Money Saver Challenge

Black Americans Spending Power $1.1 Trillion Annually

Black Americans spending power has reached $1.1 Trillion a year. However the majority of the $1.1 Trillion is being spent on depreciating personal possessions. Black people make up 13.1% of the total United States population, approximately 43 million people. In September 2013, Stacy M. Brown posted in the Washington Informer.com website titled, “Big Spenders, Small Investors:  Blacks Have Little to Show for Hard-Earned Dollars.”  In that article, Ms. Brown writes, “If Black America were counted as an independent country, its wealth would rank 11th in the world.  However, Black Americans continue to squander their vast spending power, relegating blacks to economic slavery instead of financial freedom".

Despite our collective spending power every other community seems to benefit from Blacks spending except the Black community.

• Black owned businesses only get about 2% of Black Consumer Dollars. 
• In its present state our spending power is the ability to generate money for corporations and other ethnic groups.
• Adding insult to a travesty, although Blacks make up 13% of the U.S. population, small businesses owned by Blacks only constitute 7% in the nation.

Significant Starting Point for Black People
​Take Control of our Personal Spending

The Money Saver Challenge (#1)

As it stands we as (Melanated people) squander our $1.1 Trillion purchasing power annually and have virtually become economic slaves. Corporations and other ethnic groups benefit from our spending at a rate of 98% while Black Businesses are only receiving 2% of Black consumer dollars. Yet, we claim we want our conditions to change here in America. The change has to start from with in! We must change our habits if we want to prosper as a people.

The Money Saver Challenge lays out a plan to help us take control of our personal spending. Step 1) Pick a start and end date Step 2) Get a notebook to create an Expense Journal Step 3) Track and total ALL daily transactions by identifying the necessities, identifying when you shop with black businesses, and identifying ALL WASTEFUL Spending Habits. Step 4) Review wasteful spending amounts to see how much money you are squandering away daily. Step 5) Reduce or Eliminate poor spending habits. Instead use the money you had normally wasted to start savings/investments, debt elimination, community building, and shopping black businesses.

The Money Saver Challenge IS A 9 MONTH activity broken up in (3) consecutive 90 day time periods. We want to literally give birth to a renewed mindset by implementing financial discipline. If we struggle with discipline add solidarity and be steadfast! This personal act of change will create a ripple effect across the nation. Successful execution of "The Money Saver Challenge" will also have a direct impact on the overall economy. If we discontinue/decrease our poor spending habits and start to conserve our dollars and save, we can slow down other communities financially benefiting and redirect the benefits towards the Black collective.

Debt, lack, and poverty are a enemy that we can overcome, but we must face it. Doubters will speak out and they will primarily be our very own brothers and sisters. A Black person is often the first person to tell another Black person about what "We" cannot do and "Why" we won't succeed as a people. No matter what they say, know this "We are in perfect position to change our conditions" Ignore the Naysayers and let's get to it straight away. We are Victorious!
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Key definitions to keep in mind.
Conservation is defined 

1. Prevention of waste, loss, or injury; preservation.

Necessity is defined
     1.  An imperative requirement or need for something. An unavoidable or inevitable need to do something; not by choice.

Habit is defined
        1.  Addiction; An acquired behavior pattern regularly followed until it has become almost involuntary.

Discipline is defined
        1.  Activity, exercise, or regimen that develops or improves a skill.

Solidarity is defined
     1.  Union or fellowship arising from common responsibilities and interests between people, classes. ​

Example Necessities ​

Emergency Savings Fund, Outstanding Debt Payments, Rent/mortgage House, House Utilities, House Expenses repair/insurance/taxes, Household items Toiletries, Kitchen Supplies, Child Care Expenses, Healthy Food/Groceries, Stock a Pantry, Emergency Supplies, Car Usage, Car Insurance, Monthly Enjoyment Activities, Internet, Health Coverage, Alternative Medicine, Life Insurance, Fitness, Recovery, Business Expenses. When possible purchase with Black Businesses. ​

Black People Spend the Bulk of our $1.1 Trillion on...

Examples of Wasteful/Unnecessary Spending Items

• Reduce television exposure
• Stop watching TV (Television shapes your reality. Clear your mind of manipulative distractions)
• Reduce cable channel subscriptions 
• No Cable TV 
• No new electronics unless broken, lost, stolen, or need for school, work, business, or first time buyer (Includes television, cell phones, laptops, speakers, and etc).
• Reduce Utilities by using power saving methods
• No lottery or scratch offs
• No Casino
• Reduce beer/liquor/wine consumption
• Stop drinking All alcohol
• Reduce cigarettes
• Stop Smoking Cigarettes
• Reduce tobacco products
• Eliminate Tobacco Products
• ​Reduce recreational drug use cocaine, marijuana, pill popping  etc.
• Quit Using ALL Drugs
• Reduce or Eliminate Drinking ALL carbonated beverages, juices from concentrate, Koolaid, chocolate milk, coffee etc.
• Reduce or Eliminate Junk Food
• Reduce fast food
• Stop Eating Fast Food
• ​Reduce restaurant dining
• No Strip Clubs
• No Expensive Eyewear
• ​No Tricking your Money
• Reduce or Eliminate Spoiling your children with expensive clothes, shoes, toys, and electronics

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• Reduce or Eliminate Holiday Shopping.
• Give your mind a Break from all the Money, Clothes, and Hoes, Turn-Up Drug Abusing Music, Reduce or Eliminate Exposure to Trap, Gangster, Music, Ratchet Music etc,
• No Hair Weave Sew-ins
• ​No Expensive Hair-dos
• No expensive designer clothes
• No expensive designer bags
• No Expensive Sneakers
• No Expensive Women's Dress shoes/boots
• No Expensive Jewelry (watches, necklaces, bracelets, rings, chains)
• ​No Plastic Surgery
• No expensive perfume/cologne
• Reduce ALL Meat Purchases 
• Reduce trips to the movies 
• Reduce clubbing/partying. Spend quality time with family, loved ones, network, read, and use your imagination to be creative.
• Reduce or No Shopping Trips
• Reduce or No online retail shopping
• Reduce ALL Miscellaneous spending​
• Reduce Beauty Supply Shopping
• Reduce Dollar Store, Family Dollar, Pharmacy, Liquor Store, Convenience Store, and Gas station Store  Shopping

The Strategy 

Goals 
​Break poor purchasing habits. Give birth to a New Collective Conservative Spending Mindset. Replace language like "I can't afford to save" with I CAN create a budget! Prepare our minds for future Group Economics and position ourselves to forward as a people. Pass this along and Share this plan with your family, friends, coworkers, and colleagues, and ask them to do the same. 

Objectives 
​Start and Successfully Finish this Money Saver Challenge! We will Collectively Spend Conservatively for a 9 month period, reducing and or eliminating frivolous spending habits while generating savings. We will manage our Cash Flow. Where we once lacked discipline to spend wisely, we will add  solidarity with our discipline and be diligent with sticking to it. We will Shop with Black Businesses when at all possible!

Tips

Always, Always, Always Pay Yourself First. Pick a percentage from %5-30 and any time you receive money deduct the percentage you selected and take that money off the top and save it. For example if you picked %5 and you received $500 you would Pay Yourself $25. Do not keep the money you pay yourself with any other money, it should be separate from your bills, expenses, regular savings etc. You will be surprised how quickly this money will add up. There are many creative ways to create additional savings. For example you can save $1 a day, that's $365 for the year! We have included a couple Additional Savings Strategies we encourage you to incorporate.

Savings Strategies

Additional Stats on Black Spending

Faith Communities Today, a nonprofit based in Hartford, Conn in a 2013 study revealed that Black churches have collected more than $420 billion in tithes and donations nationwide since 1980, an average of $252 million a week.

In 2009 Black America had $836 Billion in Total Earning Power, only $321 Million Spent on Books while $7.4 Billion Spent on Hair and Personal Care Products and Services.​

BLACK POWER

• Studies predict if Black Consumers spent 10% more of their income in Black Businesses it would generate 1 Million jobs for Black Americans. Stating, after the government, Black Businesses are the biggest employer of Black Americans. 
  

The “Million Dollar Black Spending Power” campaign wants all Black American consumers to spend $20 a more a week at black-owned retailers. Estimating that $1 million will be spent in Black American communities if we all support this effort.

WE AS BLACK PEOPLE ARE CHALLENGING OURSELVES TO DO BETTER NOW!​
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