate. Once I became more knowledgeable, it was important for me to share my story so others could engage in the conversation and take advantage of opportunities, such as the ones I missed out on."
What is the biggest mistake that people make with their money?
"Not saving is a huge mistake. People don’t save because they feel like putting $5 away a week is not enough. People set unrealistic goals of saving which causes them to never start. Even if you only have a $1 extra at the end of the week or month...saving is more of a habit that you have to form. Saving is not about the action, it’s about forming the habit."
Give us a few keys to spending responsibly
"Rule #1 Planning Ahead & Budgeting - Creating a budget is how you become the boss of your money. It allows you to tell your money where to go and at the end of the month, you aren’t asking yourself where your money went.
Rule #2 Keep Your Money in Separate Accounts - Have an account that’s strictly for “fun”, an account for bills and an account for saving. Put whatever amount you plan to spend in your “fun” account and be committed to only spend what’s in that account. Similarly, you can go on a “cash diet”. Have a big weekend coming up? Take out all that you want to spend in cash and when you run out of cash, you’re done for the weekend!"
What is your overall outcome for MoneyHoneyCo?
"When it’s all said and done, MoneyHoneyCo will have involved into something bigger than a blog. The goal is to turn the blog into a financial group for people who look like me...give them advice, do taxes, and help small businesses with all that they have going on. I want to turn it into a boutique finance group and give people access who wouldn’t normally have it."
What footprint do you hope to leave on the community?
"I just want to start the conversation about financial literacy in underrepresented communities. Once you start to talk about it, people start to get serious. If we aren’t talking about it, we aren’t doing it."