ATLANTA — Financial advisor Tamekia Fallin discussed budgeting and credit score management, and previewed an upcoming financial literacy workshop series presented in partnership with the National Council of Negro Women.
Fallin, who works with World System Builder, said having the right mindset is important before addressing specific financial topics.
“One of the most important things is having a mindset of wanting to do better, to expand your financial knowledge and build a brighter future,” Fallin said. “Most of us only know what we learned during our background, our family, what we were educated on, maybe even what we learned through our neighbors or friends or coworkers. And, you know, to be frank, it’s not enough.”
Budgeting tips
Fallin said everyone needs a budget, regardless of income.
“I believe that every dollar should have a purpose. Every dollar should have somewhere to go,” Fallin said. “You have to be intentional. So I would say, first, have a budget.”
Fallin said a budget should be reviewed monthly, not just planned once.
“You start with the initial budget, but then you monitor where your money is going,” Fallin said. “And if you don’t have the financial knowledge, you need to definitely work with a financial advisor or financial professional.”
Fallin said a financial professional can help with short-term, midterm and long-term goals.
Credit score factors
Fallin said several factors affect credit scores, including length of credit history, balance-to-limit ratio, on-time payment percentage, and credit mix.
“If I’m keeping my spending lower than 30%, then that is going to positively impact my credit score,” Fallin said. “But if I’ve spent up my full limit, right, meaning I don’t have any room to buy anything else, I have $10,000 limit, but I’ve spent $10,000, then that’s going to negatively impact my credit score.”
Fallin said on-time payments also affect credit.
“A lot of people will get credit, especially if they’re young, and they don’t realize that you have to pay those things back and you have to pay them on time,” Fallin said. “And if you don’t, right, that will negatively impact your credit.”
Fallin said credit mix, or the types of credit lines a person has, also plays a role in overall credit score. She said better credit leads to more favorable loan terms and interest rates.
“I’ve seen a difference between a 7% credit interest rate on your credit card, and I’ve seen people have as much as like almost 40% interest that they’re paying,” Fallin said.
Upcoming workshop series
Fallin said World System Builder is partnering with the National Council of Negro Women on a series of financial workshops over the next several months, held monthly via Zoom at 7 p.m.
The dates are Sept. 2, Oct. 7, Nov. 4 and Dec. 2.
Fallin said the workshops will cover building savings and wealth, increasing cash flow and managing debt, holistic protection for life, health and disability, and long-term goals such as retirement and college funding.
Fallin said her organization has educated more than 8 million families.
Registration is available through the resources listed in the image above. Participants can register for individual sessions rather than the full series.
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