Hello Queers!
First, you survived! I know it’s been a long, hard road but you are alive and that counts for so much.
To quote Canadian indigenous writer Leanne Betasamosake Simpson: “Strong communities are born out of individuals being their best selves.” Our communities have existed under enormous economic and social struggle for the majority of time in this country— but we can start to change the tide and build individual and generational wealth with these tips and tricks that I have accumulated throughout my life.
My name is Fox Squire and I am a freelancing queer and proud home owner with a credit score of over 780 and zero credit card debt. I hear many of us talk about the financial hardships of being queerfolks, and it is a sad truth we must contend with. Queerfolks face disproportionate economic challenges due to systemic discrimination. According to the Center of American Progress, 15% of transgender people report making less than $10,000 per year, a rate of poverty that is nearly four times that of the general population. Additionally, in an Experian survey of 1,000 Americans split equally between LGBTQ and heterosexual, cisgender individuals, 44% of LGBTQ respondents said they had difficulty maintaining adequate savings, versus 38% of the general population. These are dire economic challenges that we must face, but I am living proof that you can change your financial status.
When I started this journey, I owed thousands to multiple credit cards and utilities, had a credit score of approximately 550, and was renting while working a 9-5 job. All I wanted was to own a space, and after a lot of stumbling I figured out what steps were needed to reach that goal. The financial road was hard and unsteady, but it is my hope that by revealing how I got here, you all can achieve your goals sooner and with less difficulty.
With a demonstrable lack of opportunities in job access, social equity, and education, the LGBTQ community has struggled to retain their wealth. This is why I feel compelled and empowered to share my journey and findings with you all: so that we can all create a better and more financially secure future.
“So How Did You Do It?”
These are my 3 main thoughts
1. Start where you are:
What amount do you owe? Who do you owe it to? Accurately assessing your current financial situation is the first step to improving it. Make a list of your debts with as much information as possible: the creditor, the total amount, monthly payment, interest rate, and due date. Having all of this information in front of you will allow you to see the big-picture and gain a better perspective of your financial situation. Next, ask yourself: Where do you want to be financially? Decide what’s important to you and think about both short-term and long-term financial goals. For example, paying off your credit card debt completely or saving for retirement might be a long-term goal, while establishing an emergency fund of $800 could be a short-term goal that you can attempt.
2. Use what you have:
How much money are you making each month, week, day? What are you spending your money on? BE HONEST! Track what you actually spend, not what you think you should be spending. By tracking your spending, you will be able to identify what you spend the most money on and where you might be able to cut back. It may seem like a lot of work at first to itemize all of your expenses, but it’s absolutely essential: if you don’t know where your money is going, you won’t be able to make the adjustments needed to improve your finances.
3. Do what you can:
SAVE what youneed to pay your bills and budget out all your money. Start with the most important categories first: food, rent, utilities, basic personal needs, and transportation. Once you have the necessities down, you can begin allocating your money to other areas. As you work out your budget, remember that every little bit counts: even small changes to your spending habits can have significant long-term benefits. It may be hard, but by creating and sticking to a budget, you are working towards achieving your goals!
Discipline comes into play when creating a financial plan for yourself. It is your own self control that will make this all possible.
When you think about overspending or not saving, ask yourself this:
“Is this more important than my dream?
Is it better than reaching my goal?”
I know this is easier said than done, so never be mad at yourself for slipping up. We are human and we are bound and allowed to make mistakes. There is just as much space for you to succeed as there is for you to fail. So be patient and gentle with yourself even if you don’t always get it right! Just keep to your plans and it will keep you moving forward. Remember that slow progress is still progress. Sometimes making a change can be hard and we need someone to help hold us accountable for our decisions. If you are looking for somewhere to talk to others about your financial ups and downs, feel free to join my small group FAITH & FINANCE. We offer support, knowledge, and a safe space to live and learn as you go.
Lots of love,
Fox Squire
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