By Andrea Stevens
AFRO Staff Writer
astevens@afro.com
Each year Financial Literacy Month, recognized annually in April, presents a time for money matters to take center stage. There are many ways to pinch a penny and save for emergencies. To gain insight, the AFRO asked everyday people how they manage their finances and budgeting. Take a look below at how people in the D.C., Maryland and Virginia area (DMV) save their coins for a rainy day.
Sydney Robinson, 28
Prince George’s County native
Title clerk
“Due to rising costs, I have to put more money toward groceries and medical expenses. Everything else stays the same for entertainment and beauty. Outside of food, medical and rent, I budget in case my landlord raises the price. A money-saving habit that helps me is bringing cash when I go out because if I take my whole wallet– I’ll spend the whole wallet. I don’t have an emergency savings account. I have money invested and moving for me, but no savings stack. I feel like we can’t afford to just hold money—it either has to be moving like an investment or we’re spending it.”
Dominique Johnigan Simmons, 39
Baltimore City native
Senior researcher
“I shop sales and plan my meals around what’s discounted that week. I also have a deep freezer to stock up on meat when we have extra cash. A money hack I use is sending money to a bank account I don’t have immediate access to every pay period. If I want to withdraw, I have to go through a lot of hoops, which helps me keep it saved. I also have an emergency savings account for things like car problems and my son, Pryce.”
Ashton Penny, 32
Baltimore City native
Owner of landscaping and junk removal business
“I live below my means. I use options like Afterpay and Klarna to purchase almost everything so I’m not spending all at once. I keep my needs high and my wants low, keeping my overhead as minimal as possible. I eat in more. I save all my one- and five-dollar bills and coins at the end of each day. You’d be surprised how much you can save just by starting small, but I do have an emergency savings account.”
Taylor Pledger, 30
Baltimore City native
Office manager
“I’ve adjusted my budget by cutting back on eating out, even though I love to. I also buy in bulk and plan how much we’ll spend each month. A money-saving habit that helps me is telling myself no. I remind myself, ‘Do you want to be rich later in life or broke now?’ That always works. We also have a family emergency savings account. Every paycheck we both put in about $50. We should increase it, but that’s the amount for now.”
Brandon Pennix, 31
Baltimore City native
Insurance restoration consultant
“I cut out a lot of fun and work more than I should. I have to work harder because I’m in sales and if I don’t earn it, I don’t eat. A money-saving habit I use is withdrawing cash from the ATM. Every time I pay for something, I save my dollar bills for when I need them later. Right now, I don’t have any emergency savings. I’m living paycheck to paycheck.”
Tisha Moorer, 28
Washington, D.C. native
Retail supervisor
“One way I’ve adjusted my budget due to rising costs is by buying generic instead of name brands. If an item isn’t on sale, I probably won’t buy it. A money-saving habit that helps me is avoiding impulse buys. If I want something, I don’t buy it right away. If I still remember I want it in three months, then I get it. I have an emergency savings account, which is really important. I try to put money into it every check—whether it’s $5 or $30—it adds up.”
Correction: An earlier version of this article incorrectly stated that Ashton Penny does not have a savings account. He does, in fact, have an emergency savings account.