Money Wellness Wednesday - Are the Kids Running the Show?

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Are the Kids Running the Show? 

In many ways, our kids do determine what we do. They have needs and they are not able to provide for themselves. However, do we cater to their every desire? Do we give them all the toys, video games, the latest technology? 

Maybe you didn't have much of anything growing up or didn't have the latest trends that your friends seemed to have and you don't want your kids to grow up like that.  Or possibly, you think giving them all these things equals love or will make up for time away from home at your job.

Whatever the reason, they do not have to be the driver of your money. In fact, there are important lessons to be learned by saying no or by saying not now or by setting goals for them to achieve to obtain what they want. There are even lessons learned from them saving their own money for those things.

Get the kid's involved in the budget. They don't have to know everything, but let them know generally where the money goes every month. Let them know that needs come first and everything else after. 

I heard of one couple that budgets a certain amount of money for going out to eat. And when it comes time to choose, they ask the kids: "Do you want to eat fast food 4 times this month or 1 time at a nice restaurant and 2 times at fast food?" That gives them choices. Make an envelope for your budgeted family outings with the budgeted cash in it. Let them see it or even count it. Then as it gets used, they will see where it's going. This is a great way to have them feel involved. 

Have a savings goal for the things they want the most and track the savings on paper or on a savings app. Then there is a visual for watching their savings grow.

You get the idea. The kids can have a say, but make sure the parent is the one running the money "show".

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

Contact Michelle Serna by filling out the Contact Me form.

Money Wellness Wednesday - Drop One Subscription

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Drop One Subscription

Wow. Read that again.

"If you invested your monthly Netflix subscription fee of $17.99 for 25 years at 11% return, you'd have $28,730."

Can you think of any subscriptions you don't really need? 

• Ancestry.com
• Premium cable channels like HBO or Showtime
• Music Streaming
• Ebooks 
• Subscription boxes - pets, beauty, etc 

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

Contact Michelle Serna by filling out the Contact Me form.

Money Freedom Fridays - Car Payment Vs. Millionaire

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Car Payment Vs. Millionaire

The average payment on a new car is $500/month for 5 or more years.

If you paid cash for a reliable used car instead and invested that $500/month at age 25, by 65 you would have millions. Per the Dave Ramsey website:

"Simply put, if you didn’t have a car payment and instead worked with a pro to invest that $554 a month in your 401(k) or Roth IRA, you could retire with more than $6.5 million after 40 years, based on a 12% average annual rate of return."

Wow! $6.5 million? But as Dave Ramsey says, "If you'd rather have that new car and a huge payment, I really hope you like the car."  

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

Contact Michelle Serna by filling out the Contact Me form.

Money Wellness Wednesday - Change?

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Change?

"If things are going to change, then you have to change." Seems simple and obvious. But how many times do we say we are tired of things the way they are but we don't change anything we are doing?

What do you need to change to get yourself on track financially? Are you trying to pay off debt? Are you trying to save enough for retirement? Are you trying to save money for your kids' college? 

Whatever you are working towards, most likely you need to change something you are doing now if you aren't seeing the results you want to see. Maybe you need to reevaluate where your money is currently going. Do you have a budget? Are you diligent following it? Maybe you need to cut out some expenses for things you don't really need. Maybe you need to get some side work to get you jumpstarted with your goals. 

Take some time and think about where you are and where you want to go. Take inventory of your "assets" - not just your money or property but also your talents. Make a decision to change one thing you are currently doing.

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

Contact Michelle Serna by filling out the Contact Me form.

Money & Marriage Mondays - Win Together

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Win Together

You are a team. You are on the same team. You are not on opposing teams. So make sure you "huddle up" and go over your "plays" for the "game". 

How do you win the "game"? That's for the two of you to decide. What are the "goals" to aim for? Be debt-free? Be prepared for retirement? Have money needed to pay for the kid's college? Go on a fully-paid vacation? Be able to give generously? 

Once you decide together, make your "plays" for how to get it done. Map out some goals. By what date(s) do you want to accomplish these goals? What are the steps you will take to get there? How will you measure your progress and how will you encourage each other to stay on track to reach your goals and WIN?

"Couples who Dream together Win together." Couples, what are you dreaming about?

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

Contact Michelle Serna by filling out the Contact Me form.

Money Freedom Fridays - What Would You Do?

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What Would You Do?

What would you do if you had no debt?

Seriously.... think about it.

• Save for a 3-6 month emergency fund?
• Save more for retirement?
• Save for college education for you kids?
• Give more?
• How about saving for a new car? Or a vacation? Maybe save for an RV and hit the road?
• What about those house renovations you've been wanting to do? 

Whatever it is that you would do if you had no debt, you would have a sense of freedom knowing you are no longer paying your creditors but now you are paying yourself.

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

Contact Michelle Serna by filling out the Contact Me form.

Money Wellness Wednesday - Creditor's Don't Care

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Creditor's Don't Care

The beginning of your creditor relationship is all smiles and promises. They are like, "Don't worry about it. Buy it now and pay for it later." And we think, "Well they must think I can pay for this later if they are offering me credit. And if I can just rearrange a few things, I can pay these low monthly payments."

But life happens. Things change. The best of intentions are left by the side of the road. The bills pile up. Interest accrues. And maybe, you get behind. Maybe you just can't pay right now because of a loss of income.

At the end of the day, while you may be able to work out something with the creditor, ultimately, they don't care about your situation. They just want your money.

We can stop the process before it begins. Let's be intentional today and skip the credit. If you don't absolutely need it (see my previous blog on the "4 Walls") then don't buy it. Save up for it. Then there will be no broken promises or intentions. And if something really crazy happens, you are not obligated to any creditor because you didn't borrow.

If you find yourself in a situation from a credit decision in the past, I can help.

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

Contact Michelle Serna by filling out the Contact Me form.

Money & Marriage Mondays - Saving For a Down Payment

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Saving For a Down Payment

Are you tired of paying rent and having nothing to show for it? Are you ready to buy a house? Do you have enough saved up for a down payment? How much do you need to save? How long will it take? 

These questions and so much more are answered in this Ramsey Solutions blog: 

https://www.daveramsey.com/blog/save-down-payment-while-renting

When you write down and track your goals, it really motivates you to continue as you see the progress you're making. It may not be quick and easy, but if you are persistent and focused, you are going to win big time!

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

Contact Michelle Serna by filling out the Contact Me form.

Money Freedom Fridays - Remain Content

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Be Content

I like what Dave Ramsey says about moving toward your goals:

"Pushing toward your goals while remaining content with what you have right now is not easy, but it's SO important. It’s a spiritual and emotional decision.

Remember, the goal isn't to make progress with your money so that you can just go buy more stuff. It's about the freedom that achieving financial peace brings to your life. Once you can overcome debt and money stress, you'll free your life up to start focusing on things that REALLY matter like being generous and helping others." 

You might not be there yet, but enjoy the journey knowing you have hope to achieve your money goals. Don't let the journey stress you out. Be content in your decision and don't worry about not having the "stuff" you think you want. Once you reach your goals, the things you thought you wanted may not seem so important.

If you need help with your money goals and debt-free journey, I can help.

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

Contact Michelle Serna by filling out the Contact Me form.