Money & Marriage Mondays - Emotions and Communications

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Emotions and Communications

Emotions can cause barriers to communication about money. Especially if the emotions are negative due to money stress. When communications break down, marriages tend to break down.

What typically causes emotions surrounding money? A high level of debt. Maybe you don't even realize the reason you are emotional or cranky is because of debt related stress.

Ramsey Solutions research shows that:

"Sixty percent (60%) of those with consumer debt say they worry about finances monthly, and one in four say they worry about finances every day."  

The research also shows those couples with a high debt level are less likely to talk about money or are anxious talking about it. Others are just flat out embarrassed. "How did it get this bad? I really messed up."

Yes, it can be embarrassing or make you feel anxious. But I can help. I am not here to judge you. I am here to show you a way out. The only reason to look back is to see where you don't want to be again. It's time to look forward. Take a deep breath and realize, there is hope.

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

Contact Michelle Serna by filling out the Contact Me form.

Money Freedom Fridays - Pay Off Debt

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Pay Off Debt

Here's a fun math fact: If you got rid of a $160 per month debt payment, it would be like getting a $1 per hour raise in a 40 hour work week. That's $1,920 per year. 

Now, $160 per month can go to pay off other debt, put towards your 3-6 month emergency fund, put towards retirement or maybe even giving. 

Think about it. Wouldn't it be great to get rid of 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 - Live Within Your Means

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Live Within Your Means

Spend Less than you make. This should be the goal if you are in debt or if you want to stay out of debt. 

"I don't know where my money goes. It seems to be gone before I know it." If this is you, start tracking where your money goes. If you don't use a register to track your money, try checking your bank statement for the last month to see where you are spending your money.  Also, check your credit card statements to see where you are spending.

Tracking your money will tell you where you spend it. If you know where you spend your money, then you can identify where you might be overspending.

Then, make a budget. If you have more going out than coming in each month (including credit card charges), you now know where your money is going and you can see where you can cut back. Common overspending areas are entertainment, eating out, and electronic upgrades. 

I can help you find where your money goes every month and make a plan to stop overspending and live within your means.

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

Contact Michelle Serna by filling out the Contact Me form

Money & Marriage Mondays - The Debt Disadvantage

 

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The Debt Disadvantage

According to a survey conducted by Ramsey Solutions, debt causes more arguments in marriages.  

"Couples who fight about money have roughly $30,000 in consumer debt on average, with nearly two-thirds (63%) of all marriages starting off in the red. That debt load is having a negative impact on marriages, regardless of household income. Forty-one percent (41%) of couples who have consumer debt say they argue about money—and it’s what they argue about the most. In comparison, only 25% of couples who are debt-free say they argue about money. Plus, money doesn’t even make the top-five list of things debt-free couples argue about.

Bringing debt into marriage is trending upward over time, with younger generations having much more debt than the generations that came before them. Forty-three percent (43%) of couples married more than 25 years started off in debt, while 86% of couples married five years or less started off in the red—twice the number of their older counterparts." 

Entering marriage with debt can be a disadvantage. But there is hope. It may take some financial sacrifices to get out from under the stress of debt, but your marriage is worth it, isn't it?

I can help you develop a plan to get that debt paid off, and sooner than you may think. 

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

Contact Michelle Serna by filling out the Contact Me form. 

Money Freedom Fridays - From Credit to Cash

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From Credit to Cash

Let's decide to stop using credit cards. If you can't afford to pay cash/debit for it, don't buy it. If you stop using your credit cards today, you will stop adding to the principal balance of your credit cards. If you stop adding to the principal balance, you can pay it off faster!

Every time you go online or to the store, before you pull out the credit card, ask yourself a question. Is this a need? Like, truly a need? Or do I just want this? If it is truly a need, what is keeping me from paying cash? Is it because I am using my cash for things I don't really need, like cable television or going out to eat instead of cooking at home?

Those wants are keeping you chained to debt. Today is the day you decide not to be in bondage to credit card debt anymore. Take the credit card out of your wallet. Maybe cut it up (don't cancel it until it's paid in full, though). Make the decision today to cut out all unnecessary spending that is keeping you from being free from the chains of credit cards. And realize the "points" and "rewards" you are earning on those cards are so tiny compared to the extra purchases and the interest that is accruing on the cards that you can't pay off in full.

I can help you identify your wants vs. needs and get you on a plan where you begin to tell your money what to do instead of it telling you what to do.

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

Contact Michelle Serna by filling out the Contact Me form.

Financial Wellness Wednesday - Budget Busters

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Budget Busters

Dave Ramsey's website offers insights on identifying budget busters and how to get them under control. 

"Budget busters are those categories that always seem to kill your perfectly planned-out budget. It's the categories you just can't seem to get under control month after month. 

Typically, stuff like eating out, gas, kids’ activities, entertainment, personal spending and even housing can get out of control pretty quickly. 

And right now, quarantine has many people struggling to keep their grocery budget under control. The kids are eating more meals at home (and asking for 80 snacks a day). You’ve started new hobbies like baking bread and perfecting those chocolate chip cookies. On top of that, your normal go-to items at the grocery are out of stock, leaving you with the expensive name brand stuff or bulk goods that will take you a year to get through. (Who needs this much cheese?)

So, what do you do if you’re always blowing the budget? Cut back in other areas. This is where you start to ask yourself some trade-off questions: Where can I flex my planned categories in order to stay on track? What can I sacrifice more of in order to keep that grocery bill from steering me off course?" 

“(My grocery bill is) definitely higher. But my other bills are much less. Such as gas, eating out, not paying $1,050 a month for day care. So we are definitely ahead, even with spending more on groceries.” — Ashley S.

Does any of this sound familiar? Identifying the issues and then make some adjustments. Budgets are guides and meant to be adjusted for life changes.

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

Contact Michelle Serna by filling out the Contact Me form.

Money & Marriage Mondays - Let's Talk

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Let's Talk

In marriage, do not be afraid to talk about money. In fact, if you don't talk about money, be more afraid of what will happen to your marriage.

Time and time again, we hear about couples divorcing. One of the top reasons for divorce is due to money stress. Stress shows up for many reasons. It can occur when you have irregular income due to self-employment or contracts expiring. It can occur when you have more month left than you have money. It can occur when you and your spouse have different spending and saving habits.

Ideally, come together before you get married and discuss your views on spending and saving money and debt. If you do not have the same perspective, that's ok. But it's critical to get on the same page about how you will come together to manage the household income and how you will spend it or save it.

It's never too late to talk about it. Go on a date to discuss goals. Where do you want to be financially in 5 years, 15 years, or at retirement? Do you have a plan to get there? Are you both on the same page? If not, what can you agree on about the future and about what you can do today to meet those goals?

I can help you look at your current situation and help you develop a plan to get to your goals. 

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

Contact Michelle Serna by filling out the Contact Me form.