This is a compensated campaign in collaboration with CHASE and #WeAllGrow Latina Network.
It’s Hispanic Heritage Month and it’s a time where I always remember my abuelita, Marina. She was always so passionate about who she was and made sure us kids knew about our culture and where we came from. To celebrate, I’m honoring her and my grandfather by sharing the financial tips that I learned from them. They’re tips I hope to pass on to my children one day.
Save for a Rainy Day
Warren Buffet once said:
Do not save what is left after spending, but spend what is left after saving.
I believe that saving is important and even though it is a struggle to save when you’re living paycheck to paycheck, my grandpa would make sure to remind me of how important it was. I try hard to keep up with a money saving challenge every year to make sure we have some money set aside for emergencies.
You can see that I don’t meet my goals every month, but I save as much as I can. Some months come with extra expenses, which leads me to the next tip.
Budget and Plan Ahead
I don’t remember a lot about our finances while my abuelita was still around because I was only about 8 when she passed away, but as I grew older I started to pay more attention. I remember my grandpa and mom sitting down once a month to figure out and pay all the bills and prepare for things like Christmas and summer vacation.
Now both of my grandparents are no longer with us, but I still do this with my mom once a month. We use a monthly planner for our household bills and I keep track of my business expenses in my planner. When my mom and I sit down, we make sure to account for all of our expenses. One time, we forgot to include the car registration and inspection. It sneaked up on us and caused a headache for the month because we didn’t set the money aside, but now we have it marked down so we don’t forget the next year.
Protect Yourself & Prevent Fraud
My grandfather was pretty old school and he had to have everything in writing. Every bill and bank statement was organized in a filing cabinet. Important documents like birth certificates, life insurance policies, and shot records were kept safe in metal safety deposit boxes that needed a code to be opened. Every few years my grandpa would burn all the papers that were old and he no longer needed.
But times changed. It was hard for him to accept, but in 2010 we set up a family email and by 2011 all the bills he and my mom were paying by check were now paid online. We also have it set so that statements are delivered to us electronically instead of by mail. I’ve heard of fraud and identity theft occurring because of stolen mail and the thought of it is kind of scary. Anything we don’t need that has personal information of ours we shred, especially credit card and loan offers because they contain sign up codes that strangers could enter on the website and sign up for offers without your knowledge.
Signing up for electronic statements is a tip that Brittney Castro, CHASE’s Financial Education Partner, shares in her Three Simple Steps to Help Prevent Fraud video.
CHASE has you covered when it comes to fraud with 24/7 monitoring, Embedded Chip Technology and more. You can get more information about Fraud Security from CHASE on their website. You can also join the conversation on social media using the #FraudIQ hashtag.
What do you do to prevent fraud?
This is a sponsored conversation written by me on behalf of CHASE. The opinions and text are all mine.