Join us as we discuss all things finances with the famous Pete The Planner! He has written 10 books, has his own podcast (Million Dollar Plan), radio show (Pete the Planner® Radio Show on WIBC), appears on TV and regularly writes newspaper columns. See his contact information below to connect with him and see all that he has accomplished, which is a lot!
Face The Fear:
Join us as we chat with Andi Jo Clark, Event Director at Union 12 about all things weddings, planning and budgeting for your big day! (We even dish out some non-financial wedding tips!) 🙂
Andi Jo Clark – Event Director at Union 12 (Event Center & Banquet Hall):
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- Website: http://www.union12.com/
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- Instagram: @union_12_hall
Face The Fear:
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Do you talk finances with your spouse? No? Well, you should. As awkward as it maybe, it is so important to have regular discussions over your financial situation.
Now, I know this might be tough if there is a dark cloud over your finances, and may cause disagreements, but sweeping it under the rug only makes it worse. I assume there is some sort of discussion related to this subject, but is it a quick “honey, did you pay the rent?” or is it a full-on conversation related to goal setting, where you are at, where you want to be, and the steps you are taking to get there? There is a HUGE difference. Don’t get me wrong, you can still ask if the rent is paid but having the actual in-depth discussion behind that question is what is so important.
Finances are one of the biggest causes of divorce in the US. I don’t mean to be a Debby downer, but it is a fact. By having these discussions and putting the work into creating a successful financial future, this can help you to avoid being in that statistic.
To make this a little less awkward, I have some tips to help lighten the load:
- Icebreaker: That initial conversation is probably going to be the toughest to start. Make it comfortable. Schedule a time to sit down to a nice dinner or get in your pjs and talk money with pizza. Anything to make the situation more relaxed. Try to start by discussing the positives of your finances. Maybe you saved an extra $300 this month, or you raised your 401k contribution, literally anything positive. Doing this can help get you both in a good mood. If there is nothing positive to start off with, maybe bring in a solution to an issue. Say you have a massive medical bill due this month, instead of just looking at the fact that you are going to spend a ton of money that maybe you do not have, look on the bright side that at least after this month you won’t have that bill and you can put that money into savings next month. Get creative and try to keep the mood light. The discussion will be more productive if you are both happy.
- Do not lie: This is probably THE most important tip I can share. Hiding items related to money is the easiest way to cause an argument and create issues. It is so much better to get everything out into the open so together you can take the steps to make it right. No matter how embarrassing it is, or how big of a burden it may be, you are in this together. In my opinion, I would much rather hear the bad news up front and work through it than be lied to about it as the problem is getting much bigger. Be open and communicate the issues. This is so important.
- Use tools: There are so many resources out there to help you reach your financial goals. From budgeting websites, spreadsheets, templates, books, the list goes on and on. Find a tool that works best for you and your spouse. If you budget monthly and like apps there are sites such as Mint or Everydollar. If you budget weekly and like to have a paper copy, maybe you find a spreadsheet that you can fill in. Anything to help make it easier. This can also help make future conversations a breeze to get through. On top of that, you will visually be able to see how you are doing and stay on track.
- Make goals: By setting financial goals you and your spouse will have something to work towards. Instead of waiting for the next paycheck to blow on food- guilty, say you made a goal to pay off your car 1 year quicker, now you have a purpose for the money that betters your future. These goals can be short term or long term, or even better a mix of both. Consider writing these down somewhere, your phone, computer, notebook, etc. Being able to see them will help make it harder to give up on them. Make sure they are goals you both agree on and benefit you both.
- Make a plan and stick to it: Whether this is a budget, or a 5- year plan, make a plan. Discussing what you want to achieve and talking about how to get there is a great step, but really getting down deep and planning everything out will help you realize what you have to look forward to, what you can do right now, or where you are making mistakes. If you do not have a basic household budget yet, that might be a good place to start. Find a way that works best with your pay schedules and stick to the budget. From there, start making a longer-term plan. For example: In 5 years you and your spouse are going to build a house and to get there, year 1 you are going to cut the amount you eat out in half every month and put that money into savings, year 2 you are going to do so and so…and year 3 and 4 and so on until you build the house. Hang your plan on your fridge and talk about it frequently. Keep your budget, or plan in front of you so you can keep each other accountable if one of you starts to fall of track. Teamwork makes the dream work!
Hopefully these tips help you and your spouse start the conversation for your financial future. Talking about money does not have to be awkward. If you take the time to create a more relaxed environment and discuss the positive things you have or can do, in my experience, it helps so much. This is the person you are stuck with forever, make sure you are both on the right page to have a successful future!
Written By: Dakota Otis
Have you ever spent an obscene amount of time researching and crafting the perfect budget, only to give up on it a week later like a poorly executed diet plan? Do you find yourself trying to stick to your budget but your inner Donna Meagle just won’t let you?
If the answer is yes, you’re not alone! Only about a third of Americans actually make and maintain a budget (Yikes!). Being a college student newly introduced to the world of ‘adulting,’ I have tried countless methods in an attempt to set myself financially free. Here are some tips and tricks that have made my life easier (and hopefully yours, too).
- Find an app or budgeting system that works for you.
Mint and EveryDollar are great apps that allow you to budget and track your expenses. BUT, in case you want more options, Buzzfeed has already found, rated, and summarized 17 other apps to help you stay accountable. Other ways you can budget include Excel Spreadsheets, good old fashion pen and paper on templates like this template, journals, whiteboards, and more. You’ll want to make your budget before the month starts and adapt the budget to each month. Whether you’re picking up a side hustle in summer time or celebrating birthdays, you’ll need to account for everything! At the end of each month, see where you overspent and try to improve your budget for the next month ahead.
- Get a calendar, find a place to hang it where you’ll see it, and fill in the boxes.
Add your bills, the due dates, pricier events like birthdays, etc. to help you organize your expenses. It takes some time, but it’s totally worth it! If you have a fluctuating income, you could even add your day-to-day earnings on the calendar. This will help you visualize your month ahead and show you how much you need to have in your account by the next bill. Not to mention the satisfaction you’ll have when you get to cross out that bill for the month! If you want a more private alternative to this, create events with this information in your phone’s calendar and set reminders for yourself.
- If you can, try to pay cash!
I’m not suggesting you carry your entire life savings on you but try to keep only what you budgeted to spend for the day. This will force you to stay on target, and you won’t have to deal with credit card interests if you use cash! People tend to spend more money when they use a debit or credit card compared to when they use cash. With cash, you can look directly at what you have left and adjust your spending habits accordingly.
Another reason why paying with cash can be helpful is all the loose change you’ll accumulate! You can keep these coins to yourself and cash them in at a later time for cash, or gift cards if you want to avoid fees. If you choose the cash option, you can turn that coin fund into an extra savings fund for your personal goals. You’ll be surprised how quickly coins add up.
- Find a way to organize your cash.
Some people like Dave Ramsey’s method of using envelops, but that’s not the only way. Another easy way to organize cash is by purchasing a hanging shoe organizer and put labels on each pocket with different budget categories such as groceries, gas, rent, clothing, etc. You could hang this in your closet, your office, or anywhere you feel would be safe. This cash should be for short-term purchases, not for your emergency fund or savings goals. For that money, I recommend a safe savings account. You can find a good savings account here.
- Lastly, don’t be afraid to say no.
In the beginning, budgeting will be difficult because you’ll have to tell yourself no more often—especially compared to your friends that don’t budget. Does this mean you have stay home all day and watch re-runs of the Office instead of hanging out with your friends?
Of course not! There are plenty of free-to-low-cost ways to have fun. If you’re running low on your recreational fund, try some of these. Not only will this help you stay on track, but it will challenge you to do something different. Also, saying no lets you say yes later. Instead of spending money on late night trips to Taco Bell, you can put that money towards a short-term savings goal like a road trip!
These tips have made me perfect my budgeting habits, and they may help you conquer the budget! If you need more ideas, Pinterest and Google will be your best friends. Just remember that the hardest part about budgeting is keeping yourself accountable and accepting that you’ll make mistakes. You will fail. You will adapt. You will overcome. Be patient and find a system that works for you. Your current self and future self will thank you!
Article Contributed By: Kianna Dalton
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