💸 December Reflections 💸

🔍 In this Issue

• Do you have a will in place?

• Reflecting on 2024

• How Black women collectively survived the Great Depression

• Introducing Something New

Need to catch up? Read our latest issues here.

This Week’s Money News

👛 Wallet Watch

• 🟤 These kids know as little about money as I did when I was growing up. Here’s why it’s important to teach financial literacy early.

• 🟤 You all have heard me say ‘start local’ before. This is an excellent write-up on how local politicians directly impact our day-to-day finances.

• 🟤 Black folks weren’t always allowed to have wills in the U.S. As such, a lot of our wealth got stolen. You don’t need to be wealthy to have a will. Here’s how having a will could help decrease the racial wealth gap.

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Fiscal Focus

💸 December Reflections

Well, that went by fast! 🚗💨

Somehow, it’s December. 2024 was the fastest and slowest year I’ve had in a while. 2025 is right around the corner. With that, I’m already getting prepared financially. Here are some quick reflections to help you prepare for the new year.

Over the next four weeks, take 20 minutes per week to think through these questions to help you prioritize and clarify how to prepare for 2025.

1️⃣ Week 1 | December 1 - December 7
Who’s on my personal finance team? Who’s doing a great job? Who do I want to move on from?

For this question, think CPAs, Estate Planners, and other experts who may be on your money team. If you don’t have any of those people in place yet, that’s ok! The following questions will help you prioritize who to look for in the new year. If you have your team established, ensure you’re getting what you need from these relationships. Your money team is here to help YOU, and you should feel confident that they have your best interest in mind. 

2️⃣ Week 2 | December 8 - December 14
What money goal am I most proud of hitting this year? Why? How did it change my life? 

No matter how ‘big’ or ‘small’ your money goal was, celebrate! Hitting money goals is a big deal, and each goal gets us one step closer to the lives we’re envisioning for ourselves. Be proud of yourself here and recognize your hard work and commitment. 

3️⃣ Week 3 | December 15 - 21
What money habit from the year do I want to leave in 2024? Why? What habit do I want to replace it with? 

For this question, only pick one habit. Some of us can be highly critical and create a never-ending list of things to improve. This is not the space for that, and that method is ultimately unproductive. Give yourself grace. Be sure to choose one habit, then decide what you’d like to replace that habit with in 2025. Don’t forget your replacement habit! It’ll be more challenging to drop the undesired habit if you don’t fill that space with something more aligned.

4️⃣ Week 4 | December 22 - 28
What’s one goal you want to achieve with your money next year? Why is this goal important to you? What will be the impact of reaching this goal next year?

Again, no matter how ‘big’ or ‘small,’ your goals are valid. If you want, set a two-minute timer and jot down everything you want to achieve. Then, choose one thing from that list to focus on. Make sure the goal is SMART - specific, measurable, achievable, relevant, and time-bound. 

Every Sunday, I’ll take 20 minutes to complete my money reflections for this year so I can share them with you here each Monday. I’m really excited to complete this exercise with you this year. It’s always enlightening for me. I hope it’s of value to you, too. Happy reflecting!

Vocab, Mindfulness, and Quick Facts

💰 My Final Two Cents

💬 Money Vocabulary:
Financial Plan: A financial plan is a document that details a person’s current financial circumstances, their short- and long-term monetary goals, and their strategies to achieve those goals. It can help you to establish and plan for income and spending, debt reduction, and fundamental needs such as managing life's risks such as those involving health or disability. Read more here.

🧘🏾‍♀️ Mindful Money Prompt:
Were any of the above questions difficult for you? Why? What came up when addressing these questions?

📠 Money Quick Fact:
In December of 1933, the U.S. was at the height of its Great Depression. The National Association of Colored Women drove economic programming to promote financial resilience and empowerment among Black women. The group organized savings clubs, community funds, and strategized broader efforts to combat the economic challenges that disproportionately affected Black folks in the U.S. The group focused on financial literacy, education, and civil rights with the motto of “Lifting as We Climb.” The coolest part? The NACW still exists today. Read more here.

Celebration Syndicate

🎉 Introducing a New Way to Celebrate You

Did you get a higher-paying job, pay off a credit card, or meet a savings goal? No matter what your money accomplishment is, we want to celebrate you! Share your money wins here for a chance to have them featured in future newsletters and on Ed. Opal socials!