Past Financial Fitness Contest Winners Followed Good Advice
Black Enterprise magazine Fall 2019 issue

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White has also cut her $171-per-month storage unit by moving her former business’s equipment to the $75-a-month garage space that she rents in her apartment unit. She funnels the difference into her savings account and, for the past five months, has been selling the office equipment. So far, she has sold $1,700 worth and put that money in savings.

White kept her gym membership because her job pays $50 of the $189-a-month fee and because of all the amenities the venue provides. She also says she visits her gym four to six times a week.

Advice: Increase 401(k) contributions from 5% to 10%.
How she responded: White increased her contributions to 6% for a total of $240 a month and has about $22,000 in her account. She felt there was not a lot of room in her take-home pay to increase her contributions to 10%.

Advice: Sell second car.
How she responded: White did not sell the car, since it is of no added expense to her. It is only worth $2,800, and she says she’ll use it as a backup if her Chevy Camaro breaks down. Until then, she lets a friend drive it who takes care of all of the expenses.

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