Money & Marriage Mondays - Goal Setting

 

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Goal Setting Together

As a couple, it's a good idea to make goals together. These could be intimacy goals like making sure you have weekly date nights; health goals such as working out together and eating healthy; or communication goals such as intentionally putting down tablets, phones, remotes and listening to each other daily for at least 15 minutes.

I also recommend making financial goals together. What could these be?

• Saving $1,000 emergency fund
• Paying off all debt
• Saving 3-6 months of monthly income for the unexpected
• Saving for a down payment on a home
• Saving to buy a car, in cash
• Saving for a vacation, paid fully in cash
• Saving for kids college
• Saving for retirement
• Giving generously

Write out all of the goals you have. Be specific. Write down a dollar amount next to each item.  Then, review it weekly or monthly and again annually. Visualize it and discuss it together. Change it as the need arises.

This goal setting together brings excitement and hope for the future. As you meet your goals, it brings momentum to reach the next goal. It also results in the two of you drawing closer together. 

Need help to get you started? I can help.

You can master your money... and I can help!  

Contact Michelle Serna by filling out the Contact Me form to the right of this post.

Money Freedom Fridays - Extra Cash For Christmas

Photo Credit: theinkgroup.co.uk  

Looking for extra cash for Christmas?

Check out these ideas from Rachel Cruz.

These are just a few ideas. Drop your comments on your ways to find extra cash.

Statistics show about 40% of consumers use their credit cards exclusively for Christmas gifts and 25% of these are still paying off Christmas debt 10 months later.

Don't let Christmas cause you to go further into debt. But remember to celebrate what was freely given to us, Christ. 

"Keep out of debt and owe no man anything, except to love one another." Romans 13:8a 

You can master your money... and I can help!  

Contact Michelle Serna by filling out the Contact Me form to the right of this post.

Financial Wellness Wednesday - Credit Card Blues

 

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Credit Card Blues

Do yo feel like you are drowning in credit card debt? Can't get ahead?

First step. Stop using your credit cards...for anything... especially anything that is not shelter, basic food needs (not going out), basic clothing, and transportation (fuel and immediate repairs). If you don't really NEED it, don't buy it or charge it.

Don't use the retail store cards anymore. There are no emergencies happening at Macys or Kohls or Nordstrom. These cards have the highest interest rates. Stop giving them your money. Don't be tempted by a really "great deal" and charge it and end up paying twice the amount in interest. Where's the deal in that?

Second step. Get on a spending plan (a budget). This plan will keep you on track with your spending. You have only a certain amount of money coming in each month. You can't spend more than you have. With credit card "spending", it looks like you can, but you can't. And it will catch up to you.

A spending plan can also help you to identify where you can spend less so you can pay off those credit cards fast and help you turn those blues into bliss.

You can master your money... and I can help!  

Contact Michelle Serna by filling out the Contact Me form to the right of this post.

Money & Marriage Mondays - Budget Together

 

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Budget Together

There are many thoughts on how to handle money in a marriage. Some believe it is the husband's responsibility to handle the money. Some say it should be handled by the spouse that is good with money matters.

No matter who is paying the actual bills, the truth is, both husband and wife need to be involved at some level. You are married. You have collective goals. By both being involved in budgeting, it removes the responsibility from being entirely on one person. There is also more accountability to each other for the money coming in and going out. 

One way to be involved is to come together at least once a month to decide where the money is going. It may need to be more often if the money coming in varies from paycheck to paycheck or if something changes. 

It's going to take planning and accountability to be successful with your money. Lack of either of these leads to disagreements and misunderstandings and the "blame" game. Once you decide on the budget, encourage each other to do their part to stick to it. Remind each other of your goals. Imagine yourselves reaching those goals together. 

If you need some direction in getting the budget together or figuring out your goals, I can help.

You can master your money... and I can help!  

Contact Michelle Serna by filling out the Contact Me form to the right of this post.

Money Freedom Fridays - Snowball Debt Payoff

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The Snowball Method of Paying off Debt

This is a great method to getting debt-free. It helps you get momentum which keeps you motivated. 

Check out Dave Ramsey's post:

Dave Ramsey

 

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When you're using the debt snowball method, interest rates don't really matter. Here's what I suggest you do, and why...

List your debts smallest to largest, by total amount owed, regardless of the interest rate.

Then, while making minimum payments on everything else, attack the smallest debt with every extra penny that you can. Once that one's gone, roll what you were paying on that over to the next debt on the list. You'll pay off debt much faster than you ever thought you could.

A small amount of extra interest paid will be nothing compared to the momentum you feel from knocking out those smaller debts one by one and then getting to throw even more money at those bigger debts when it's their turn on the chopping block.

Remember, personal finance is 80% behavior and only 20% head knowledge. This is more about momentum than math. Don't let crunching the numbers on a small amount of interest keep you from actually taking ACTION to pay off your debt.

You have what it takes. Make it happen, and trust the process! When you're debt- free, you'll be really glad you did.

Need help developing a Snowball plan? I can help.

You can master your money... and I can help!  

Contact Michelle Serna now by filling out the Contact Me form to the right of this post.

Financial Wellness Wednesdays - Paycheck to Paycheck

 

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Are you living paycheck to paycheck? 

Depending on what survey you look, anywhere from 50-74% of people earning $50,000 or less are living paycheck to paycheck. And at least 25% earning more than $50,000 are too.

There are many reasons for this, but one is a lack of understanding about money and how to track it. There is a lack of understanding of what interest on a credit card or student loan is and how it compounds. 

Sometimes it is because people are not taught about these basics or sometimes people use the excuse, "I'm just not good with money". 

Unfortunately, a lack of knowledge or a lack of not being good at something does not make the problem of living paycheck to paycheck go away.

The good news is, it's never too late to learn. It's never too late to make a plan to get you free from the merry-go-round of paycheck to paycheck.

You can master your money... and I can help!  

Contact Michelle Serna by filling out the Contact Me form to the right of this post.

Money & Marriage Mondays - Financial Infidelity

 

Photo credit: Investopedia

Financial infidelity?

In an article by James McWhinney, "Top 6 Marriage-Killing Money Issues", he defines financial infidelity as: 

    "when one spouse hides money from the other"

What would cause a spouse to hide money or spending of money from the other? Primarily, it's a lack of communication and a lack of agreement on spending.

Coming together with your spouse to discuss finances should be a normal, regular routine. It doesn't have to take long once you have established a routine.

What does that routine look like? First and foremost, get together to write out all your sources of money and all money going out. No surprises! Get it all out on the table, even if you have never discussed it before. This is the first step to getting past "financial infidelity" and reducing distrust between spouses.

From there, it's a matter of setting up a budget and sticking to it. Meet weekly, bi-weekly or, at a minimum, once a month for a quick overview of where your money went and what's changed for the next month so you can adjust accordingly.

It may seem overwhelming at first, but after just a couple months, you will feel like a pro! 

I can help you set up a plan to reach your financial goals that will get you back on track and build up that trust again with your spouse.

You can master your money... and I can help!  

Contact Michelle Serna by filling out the Contact Me form to the right of this post.

Money Freedom Fridays - Where Is All My Money Going?

 

Photo Credit: Kiplinger

Where is All My Money Going?

If you never have money left at the end of the month after paying your bills and consistently using credit cards to make up the difference, you are probably experiencing some financial stress. The credit card balance never seems to go down. The bills don't stop.

Some common money "leaks" are eating out, specialty coffees, cash register merchandise purchases, grocery store items not on your list, and the list goes on. 

If you are truly committed to Master Your Money, it's time to make a budget. 

This may sound daunting, but it's really not. And it is a very revealing process. You will find out where the "leaks" are in your spending and how to control them.

That's where a money coach comes in. I can help you pull everything together and help you make a plan to move forward, to truly Master Your Money instead of it mastering you.

You can master your money... and I can help!  

Contact Michelle Serna now by filling out the Contact Me form to the right of this post.

Financial Wellness Wednesdays - Statistics

 

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2019 Financial Employee Wellness Survey-PwC

(Courtesy of: moneyhabitudes.com)

• PwC’s 8th annual Employee Financial Wellness Survey was conducted during the last two weeks of January 2019 and tracks the financial and retirement well-being of working U.S. adults nationwide. This year it incorporates the views of 1,686 full-time employed adults. Participants have been categorized by generation using the following age groups: 18-22 (Gen Z), 23-37 (Millennials), 38 to 58 (Gen X), and 59 to 75 (Baby Boomers).

• The number of employees stressed about their finances increased across all generations, particularly among Millennials. 71% of Millennials say that their stress level related to financial issues has increased over the last 12 months.

• When asked what causes them the most stress in their lives, more employees say financial matters than those who answer with any other life stressor combined.

• 65% of women and 52% of men said that financial matters cause them the most stress.

• Thirty-five percent of employees report that issues with personal finances have been a distraction at work. Nearly half (49%) of those who are distracted by their finances at work say that they spend three hours or more at work each week thinking about or dealing with issues related to their personal finances.

• Employees admit that financial worries have impacted their health, relationships, productivity, and time away from work.

These statistics may seem startling, but money is a major source of stress if you don't have a plan in place.

Do not despair, help is available and it's easier than you think. Let's meet to talk about your money goals, what is keeping you from reaching them, and make a plan for you to Master Your Money.

You can master your money... and I can help!  

Contact Michelle Serna by filling out the Contact Me form to the right of this post.

Money & Marriage Mondays - Debt-Free Before You Get Married

 

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Be Debt-Free Before You Get Married

Marriage is bliss. Marriage is wonderful. Marriage is beautiful. 

Marriage is also work and effort. Marriage has challenges of its own, without bringing in the challenge of financial stress.

It's important to be open and honest about finances before you get married. Really, before you get engaged. Learn each others spending personalities and philosophies. Find out if there are any outstanding debts or defaulted loans, etc. You are not just marrying that person, you are also marrying whatever they bring to the alter, including their debt. 

"Our love is so strong that money will never divide us!" Studies have shown that a minimum of 30% of marital arguments start with money issues.  

A coach can help you assess where you are at before you get married and recommend a plan to help you get debt-free so you can enjoy your marriage beginnings without adding the stress of money to it. 

A coach can also help you and your fiancé to develop a plan to STAY debt-free. Think about how that would impact your future together, your children, and ultimately your retirement!

You can master your money... and I can help!  

Contact Michelle Serna by filling out the Contact Me form to the right of this post.

Money Freedom Fridays - "There's No Such Thing As Good Debt"

 

Photo Credit: Dave Ramsey

"There's No Such Thing As Good Debt"

I love this post below by Dave Ramsey. This is True Money Freedom. It may not happen overnight, but you can move in the direction of being Debt-Free and I can help. 

Dave Ramsey

 

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THERE'S NO SUCH THING AS GOOD DEBT.

The shortest distance between you and wealth is having NO DEBT. You should be able to KEEP the money you work so hard for, and build a future that you're proud of. Get out of debt as quickly as you can, so you can live a life of FREEDOM.

I won't get mad at you for having a mortgage, but it's still debt and you need to pay it off as quickly as possible.

If you become debt-free and decide that you hate it, you can always go back and get some more... but I have a feeling you won't really want to.

You can master your money... and I can help!  

Contact Michelle Serna now by filling out the Contact Me form to the right of this post.

Financial Wellness Wednesdays - What Is Your Money Personality?

In Rachel Cruze's book  Know Yourself, Know Your Money, she writes about money personality.

"Your money personality is made up of seven tendencies that identify how you handle money. They are:

1. Spender or Saver
2. Nerd or Free Spirit
3. Experiences Person or Things Person
4. Quality Person or Quantity Person
5. Safety Person or Status Person
6. Abundance Person or Scarcity Person
7. Spontaneous Giver or Planned Giver

These tendencies are specific to how we deal with money. You likely lean toward one or the other of each tendency, but don’t overthink it. It’s a spectrum, so you might be somewhere in between.

You’re wired to think and act in certain ways, and while none of the tendencies are right or wrong, they do have implications. Understanding them will help you make faster progress on your financial goals."

Marriage & Money Mondays - Don't Let Money Master Your Marriage

Don't let money master your marriage.

Anxiety about money effects almost every area of your life. 

Anxiety often leads to arguments with your spouse, the one you love, the one who chose to spend the rest of their life with you.

Personality differences, spending differences, egos... all can get in the way of coming together honestly and openly about money, if you let it.

Do you want to continue arguing about it or do you want to make a change? And, trust me, divorce is not going to make it better. If anything, it will make the anxiety over money worse, especially if you have children.

What is the answer? 

Coming together peacefully, without judgment or blame, to discuss the reality of the situation that is causing the financial stress.

A money coach can help with this. They can help you get everything out on the table... money coming in and money going out. They can give you tools to help you to master your situation and get rid of financial stress. They can give you a new perspective and focus and move you towards your financial goals. 

You can master your money... and I can help!  

Contact Michelle Serna by filling out the Contact Me form to the right of this post.