‘Take a deep breath.’
That’s the number one thing to do when confronted with a challenging financial situation, says Jalen Catalon, University of Arkansas student athlete and Ambassador for America’s Car-Mart. Jalen has a name, image & likeness (NIL) agreement with Car-Mart.
“The biggest thing to do when you’re feeling overwhelmed by money situations is take a deep breath,” Jalen says. “Don’t let the situation overtake you, so, you don’t make decisions out of desperation. Get comfortable with the situation. Talk with the right people.”
As a student-athlete, Jalen not only has to manage his time, but his money. He says its important to think about budgeting and plan for the future.
For instance, if you’re considering buying a car or even house, know how you’re going to maintain it. “Being a homeowner comes with responsibilities, and so you need to understand what it will take to take care of a home,” says Jalen.
Jalen’s three simple tips for budgeting
Budgeting is all about the future:
1. Figure out a budget.
Have a plan. Talk it out with your loved ones. Get some advice from a credible source or financial advisor. Know what goes into budgeting. Know what a smart budget is.
2. Determine what you need for your expenses.
Know the amount of money you must have to make your rent or mortgage payments, car payment and utilities. Then determine what you need for groceries and other mandatory items.
3. Determine what you can put away.
Take a certain percent out of each paycheck for savings. Save it for your future, or an emergency.
Jalen’s money advice
As a kid, Jalen received some great money advice: ‘If you can’t buy it twice, don’t buy it at all.’ “Many times, this has kept me from buying things I really can’t afford,” says Jalen.
Car-Mart will help you budget
“And when it comes to Car-Mart, feel comfortable about going to Car-Mart for help,” says Jalen. “Car-Mart will sit down with you and help you come up with a budget that includes your payment for your vehicle. They’ll make sure your payment is manageable.”
So, when it comes to money, ‘take a deep breath,’ and plan and build a budget that will give you peace of mind.
Check out our other blogs about budgeting:
· 5 Steps to Creating a Budget