Visualization is Key

What’s the key to success? My mom told me that vision gives you power, encouragement, and will power to assign and reassign your dollars. You have to give your money a name and a purpose. You have to employ your money… Let it work for you.

I know I have mentioned the Money Management tool on the PenAir virtual banking site before, and I’ll mention it again. I’ve realized that when I was not adding up how much I spent each month on different things such as dining out and online shopping, the money spent seem to be like water under a bridge. You know you spent the money in the past and more will come in, and you will just keep moving without giving it any extra thought. Boy is that conceptualization different when you can actually visualize the amount spent.

Visualization is my inspiration for this blog — How good of an employer am I for my money? Solomon, my son, opened his account and he was so excited. The first thing he did was go purchase a $1 beverage from a fast food chain just so he could get the enjoyment of swiping his card. Next thing you know, he was ordering pizza. When the money was depleted, he said to me, “Mom, I really enjoyed the food while it lasted but now, I am broke!” So, the next time he earned some money from mowing my parent’s lawn, he immediately placed it into his account, and he promised himself he would be more diligent this time. I can proudly say that this week, he has more in his account than before and if he so chooses to purchase something, he could. He has learned to budget his spending. He was starting to visualize where his money was going.

My daughter, Zoey is diligently collecting coins so that she can run the coins through the coin machine during our next visit to the Airport branch. That was the highlight of her life when Ms. Amber showed her how to feed her coins to the machine and turn it into a piece of paper that went into her account as Zoey puts it. She was able to see where her money was going and how much she has saved.

At the last meeting, we planned to start preparations for a 90–day CD and start working on increasing my credit score with the proper credit card utilization skills that Amber and I discussed. The 90–day CD is how I plan to employ some of my money. I already have a few dollars in employment via the Christmas Club account. I recruit new employees (money) each week. I am at the point that if I feel the urge to go out to eat, I either place the amount I would have spent into my Christmas Club account or my Personal savings. I would rather see those bubbles grow larger and get closer to present day on the goal’s pathway in the money management tool as opposed to the spending bubbles on the budget graph.

As far as the credit card is concerned, I was totally nervous the entire time she was processing the application for the credit card. I did not think I would qualify given my current score and the student loans that were on my account. And guess what! I did and I was approved. I will now use less than the 30% of the credit for a monthly subscription to alleviate a high cable bill and pay the balance each month. This will help me improve my credit history and score!

The next thing I took care of was an old balance due on my credit report. We discussed in a previous meeting that I should pay off a recent debt that had already charged off. It was for a very small amount. I should have tended to it a long time ago but as you all know, out of sight out of mind, right? When I called the company to pay off the debt, it felt really good. It took about a week and a half for the paid amount to appear on my credit report. That was one of the most satisfying sights. I use a few tools to monitor all three of my credit reports and Fico scores and such.

I never knew there were so many parts that go into calculating your credit scores. Nor did I know that there where many factors that are used for different things like purchasing a car or a home or applying for a credit card. Once again, I can see/visualize the scores and information that represent me financially. When you can see it, you can take ownership of it and you tend to want to take control. It is when you cannot see that you do not pay attention. It then controls and takes ownership of you!