I Got $5 on it: How Single Black Women Can Overcome Their $5 Median Net Worth

Back in March many people were shocked when a study revealed the median net worth of single black women was... a whopping $5! That means that if half the black women polled bought a happy meal at McDonald's, they'd blow their life savings.

There are scores of reasons why black women are in this financial situation. Predatory lending. Unequal pay. Social Injustice. Sexism. Racism. It's not fair. It's not right. It's our plight. So the question remains, what do we do in the mean time? We can continue to gripe our about problems and wait for the slow process of progress, or we can make some changes ourselves. I firmly suggest the latter. Here are seven things single black women can do to increase their net wealth today:

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Smart Money Tips

$5.00 Easily Spent:
A five spot can easily buy a value meal from any one of your favorite fast food joints or a hoity toity coffee from a barista named Genevieve. But think about what that fast, fried, sodium and/or sugar-laden junk is actually doing to your health.

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Smart Money Tips

$5.00 Spent Wisely:
Why not take the five bucks to the grocery store? You can easily prepare a tuna casserole; fritatta with leftovers; Mexican/Caribbean dinner containing rice, beans/peas, plantains & salad; rotelle or any fun-shaped pasta with frozen veggies (add olive oil, seasoning & a little cheese) to make your family a nutritious meal. Quality family time is worth far more than a #2, don't you think?

Smart Money Tips

$10.00 Admits One:
A dimesky (a name someone gives it when he wants to borrow -- somehow lessening the ask) will get you in to see the newest flick 'At a Theater Near You.' But it will only get you ONE ticket. Anyone going with you is on their own.

Smart Money Tips

$10.00 Stretched to the Limit:
If you wait a bit, the 'newest flick' can usually be seen on DVD within a month or two. It may/may not be available for $10.00 but if you head to the bargain bin at a Walmart, Target and other similar stores, you may just snag two or three really good DVDs for the price of ONE $10 movie ticket!

Smart Money Tips

$20.00 Bucks to Betterment:
Who doesn't like to ride in style? Doesn't your car just seem to handle better when it's squeaky clean with a vacuuming, high-gloss wax, tire treatment and under chassis cleaning? Suuuuure it does. But do you want to spend $20 on that?!

Smart Money Tips

$20.00 Better Spent Elsewhere:
If Palmolive dish detergent is 'tough on grease, yet gentle on hands' that means it should be perfect for cleaning one's car. Your car deserve a little more pampering? Head to the auto parts store and buy a few supplies. But the big plus here is you can take your son, daughter or significant other along with you to the coin car wash. Better yet, if you're set up for it at home with a hose, bucket and sponge, all can enjoy some real fun along with the promised benefits of cardio activity.

Smart Money Tips

$50.00 to Feel Good:
Let's analyze pampering. 'Fiddy' might get you a 30 minute massage or the manicure/pedicure works from the nail salon. Everyone who works hard deserves to spoil themselves from time to time. But if this really isn't your bag and you'd prefer weighing other options...

Smart Money Tips

$50.00 You Can Keep:
Buy your own products, most of which you may already have in your closet -- you junkie! Invite friends over for a pampering party OR -- why not plan a special evening for you and your mate to pamper each other? You can even throw in a bottle of wine. The Pinot Grigio Santa Margherita is less than $20.00 and "c'est magnifique"! Disclaimer: Cost of a babysitter not included.

Smart Money Tips

$100.00 Wasted:
One hundred, or in rap lingo, a Benjamin, used to mean something back in the day. But in terms of transportation today, you may be able to fill your SUV's gas tank with it. Emphasis on MAY. Depending on where you live, this may be a necessary evil. However let's weigh the options...

Smart Money Tips

$100.00 Put to Work:
You can buy a tank of gas for your SUV and possibly eke out 200 miles on that investment OR you can purchase the bike that you've been promising yourself and hit the road, Jack. (Great cardio.) Walking and/or public transportation works as an alternative as well.

Smart Money Tips

♦ Get interested in your financial well-being. In sum, educate yourself. Whether you borrow or buy a book on financial literacy, such as Lynnette Khalfani-Cox's 'Zero Debt: The Ultimate Guide to Financial Freedom,' attend a seminar or conduct your own research on the Internet, take the time to understand your finances – no matter how limited they may be.
♦ Take inventory. Make the time to add up all your debts (credit cards, mortgage/rent, monthly bills, etc.) and assets (life insurance policies and items that are fully owned). Itemizing them will give you a full picture of your financial circumstance.
♦ Create a plan. Once you know where you are, it's easy to figure out where you want to be. Set realistic goals for saving and debt reduction. Automatic payment and savings plans are great options for those who lack the discipline to stick to a schedule.
♦ Be committed. Paying off bills may require skimping or downsizing. Do you need a smaller car? Can you nix bottled water? Are you willing to stop buying expensive sneakers or name-brand clothing and simply opt for quality? Are you willing to car pool? Get a part-time gig? Look into increasing or changing your skill set? All of these modifications will free up pennies, then dollars, for you and your family.
♦ Debt? Don't Do It. Yes there are certain things that require debt, such as mortgages and car notes. But many things don't. Resist the urge to shop on with credit cards – use cash instead. This small habit will ensure that you operate within your budget.
♦ Fight temptation. We live in a time of instant gratification, so people expect to be able to drive nice cars or live in a big house without having the money for it. If that reality isn't attainable, many fill that void with other indulgences, such at dining out or shopping. Whether you're hitting up Bloomingdale's and Benihana's or Wal-Mart and the local Chinese restaurant, it is important to make good choices. Can you afford this meal or dress? Is the money better spent on a bill or should it be saved? Stop and think before you buy.
♦ Call 'em out. Don't be afraid to report lenders who offer you high-interest loans. Call the Better Business Bureau and your local news station to put the company on blast! And, of course, do not take out these predatory loans.

A trained life coach, S. Tia Brown has spent the last 10 years following her passion for journalism as an editor, writer and TV correspondent. Brown has worked for CNN, E!, MSNBC, the New York Daily News, Essence and Black Enterprise. Most recently she served as senior editor for In Touch Weekly magazine. Check out her advice column Do Better, Be Better at www.tiabrown.com.