She says it is a choice how and what you spend your money on. Married 21 years and the mother of an 18, 15 and 12 year old she says she is teaching her children the value of money by showing them how to utilize what they have, by not spending unnecessarily and not purchasing and driving brand new vehicles.  “Do what is important to you, and know what you can and cannot do. It comes down to what you value and what matters. The question is, is it a need or is it a want?”     

Stressing the importance of having financial goals and budgeting, Singletary’s philosophy is that you should not buy if you do not have the money to purchase. That includes college tuition.  “You spend more if you use credit and debit.”  Budgeting, she explained helps you know what money is coming in and what is going out.

“Don’t be afraid to save, but be an informed investor,” she advised. “Invest to keep up with inflation, be careful of scams, don’t panic and do your homework.” Knowing how much money you need to retire on is also key, she said siting as a website to utilize to determine the figures.     

A national-syndicated columnist, radio and television host, her column “The Color of Money,” is carried in more than 100 newspapers. She is the author of three books, “The Power to Prosper,” “ Spend Well Live Rich: How to Get What You Want with the Money You Have” and “Your Money and Your Man: How You and Prince Charming can Spend Well and Live Rich.” Known for providing insight into the world of personal finance, Singletary has appeared on NBC, ABC and CBS. The Oprah show, NBC’s “Today Show,” CBS’ “The Early Show,” “Nightline” on CNN, “The View,” “Meet the Press,” the “Tavis Smiley Show” and on PBS.

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