Money Wellness Wednesday - Review Your Financial Resolutions

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Review Your Financial Resolutions

We are more than 2 months into the year. How are your doing with your Financial Resolutions? It's time for a check up. 

Review your budgets. Do they still make sense? Are you succeeding in following your budget? Are you succeeding in resisting impulse buying or cutting back on going out to eat or other spending reduction goals? Have you been able to pay off any debt so far?

It's easy to get off track. There are so many distractions. Or maybe something unexpected came up that put you off course. Don't give up! 

Even if you had a set back, get back on track. You can't win if you give up. The only one you are racing against is you. You can do this! You are a winner and you CAN master your money. 

If you haven't made any financial goals this year, it's also not too late. And I can help if you are not sure where to start.

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

Contact Michelle Serna by filling out the Contact Me form

Money & Marriage Mondays - Date Night (Day)

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Date Night (Day)

Date nights (days) are so important to your marriage. That time with just the 2 of you. No kids, no cell phones, no TV, no distractions. But it doesn't have to break the budget and the hard work you have been putting in to pay off debt or save money for a down payment. 

Here are some ideas for no cost or low cost dates:

• Road trip - Take a day to go somewhere local you have never been or go to one of your favorite places. Take selfies for a memory of the day. Pack a lunch. 
• Game night - Play cards or even video games. Bring your sense of humor, no sore losers.
• Visit a museum - Some cities have a free day every week. Check out new exhibits. Go to the park before or after with your packed lunch or dinner. Our local museum is next to a park with a carousel. Fun!
• Take a hike - There are so many free trails. Bring a snack or lunch. Sit under a tree. Take pictures. 

Be sure to be open to communicate your dreams and goals for the future. Be specific. Paint a picture of what you are dreaming of. Bring paper and pencils to write down the goals and dreams each of you have. Develop your date pictures and put them in a dreams/goals scrapbooks with a copy of your written goals. Keep them in front of you to stay inspired to keep going.

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

Contact Michelle Serna by filling out the Contact Me form.

Money Freedom Fridays - Pay Yourself First

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Pay Yourself First

Most often, when you hear the term "Pay Yourself First", its referring to putting money in your savings account first before paying your bills.

I like this different spin on pay yourself first - paying off your debt first. Make your extra payment on debt first so don't risk spending that money on other things you can't really afford. 

Once you get all that debt paid off, now you can start putting all those debt payments towards savings and retirement accounts. Imagine saving money for a "new" car every month. Then when you need the "new" car, you have the money saved already and no more car loans? 

Do the math. How much more will you be able to actually save monthly after paying off all your debt? 

Get out of debt and stay out of debt. This is financial freedom. If you are not sure where to start, I can help.

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

Contact Michelle Serna by filling out the Contact Me form.

Money Wellness Wednesday - Emotions and Money

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Emotions and Money

Paying off debt and saving money is math. It is "simple". Anyone can do the math. But finances are more than just math. Finances can be emotional. When there are lack of finances or an abundance of debt, it can cause fear and anxiety. When you are free from debt and are able to save money for the future, it can bring a sense of security and peace. Maybe you think you are doing well for a while because all the bills are paid and you are not behind on debt but then something happens. If only you didn't have that car payment, maybe it would be just what you need to get through.

So even though logically the math is easy and makes sense, you won't get financially healthy unless you decide to get emotionally healthy. Don't let your finances cause you any further anxiety.  Decide to master those emotions and take control of your finances.

When you are finally tired of riding the financial emotional roller coaster, then you will be ready to make a change. 

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

Contact Michelle Serna by filling out the Contact Me form

Money & Marriage Mondays - Put It All On the Table

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Put It All On the Table

Newlyweds: check out this great advice from Dave Ramsey's website .

"Transparency is key! Be open and honest about your current individual situations, including your debt and your views on money. You might want to discuss what your parents taught you about money and what you do and don’t agree with—kindly, of course. Stay away from criticism and judgment. Learn how to communicate effectively with your spouse. "

One of the best ways to start your marriage is to know where each of you stand with money. Talk about savings and spending habits and any debt you may have. Put it all on the table with no judgment. Then, together, make a monthly budget and tackle any debt you may have. Get any debt paid off quickly. Put other wants or desires on hold until you get it done. You'll be glad you did. If you are not sure where to start, I can help with that.

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

Contact Michelle Serna by filling out the Contact Me form.

 

Money Freedom Fridays - Debt Free Journey

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Debt Free Journey

That's right, becoming debt-free is a journey. Not only that, it takes an effort to stay debt-free. There seem to always be opportunities to spend money and reasons to borrow money to spend it.

So your journey will be a combination of things to do now and things to keep doing - just like the tic-tac-toe board above shows. 

Every time you pack a lunch instead of going out to eat, you get to put the money you saved toward debt pay-offs. Or if you have no debt, you get to sock that money away towards emergency savings, retirement, vacations and other goals. Or you get to give it to someone who needs extra help. Either way, it's a continual decision to just pack your lunch or cook dinner instead of going out to eat. 

What decisions did you make today on your debt-free journey?

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

Contact Michelle Serna by filling out the Contact Me form.

Money Wellness Wednesday - Free From the Unknown

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Free From the Unknown

Always know where you stand financially. Many of us do not get paper statements. Many do not use a bank account register (which I highly recommend using one). As the saying goes, "out of sight, out of mind". Until.... you are getting overdraft fees because you didn't realize or you happen to notice the balance on your credit card statement. Then a sense of fear tends to come over you. 

I highly recommend checking your bank account balance daily and seeing the transactions that are occurring. We have all heard of the the hackers that pick up your debit card information at a coffee shop or gas station. Avoid this by paying cash and also by noticing irregular transactions on your bank account. This is one reason why it's important to check your balances daily. 

Also, be aware of debit card purchases that are run as "credit". These may take a few days to hit your account. If you are not using a bank account register to log in every purchase as you make it, then you will have remember what those debit card purchases are that have not reduced your balance yet. You may have less money than what the bank balance shows.

Check your credit card statements. Maybe not necessary to do daily, but check your transaction history to make sure all charges belong to you. It can also be an eye opener to see how much interest has been added to your balance. 

If you have followed my blogs at all, you know I recommend not using your credit card at all. Stop using it and pay it off as quickly as possible. Check your statements regularly to see how close you are getting to paying it off. Seeing that interest compounding can give you extra motivation to get it paid off entirely.

If you are concentrating on building up your retirement, be sure to check retirement account balances to see that you are on track. Discuss any questions you have with your financial advisor. They are also happy to help. (If you need an advisor, let me know and I can refer some to you.)

Get free from the unknown. It's more scary to not know where you stand financially than when you do know. If you know, you can do something proactive about your finances. Otherwise, you are just letting them lead you to the great unknown.

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

Contact Michelle Serna by filling out the Contact Me form