Financial Freedom Fridays - Like Getting a Raise

Photo Credit: bcsdny.org

Like Getting A Raise

Making a budget and sticking to it can make you feel like you got a raise!  Here is what budget user Kacie E. said about her budget experience:

“A budget is everything. Giving yourself a limit each month really makes your money work for you instead of against you. Sitting down and realizing how frivolous your spending may be makes you realize that you actually do have enough money to make it to the end of the month. When I started, my budget made me feel like I got a raise! All because I wasn’t impulse shopping and watching my money slip out of my hands every month.”

Try it for yourself. It often takes about 90 days of trial and error to get the hang of using your budget. At this point, you will feel like you got a raise because you are now telling your money where to go versus spending it without knowing where it all went. 

I can help you set up a budget.

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

Contact Michelle Serna by filling out the Contact Me form

Financial Wellness Wednesday - Write it Down

 Photo credit: corporatewellnessmagazine.com

Write It Down

Write out your budget, your debt and your goals. Research shows when you write down things, you tend to remember the things you write down vs. what you don't write down. It could be you write it out on your electronic device or it could be you write it out on paper. But write it down. You need to know the numbers! 

I have discussed budgets in several previous blog posts. And it is really important to get it down on "paper" and keep it in front of you for easy reference. It's also really important to write down every debt you owe and the balance of each one. It might seem overwhelming at first, but once you have it all written out, you can develop a plan to get rid of it, one debt at a time. 

List out the obvious debt, like credit cards, car loans, mortgages and equity loans. But don't forget about cell phone installment agreements, student loans and even IRS debt. And list them out in order of the smallest balance to the largest and total them up. Then, later, you can "brag" about how much debt you paid off. Check out the Debt Snowball blog I posted November 2020 on how to get that debt paid down fast. But if you don't write it out and know what you owe, how will you get it paid off? 

Lastly, write down your goals. Emergency fund ($1,000), 3-6 months living expense (for longer-term emergencies), Christmas, vacations, renovations, etc.

Writing it all down will get it all exposed so you know exactly how to address it. Not writing it down will keep you wandering and wondering how you will ever get it done.

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 - Newlyweds

Photo credit: daveramsey.com

Newlyweds

Money problems and money stress are top reasons for divorce. But these are preventable.

Here are some great tips for Newlyweds from the Dave Ramsey website. 

• Be transparent
• Combine your bank accounts
• Make a budget together
• Plan for the future
• Always put your relationship first

Doing the first 4 tips gets you that much closer to the last tip because these tips bring you together to discuss finances so you have stronger communications and a stronger relationship, thus helping to reduce or prevent financial stress altogether. 

And don't worry if one of you is free and clear of debt when you get married, and the other isn't. Just work together to get each of you debt free. 

If you need need help with a budget and a plan, I can help.

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

Contact Michelle Serna by filling out the Contact Me form. 

Money Freedom Fridays - No Debt is Good Debt

 

Photo Credit: daveramsey.com

No Debt is Good Debt

I had to share this post from Dave Ramsey:

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."

"Live a life of FREEDOM". Get free from debt. I can help with that.

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

Contact Michelle Serna by filling out the Contact Me form.

Financial Wellness Wednesday - Spend Less

 

Photo credit: daveramsey.com

Spend Less

We are in a society where spending is normal. We see it - we don't have it - we want it - we buy it. Commercials and ads constantly bombarding us showing us all the things we never knew we "needed." Well, it's a lie. We don't really need most those things. We just want them.

Do you have the basics? Do you have a place to live and clothes to wear? Do you have transportation needs met? Do you have a grocery store nearby to buy food? This all you really "need." Everything else is extra.

Does this mean can't have the "extras"? No, of course not. But if you have debt, you will want to put buying "extras" on pause until you get your debt paid off. And once your debt is paid off, only purchase the "extras" you can afford. Don't go back into the debt loop again.

I can help you develop a budget, identify your needs vs. wants and help make a plan to pay off debts so you can buy the "extras."

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

Contact Michelle Serna by filling out the Contact Me form

Money & Marriage Mondays - For Richer, For Poorer

 

Photo Credit: redbook.com

For Richer, For Poorer

When times get tough, don't pull away from each other. Lean in. When we get married, we are in the honeymoon phase. We see everything through rose-colored glasses. Everything seems to be rainbows and butterflies.

We don't go into our marriage thinking about future debt and the possibility of being over our heads or having financial struggles. But these things can happen. Financial stress can make us want to walk away or to try to ignore the things causing the stress.

But instead, draw in closer together. Talk about what is causing the financial stress. Discuss priorities and discuss options that will help relieve the stress. Make a plan. What is most important? What is the worst case scenario? Rather than worrying about it, hit it head on. It's only money. You can make more. 

Your relationship is the priority. Next are your basic needs. Focus on these. 

I can help you identify your needs and a plan to move your towards removing the financial stresses.

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

Contact Michelle Serna by filling out the Contact Me form. 

Money Freedom Fridays - Podcast Interview

 

Podcast Interview

Check out our interview with Made2nspire. Michelle Serna, Money Coach for Master Your Money, talks with Kimberle and Misty about why it's important to budget and tips for paying off debt on this weeks podcast.

https://podcasts.apple.com/us/podcast/made2nspire/id1533024529

https://open.spotify.com/show/5Mjx3ahpNvwnluR0s9oA9A

https://radiopublic.com/made2nspire-85eaLn

https://www.facebook.com/made2nspire/?ref=py_c

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 - Retirement "IQ"

 

Photo Credit: chrishogan360.com

Retirement "IQ"

I highly recommend you take this assessment on how much you will need to live on when you retire and how much you need to start putting away right now for that amount.

This tool is on Chris Hogan's website: 

https://www.chrishogan360.com/tools

He says 

"Retirement isn’t an age. It’s a financial number. So, how much money do you need to live the retirement of your dreams? Find out with the Retire Inspired Quotient (R:IQ)"

This is a great starting point to at least be educated on what you may need to live. It may be difficult to see at first or it may be exactly where you thought you were and you are totally on track. But if you aren't there yet, don't stress about it. The first step is to see where you are and then move in that direction.

I can help you move towards your retirement goals by assessing where you are now and help you develop a plan to get there.

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 - Same Page

 

Photo Credit: webbinsurance.com

Same Page

I checked out marriage tips from couples married for 50 or more years (https://bestlifeonline.com/long-marriage-secrets/) and regarding money, one couple states: "Get on the same page right away. "

I love this. You can be a spender and your spouse a saver (or vice versa), but if you get on the same page right away about long-term money goals, and stick to it, you won't let finances get in the way of your marriage.  Decide up front or get on the same page now. Have the discussion. Do it without any distractions. Make an actual appointment to discuss with your spouse (or your fiance).

Things to talk about: 

• buying a house, down payment, and a 15 year max mortgage
• getting debt free and staying debt free 
• saving for emergencies (3-6 months living expenses)
• retirement (15% after paying off debt)
• vacations (staycations vs. travel and visiting relatives and max/min acceptable spending)
• giving (min/max amounts)

Once you decide on these, write down what you decide and put it where you pay bills or where you have your budget or on the refrigerator. Make these a priority. If you or your spouse "forget", gently remind each other what you agreed on. Get on the same page today!

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

Contact Michelle Serna by filling out the Contact Me form. 

Money Freedom Fridays - Plan Ahead

 

Photo Credit: stratospherenetworks.com

Plan Ahead

How many of us have bills that only happen once a year or every six months? You don't have to let these bills sneak up on you. You can plan ahead.

For example, do you have a vehicle that has an annual registration due? How do you prepare for these? Do you forget all about them until the notice comes in the mail and then fret about where you will find the money? Do you put it on your credit card and add insult to injury by paying 2.5% fee for the "convenience"?

We have 2 vehicles to plan for. And they come at different times of the year. In order to prepare for these in advance (because they really are not a surprise, I know they are coming), I take last year's registration amount and divide by 12 and then set that amount aside in a savings account. And I don't touch it for any other reason than to pay the registration due. If I start setting this aside the first month after I paid the last registration amount, then it's available when I need it for next year. And it's easier to come up with $25 a month than $300 (plus $7.50 for that fee) when it's due, right? 

You can apply this principle to auto or home insurance, property taxes and any other bill is not due monthly.

This is one way to stay Free from debt and Free from worry about where to find that money all at once.

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

Contact Michelle Serna by filling out the Contact Me form.

Financial Wellness Wednesdays - Fresh Start

Photo Credit: christianindex.org

Fresh Start

New year, fresh start. 

No, you can't make the financial "mistakes" of the past go away without addressing them. But you can start with a new plan and new mindset of how to overcome them. There is hope. There are things you can do to get back on track.

What better time to get started than the beginning of the year? Don't focus on the past. You can't ignore it but it doesn't have to hold you hostage in fear. I know someone that once they decide they can't understand something, their brain seems to shut down and they can't see how to overcome it. This can happen to anyone. At these times, take a deep breath and clear your mind from all negativity. Step back from the mistakes and look to the future. There are solutions. There is hope.

Now, decide what you want to change. Do you want to reduce or payoff your debt? Is there lingering debt, like student loans, that you have been avoiding? If you have a goal in mind, this is the beginning of change. 

I can help you focus and identify what is most important to reaching your goals. If you're not sure where to start, I can help with that too.

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 - More Laughing, Less Fighting

 

Photo Credit: videohive.net

More Laughing, Less Fighting

Do you find you are regularly fighting with your spouse about money? It doesn't have to be that way. There are ways to stop fighting, to join forces and overcome money stress.

Here is an excerpt from Rachel Cruze's article on "7 Steps to Stop Fighting Over Money":

"The biggest step to stop fighting over money is sitting down with your husband or wife and admitting that some work needs to be done.

So, after you put the kids to bed tonight, turn off the television, sit down and have a nice, long talk with your significant other. Put everything out there—money issues, communication issues, trust issues . . . everything. Once you understand how each of you are feeling, you can work toward overcoming the issues together.

Money is an emotional topic, and how you deal with it will affect your family tree for generations to come. You might not be able to avoid every money fight in your marriage, but you can learn to fight fair and work together."

https://www.daveramsey.com/blog/how-to-put-an-end-to-money-arguments 

She lists out steps like "Schedule budget date nights", "Attack your debt together" and "Don't be afraid of compromise." 

Create a safe environment to talk about money. Don't condemn each other with past mistakes. Try to laugh about it and commit never to take that road again. 

Let's open up the lines of communication. Laugh and learn together. Worry less about money and enjoy each other more. Spend time together and remind yourself of all the things you enjoy about your spouse instead of fighting. Never stop working together to overcome obstacles, financial or otherwise.

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

Contact Michelle Serna by filling out the Contact Me form. 

Money Freedom Fridays - Happy New Year

 

Photo Credit: rawpixel.com

Happy New Year!

New Year, Fresh Start!

Let's start your Financial Freedom Plan today.

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.