How To Plan A Vacation For The Saver & Spender In Your Marriage

Are you and your spouse gearing up for an exciting vacation? How many of you could say one of you is the spender, and the other is the saver? This can make vacation planning a little bit of a challenge, especially when it comes to accommodating both the spender and saver dynamics within your marriage. 

But…it can be done! Here’s how: 

1. Understand Each Other's Priorities:

Take some time to have an open and honest discussion with your partner about your vacation priorities. What does this vacation look like? Is it a luxurious getaway at a five-star resort or a budget-friendly Airbnb stay? Will there be multiple activities or relaxed beach time? Will you make meals or dine out?  Understanding each other's desires and motivations sets the foundation for a successful vacation planning process. 

2. Compromising on a Realistic Budget:

Now that you've laid out your priorities, it's time to look at your finances and crunch some numbers. Sit down together and hash out a realistic budget that accommodates both partners' financial comfort levels and vacation goals. This might involve some compromises, but remember, it's all about finding common ground and setting realistic expectations.

3. Balancing Splurges and Savings:

Keep an eye out for deals and discounts for your vacation. Consider searching for flight deals, signing up for hotel loyalty programs, or hunting down coupons for local attractions. Just think, saving on airfare or local excursions, may allow you to increase spending elsewhere in your budget: whether that’s a fancy dinner or souvenir shopping. 

With a little patience, compromise, and teamwork, you can plan a vacation that satisfies both the spender and saver in your relationship.

By laying out a realistic budget, understanding each other’s vacation priorities, and finding creative ways to balance splurges and savings, you'll set yourselves up for a successful and enjoyable vacation experience. Here’s to your next fully funded vacation!! 

I Can’t Budget - The Money Lies You Tell Yourself

There are many excuses for not budgeting.  It is hard, it can be time-consuming, and you might not feel like you make enough to budget.  I get it. But if you have been believing any of these excuses and using them as a reason why you cannot budget, you are believing a lie!  I am not going to lie to you, budgeting can be challenging. If it were easy, people would not feel so intimidated by it.

Ultimately, budgeting or not budgeting is a choice.  There is not a situation that prevents you from completing a budget.  You either choose that you are going to win with your money or you choose to let your money run you.  I know which option I am choosing. A budget allowed me to do so much more than I ever thought possible in terms of my finances.  A budget set me free.

• A budget allows me to know where every single dollar is going BEFORE I am ever paid.

• A budget provides me with choices – because I plan it before I receive it.

• A budget allows my bride and I to have constructive conversations every single month about our plans, hopes, and dreams.

• A budget allowed me to pay off all of my non-house debt in just 14 months.

• A budget allowed me to pay off my house in 10 years and 1 month.

• A budget allowed me to send my daughter off to college without incurring any student loans, fulfilling a dream of mine.

You can come up with as many reasons as you would like to not budget.  But, there are so many more reasons that you need one! It will set you free and allow you to do more than you ever thought possible, just as it did for me.

Try some of these practical ways to make a budget work well for you:

1. Use a budget tool:

Budget tools will do the math for you.  This keeps you focused on the financial decisions at hand instead of facing a terrible math quiz.  You can try our FREE BUDGET TOOLS HERE and they will do all the work for you!

2. Build an emergency fund equal to a full month of EXPENSES:

Notice I said expenses, not a full month of your income.  Once you have saved enough for an entire month of expenses, you can ignore multiple paychecks and use the Monthly Budgeting Tool instead. And, you will rid yourself of a level of stress that you may not have even known you had!

3. Be realistic:

If you are just beginning to prepare a monthly budget, it is important to be realistic about your expenses.  Do not tell yourself that you will spend $3.45 on groceries in the next month. That is not possible and you will fail if you structure your budget this way.  If you have a household of kids that are involved in 62 after-school activities, do not put $0 in your dining-out budget. Go through your debit/credit card history and see what your spending habits are.  Once you have determined what your history is, you can trim to what is reasonable.

Remember, no matter how daunting of a task you think budgeting is, it is going to beat not budgeting 10 out of 10 times.  Do it. You need it.

3 Ways To Overcome Financial Anxiety

Are you constantly feeling stressed or anxious about your finances? You're not alone. Many of us grapple with financial anxiety at some point in our lives, but the good news is that there are steps you can take to become more confident in dealing with your personal finances. 

Start reducing your financial anxiety through these three steps: 

Step 1 - Outline A Clear Plan: 

One of the most effective ways to reduce financial anxiety is by having a clear plan in place for your money. Just as you plan for your life – setting your plans, hopes, and dreams – it's equally important to have a plan for your finances. 

Start by creating a realistic budgeting. Having a clear understanding of where your money is going can help reduce uncertainty. Remember, a budget isn't about restricting yourself; it's about empowering yourself to make informed financial decisions that align with your goals and values.

Do you have a plan?

Step 2 - Pursue Education:

Not knowing is intimidating. It can lead to a paralyzed feeling, especially when it comes to finances. Remember, none of us are born experts at anything – it's through learning and practice that we become proficient.  

Take advantage of resources such as online blogs, books, videos, and financial mentors to expand your knowledge and confidence in handling your finances. Whether it's understanding basic financial concepts, learning how to invest, or mastering the art of budgeting, education can be a huge help in overcoming financial anxiety. 

Step 3 - Financial Coaching & Counseling: 

Sometimes, financial anxiety can be deeply rooted in past experiences or emotional wounds related to money. 

A qualified financial coach or counselor can help you explore your money mindset, identify any limiting beliefs or money wounds, and develop healthy coping strategies to overcome financial anxiety. Remember, it's okay to ask for help and seek support when needed. Coaching and counseling can help you cope and overcome! 

Learning how to thrive in the midst of financial anxiety is possible! While you may not be able to eliminate anxiety entirely, taking proactive steps to address and manage it can significantly reduce its impact on your life. By creating a clear plan for your finances, educating yourself about personal finance, and seeking professional support when needed, you can build the confidence and resilience to navigate any financial challenges that come your way. Use these steps and continue to live your fully funded life!

3 Tips For a Stress-Free Vacation

Stress & Vacation - sounds like an oxymoron… However, we can all think of that one vacation trip that actually ended up being more stressful than relaxing. 

Today we’re delving into the realm of stress-free getaways with three insightful tips that speak specifically to your finances. 

1. Plan and Budget Ahead

One of the most crucial components of a stress-free vacation is a budget. Begin outlining your travel expenses – accommodation, transportation, meals, and activities. Create a realistic budget and stick to it. Consider factors like currency exchange rates, local costs, and potential unexpected expenses. By having a clear financial plan, you not only prevent overspending but also allow yourself to relax and enjoy your getaway without constantly worrying about your bank balance.

2. Leverage Rewards and Discounts

Before booking anything for your vacation, explore the potential rewards and discounts available. Whether it's through credit card points, airline miles, or loyalty programs, these perks can reduce your travel expenses. Research discounts to maximize your savings without compromising the quality of your vacation.

3. Choose Off-Peak Times and Destinations

Do you typically travel during peak travel times? Opt for end-of-season travel periods and destinations to capitalize on reduced costs. Off-peak times not only offer more budget-friendly options for flights and accommodations but also provide a more relaxed and enjoyable experience as you won't be contending with crowds.

Stress-free vacations are within reach! By budgeting realistically, leveraging rewards, and considering off-peak times, you can transform your getaway from a stressful mess to complete relaxation!

4 Reasons Why You Need a Budget for Your Vacation

We've all been there – scrolling through dreamy vacation destinations, imagining the taste of delicious foods, and feeling the thrill of adventure. But before you take flight, let's talk about the unsung hero of a fantastic vacation: the budget.

Let’s explore the top four reasons why you NEED a budget for your next vacation:

You Need a Place to Stay

Let's kick things off with the most fundamental aspect of any trip – finding the best place to stay. Imagine arriving at your dream destination only to discover that all the budget-friendly accommodations are fully booked, leaving you with limited options that break the bank. 

By crafting a well-thought-out budget, you can ensure your accommodation is not only comfortable but also leave enough room in your wallet for unexpected local experiences.

You Need to Eat

What is your budget accommodating for? Are you dining out for every meal, are you filling your Vrbo’s fridge with groceries? 

With a carefully planned budget, you can savor the local delicacies without burning a hole in your pocket. From street food to fine dining to meals made at your rental,  your taste buds and your wallet will thank you for planning ahead. 

You Want to Have Fun

What's a vacation without fun experiences to look forward to? Whether it's exploring ancient ruins, snorkeling in the bluest ocean, or skiing in the mountains – having fun is non-negotiable. A well-crafted budget allows you to allocate funds for those unforgettable experiences, ensuring that you make the most of every moment without worrying about the financial aftermath.

You Don’t Want to Sacrifice Other Goals at the Expense of Your Vacation

Sure, a vacation is a fantastic way to recharge and create lasting memories, but it shouldn't come at the expense of your long-term financial goals. Whether it's saving for a home, investing in your education, or planning for retirement, a budget ensures that your dream vacation doesn't derail your broader financial aspirations.

In conclusion, a budget is not just a financial tool; it's your passport to stress-free, enjoyable travel. So, before you embark on your next adventure, take the time to craft a budget that aligns with your goals and allows you to make the most of every moment. After all, a well-planned budget is the key to start living your fully funded life!

How To Create Accountability As A 'Spender'

Raise your hand if you’re a self-proclaimed ‘spender?’ 

A recent poll conducted by the New York Post revealed that 56% of Americans identify themselves as "spenders," indulging in purchases they truly desire. 

While treating oneself occasionally is perfectly acceptable, establishing accountability for spenders is crucial to maintaining financial well-being and stability. 

3 Strategies To Establish Financial Accountability 

1. Create A Realistic Budget:  One of the most effective ways to establish accountability for spenders is through budgeting and the tracking of expenses. Create a monthly budget that outlines all of your expenses and allocates a specific amount of spending money.

2. Set Clear Financial Goals:  This can be a powerful motivator for responsible spending. Start by defining your short-term and long-term objectives, such as paying off debt, saving for a vacation, or contributing a certain dollar amount towards retirement. Having tangible goals creates a sense of purpose and can help you think twice before making impulsive purchases. 

3. Find A Trusted Accountability Partner:  Pairing up with a trusted friend, spouse, or financial advisor creates a support system to hold each other accountable for your spending decisions. Regular check-ins, discussions about financial goals, and shared progress can significantly impact and reinforce responsible spending habits.

Remember, being a spender doesn't have to conflict with being financially responsible; it's all about finding the right balance.

The Way To Accomplish Your Plans, Hopes, and Dreams

Budgeting, investing, and saving play a critical role in making your plans, hopes, and dreams into reality. Let's explore how these financial elements intersect with goal setting to pave the way for a future filled with accomplishments.

• Budgeting is not just about numbers; it's a tool for aligning your financial resources with your dreams. By aligning your budgeting with your goals, you can prioritize spending, allocate resources efficiently, and ensure your financial plans mirror your financial dreams.

• Investing serves as a pathway toward accomplishing long-term goals. It involves identifying investment avenues that align with specific goals! Through strategic investment, you pave the way toward accomplishing larger financial aspirations.

• Savings act as the foundation for achieving both short-term and long-term goals. Establishing emergency funds and setting aside money for immediate needs aligns with short-term aspirations. Simultaneously, implementing long-term saving strategies propels progress toward larger financial milestones.

The magic really happens when budgeting, investing, and saving align seamlessly with your specific goals.

Tracking progress and maintaining financial discipline are instrumental in achieving financial goals. Consistent effort, adaptation, and a long-term vision can help you stay on track as you live your fully funded life!

Remember, your dreams are within reach. Your budgeting, saving, and investing habits should align with your goals!

Join us at Fully Funded Life in harnessing the power of budgeting, investing, and saving to accomplish your plans, hopes, and dreams.

Budgeting With Irregular Income

Do you have irregular income? Maybe it is seasonal or cyclical.

There is a large group of folks whose family economy is powered by irregular income. Real estate agents, hair stylists, commissioned salesmen, and business owners all experience seasonal or cyclical income.

Folks who live with this type of income often tell me that it is impossible to budget. They say that they have no idea what they will make this month, so it is just impossible. I say that not only is it possible, but that folks with irregular income need to be budgeting more than anyone. It is my goal to help you stop living the feast and famine lifestyle that is so often associated with irregular income. Here’s a hint – It’s EZ!!!

Step 1 – Recognize It!

To avoid living the feast/famine lifestyle, you must recognize that you have irregular income. If you have ever suffered during the “off” season, you KNOW what I am talking about! In order to stop having your life severely impacted by “off” seasons, you must prepare! Question:  If your family economy is powered by irregular income, what do you do to prepare for “off” seasons?

Step 2 – Determine Monthly Expenses

Determine how much money is necessary to make your household operate efficiently for each month. To determine your monthly expenses, you should pull up a monthly budgeting form and do the following.

1. Fixed Expenses

   Enter all your fixed expenses – house payment, utilities, gasoline, car payments, credit card payments, saving for retirement, groceries, cell phone, childcare, etc.

2. Variable Expenses

   Enter the average of all your variable expenses – clothing, spending money, entertainment, dining out, etc.

3. Known, Upcoming Non-Monthly Expenses

   If you do not add in all of those known, non-monthly upcoming expenses, you will continue to live the feast/famine lifestyle. These types of expenses are BUDGET-BUSTERS. Here is what I do. I list all the known, upcoming non-monthly expenses and place their annual cost next to them. I then divide that number by twelve to determine how much I need to save per month.

There are lots of expenses that we all have that are non-monthly, but we know how much they will cost us.  Some examples are car insurance, car tags, life insurance, or gym memberships. This allows me to bring a stop to the feast, famine lifestyle by saving for items that I know are coming.

You now have a monthly budget that will change very little through the year! Question: What have been the biggest budget-busting expenses you have experienced?

Now, of course, the trick is to have enough cash on hand every month to make this monthly budget work!

Step 3 – Save Up Three Months’ Worth Of Expenses

WHAT?! I am sure that is what many of you are saying right now! Yes, I did say that you need to save up at least three months of expenses. Remember in step two that you calculated your monthly expenses? Multiply that number by three, and you have your savings target.

I call this savings the “Known Slumps Fund”! You know that slumps are coming, so be prepared! This is HUGE in eliminating that horrible feast/famine lifestyle!

Step 4 – Become Personally Debt-Free And Operate Your Business Debt-Free

Now, I am certain that you believe I have completely fallen off my rocker. You might be saying, “Joe, you are crazy! There is no way I can do this!” Well, I have seen many people operate their business debt-free.

What are the advantages of operating a business debt-free? Let me count the ways!

1. Monthly expense load drops! There are no interest payments to make!

2. Your business can absorb downturns much more effectively. Again, there are no interest payments to absorb!

3. Breathing room. It is amazing how much stress a pile of debt brings on.

4. When you spend your own real money, you will manage it better. I don’t know why this is, but if I am spending someone else’s money (i.e. the banks) I am much more susceptible to making a riskier decision! When I am spending my money, I am much more likely to do thorough due diligence before doing a deal!

Question: What are some other advantages of operating a business debt-free?

Budgeting With Irregular Income Is Possible

Recognize that you have seasonal or cyclical income so you can avoid the feast-or-famine lifestyle.  Next, determine what your monthly expenses are. Then save up three months’ worth of expenses in a “Known Slumps Fund” to help you weather those months when your income dips drastically or stops. Finally, live personally debt-free and operate your business debt-free.

This isn’t something you can achieve overnight, but this goal will help you make tough choices along the way to set yourself up for long-term success. Remember, budgeting with irregular income is possible!

3 Ways To Stop Overspending During The Holidays

The holiday season is full of joy, festivities, and gatherings. However, for many, it also brings the stress of overspending and financial strain. The pressure to buy gifts, decorate homes, and host celebrations often can lead us to exceed our budgets. To ensure a financially healthy and stress-free holiday season, here are three effective strategies to stop overspending:

1. Create a Realistic Budget

The foundation of responsible spending during the holidays lies in setting a realistic budget. Identifying your available funds and establishing spending limits are crucial steps.

Take a moment to evaluate and allocate specific amounts for various holiday expenses. Prioritize essential costs like travel, hosting, and gifts for immediate family (your essential costs might look different).

Regularly track your expenses and be open to adjusting your budget as needed to avoid overspending!

2. Practice Mindful Spending

Mindful spending involves making conscious choices to prevent impulsive purchases. Start by creating a FULL Christmas shopping list that outlines necessary items. (you don’t have to buy a gift for everyone you know). Stick to this list while shopping to avoid overspending on unnecessary items.

The kicker here is to distinguish wants and needs, focusing on fulfilling your list. While taking advantage of discounts and bargains, ensure that discounted items align with your planned purchases rather than encouraging an impulse buy.

3. Utilize Alternative Gifting Strategies

Consider alternative gifting strategies that not only save money but also add a personal touch to your presents. Explore do-it-yourself (DIY) gifts or homemade treats that showcase creativity while reducing expenses. Do you have a hobby that can be used to create gifts?

Maybe this year, you opt for gift exchanges or Secret Santa arrangements among family or friends to limit individual spending. Alternatively, consider gifting experiences or acts of service, such as offering to babysit or preparing a home-cooked meal, which can be more meaningful than material gifts.

Embracing these strategies can significantly alleviate financial stress and ensure a more balanced and enjoyable holiday season. Remember, you can do this! Share your own tips for managing holiday spending and let’s encourage one another as we work towards a financially healthy and joyful holiday season!

Do You Have Financial Goals?

In the pursuit of living your fully funded life, there's a crucial step often overlooked: setting clear financial goals that align with your plans, hopes, and dreams.

These goals navigate you toward a future where financial freedom and security are not just aspirations but a reality. If you're yet to define these goals or if you're contemplating their importance, let’s find out WHY identifying your financial goals is significant:

Make Your Dreams a Reality

At the heart of your financial journey lies the WHY. Why are you working towards better financial habits? Why are you completing your budget before each month begins? Why? Because, you have dreams, you have hopes, you have plans for your family! Outlining your aspirations into tangible financial goals paves the way to turn aspirations into achievements. Financial goals aren't just about numbers; they are the stepping stones that help make your dreams into reality. They provide direction, purpose, and a sense of empowerment over your financial future.

types of financial goals

In the pursuit of living your fully funded life, financial goals span a spectrum—from immediate needs to long-term aspirations. Short-term goals could include building an emergency fund or paying off high-interest debts, while mid-term goals might revolve around saving for a down payment on a home or funding an education. Long-term goals encompass retirement planning and investment strategies, securing the future you dream of.

Take a moment and identify your short-term, mid-term, and long-term goals!

Steps to Achieve Financial Goals

Now that you’ve identified your goals, reflect on where you stand financially. Now, envision where you want to be. How do you merge the gap between your current financial state and where you want to be? By setting financial goals aligned with your dreams. Craft an action plan that lays out the steps needed to achieve these aspirations. You might have to adjust your spending habits, you may need to establish financial accountability… Your path may evolve, but staying committed and adaptable is key to reaching your financial plans, hopes, and dreams.

At FullyFunded.Life, we recognize the transformative power of financial goals in making your fully funded life a reality. Our platform provides not just tools but a roadmap to help you establish, track, and live your financial aspirations. From budgeting templates to personalized financial planning guidance, we're here to support you on your journey.

Living your fully funded life isn't a distant dream—it's within your grasp. Take the first step and join us at:

Start setting and achieving your financial goals today and pave the way to living your fully funded life.

Managing Money During Challenging Financial Times

In the journey towards a fully funded life, we often encounter challenging financial times that test our resilience: volatile markets, high-interest rates, inflation, high housing costs, economic instability, recession, and so on….

Yet, even in the face of adversity, there is hope, and with thoughtful planning, your dreams can still be accomplished. Here’s how!

Assess Your Financial Situation

• Create a Detailed Financial Snapshot: Taking stock of your current financial situation allows you to understand where you are and where you want to be. List your assets, debts, income, and expenses.

• Identify Areas Needing Attention: Pinpoint the areas that need immediate attention. Are there debts to be managed? Expenses to be trimmed? Knowing your challenges is the first step in overcoming them.

Budget and Prioritize

• Create a Realistic Budget: Creating a budget that adapts to changing circumstances ensures your goals remain within reach. Assign every dollar a purpose within your budget, aligning your financial decisions with your plan's, hopes, and dreams

• Prioritize Essential Expenses: In challenging times, prioritize your essentials, such as housing, utilities, and groceries. While cutting non-essential costs, ensure you safeguard what truly matters to you during challenging financial times.

Build Financial Resilience

• Establish and Maintain an Emergency Fund: An emergency fund is your safety net, ready to catch you in difficult times. Ensuring you stay on course even when challenges arise.

• Explore Additional Income Sources: Side hustles, freelance work, and diversified income streams can provide additional financial stability during uncertain times.

• Seek Financial Advice and Support: Seeking advice and support when needed is a sign of strength. Financial professionals and community resources can provide guidance and assistance to keep your dreams alive, even in challenging times.

Navigating challenging financial times takes discipline, but it doesn't have to derail your plans, hopes, and dreams. By assessing your situation, budgeting wisely, and building financial resilience, you can continue on your path toward building the fully funded life you've envisioned!

How To Have A Debt-Free Christmas

Picture this: It's December, the holiday season is in full swing, and you're basking in the joy of Christmas festivities without a worry in the world about looming credit card bills in January. Sound like a dream? Well, it doesn't have to be!

Christmas is an annual, non-monthly expense, and it shouldn't catch us by surprise. With some careful planning, you can enjoy a fully funded Christmas, where you buy gifts with cash and avoid post-holiday financial stress. Here's how to make it happen.

Set Your Budget

• The first step is to decide how much you want to spend on Christmas as a whole. This amount will serve as your budget's foundation. It's crucial to determine a reasonable and achievable sum that won't strain your finances.

Creating a Christmas Gift List and Setting Allocations

• Create a comprehensive list of every person, organization, or cause you plan to buy gifts for during the holiday season. (P.S. You don’t have to get EVERYONE in your circle a gift!) Once your list is ready, assign a specific amount to each recipient, including a category for decorations, travel, and other holiday-related expenses. This planning ensures that every dollar you spend on Christmas serves a purpose and won't lead to unnecessary financial stress in the new year.

Stick To The Budget

• The key to a fully funded Christmas lies in your ability to stick to the budget you've created. It's easy to get caught up in the excitement of the season and overspend, but maintaining discipline is crucial. Resist the temptation to make impulse purchases or exceed your allocated amounts. Sticking to the budget requires self-control and accountability. Keep track of your spending, regularly review your budget, and make adjustments if necessary.

A debt-free Christmas isn't an unattainable dream; it's a tangible goal that you can reach!

5 Steps To Get Financially Organized

Organization! Some of you may hear the word organize and your heart flutters with excitement, while others are probably filled with dread just by the sound of the word.  Wherever you are on the spectrum, you can and NEED to get your finances organized.

STEP 1:  Understand Why You Are Doing This In The First Place

Here are some reasons to get organized financially:

• Control: It is hard for the finances to run out of control when you are focusing this intently on your financial affairs.

• Improved financial focus:   We tend to improve that which we focus our attention on.

• We WILL die someday:   Our family will appreciate a clearly organized set of financial affairs.

step 2: Prepare A List Of All Of Your Financial Accounts

• It is important to gather together your financial statements so you can easily prepare a one or two page document that details your entire financial picture.

step 3: Information To Include On Your Financial Accounts Form

• This form is meant to be the be-all to end-all location for your entire financial picture.   When you are looking for key financial information, you won’t have to go far because it is all contained within this file.   When you pass away, it allows your estate executor to easily understand what they are dealing with.

• Here are the key items to include:

  • Investment Accounts

  • Bank Accounts

  • Real Estate

  • Will

  • Power of Attorney

  • Insurance Policies

  • Jewelry or other valuables

  • Safe Deposit Box

Step 4: Make Sure You Are Budgeting

• Having your accounts listed out and your financial affairs in order is so important.  What good does that do you though if you aren’t organized with the money that you spend? Budgeting is part of being organized with the money that comes in and what goes out of your account each month.  Taking control of this sets you up for financial success.

STEP 5: Where To Find Free Or Cheap Resources

• Check your local hospital for free healthcare power of attorney forms.

  • Check your local hospital system’s website to see if they have the same available. They may also offer advanced directives. An advanced directives form takes the pressure off of your loved ones to make care decisions for you if you aren’t able to communicate your desires yourself.

  • Some county library websites will also offer free legal forms, including those that are state-specific.

As you organize your accounts and records not only will it help your loved ones in the long run, but it will become easier for you to understand your current financial position.  This will help you as you make monthly decisions in your budget and set you up for success with your finances.

This may be a time consuming task your first go round, but after you have this set up it will be easy to update and maintain it going forward.

3 Ways To Combat Inflation

 63% of Americans attribute their financial insecurity to inflation. In order to navigate through challenging financial times, it's essential to arm yourself with strategies that can help you combat the rising tide of inflation.

REVIEW YOUR EXPENSES

• Define All Income Sources: Create a list of all your income streams and explore opportunities for additional income.

• Outline fixed and variable expenses, while beginning to identify areas where you can potentially reduce costs. During challenging financial seasons, it’s important to prioritize essential spending (home, food, etc.) and lessen non-essential spending (eating out, overspending on entertainment, etc.)

COST MANAGEMENT

• Begin to implement cost-cutting strategies. Opt for store brands or generic products and share for discounts/coupons to reduce grocery expenses.

• Review your subscriptions and see if there are unnecessary ones you can eliminate. Additionally, contact your service providers for updated quotes to save money on cable, internet, etc.

• Build and maintain an emergency fund that covers at least one to three to six months of essential expenses.

PROFESSIONAL GUIDANCE

• If needed, find a financial coach to help identify your next financial steps and guide you through your personal finances.

There are ways to combat inflation! Implement these small changes to help yourself succeed during challenging financial times. We want to help you manage your money well during times of high inflation with the Inflation Busting Bundle!

Discover the tools and resources to equip you for success during challenging financial times. This full bundle includes:

• COURSE: Principles for Managing Money in Challenging Financial Times

• WEBINAR: How to Fight Inflation and Thrive

• 3 EBOOKS: On Budgeting, Debt Elimination, Bill Payment

• 1 PAGER: 10 Steps You Can Take Right Now 

• ​3 TOOLS: Weekly Budget, Monthly Budget, & Debt Freedom Date

Do You Have A Vision For Your Money?

Do you have a vision for you money? Without one, you might find yourself spending aimlessly, uncertain of how to accomplish your goals, or wondering where you money ends up going each month. Cultivating a strong financial vision that will guide your money towards the life you desire.

Define Your Financial Goals:

Start by identifying your financial aspirations. What are you striving to achieve in the next month, the next year, next 3 years? Whether it's paying off debt, saving for a home, building an emergency fund, or investing for the future, write down your specific financial objectives. These goals will serve as the foundation of your financial vision.

Visualize Your Ideal Life:

Imagine your life as you want it to be in 2024 and beyond. What does your Fully Funded Life look like? Visualize the aspects of your life that financial stability can enhance – from family vacations and a comfortable home to peace of mind and a secure retirement. This visualization can serve as a powerful motivator.

Prioritize Your Spending:

In a world filled with constant financial demands, it's essential to prioritize your spending based on your goals. Create categories for your expenses, ranking them by importance. Allocate your money accordingly, ensuring that the most significant portion goes toward achieving your primary objectives.

Track Your Progress:

Regularly monitor your financial progress to ensure you're on the right path. Use tools like budgeting apps and spreadsheets to track income, expenses, and savings. This real-time feedback can help you make necessary adjustments and stay committed to your vision.

Celebrate Milestones:

Recognize and celebrate your financial achievements along the way. Whether it's paying off a credit card, reaching a savings milestone, or sticking to your budget for several months, acknowledge your progress as a motivator to keep moving forward.

Your financial vision should be the guiding light that leads you toward your Fully Funded Life. It's not just about money; it's about turning your financial resources into a means of achieving your dreams and securing your future. Embrace this vision, and you'll find that your money can become a powerful tool for building the life you've always wanted.

First Time Budgeting Tips

I remember our first-ever budget. It was in July 2003. My fine bride, Jenn, came into the living room with a budget scribbled on a piece of lined paper. She had been trying to get me to budget for the past 6 months or so, but I was not playing along (because I’m a spender!).

I believed budgets were controlling, restricting, live-in-a-Maytag-refrigerator-box pieces of trash. They made me say the word “no”, and it interrupted my flow. I wanted no part of it.

But let’s consider a snapshot of my family’s financial situation when Jenn walked in:

• I was managing the money

• We had $4.13 in our checking account

• Our credit cards had a huge balance on them again – for the third time!

• We had a 105% financed car and a 100% financed truck

• There was nothing in our short-term savings account

• We were B-R-O-K-E

• I was in COMPLETE DENIAL!

I can not write this strong enough: I was B-R-O-K-E and telling my wife, “NO!” to doing something different with our finances! But, for some reason at that very moment, something happened that changed my life and marriage forever. I turned off the TV and looked at the budget she had prepared. It actually showed we could live for a month without incurring any additional debt!

LIFE-CHANGING does not describe the next few minutes. I moved into the computer room and started entering the expenses into Microsoft Excel. As I was putting together the formula to subtract expenses from the income, I realized that all of this time I could have been managing my money with the math skills possessed by the average first-grader. INCOME – OUTGO = EXACTLY ZERO! After a few minutes, we had a budget that was EXACTLY ZERO.

My life and marriage have been changed forever because we discovered that a budget is NOT restricting. It is freedom!  It is merely telling your money where to go instead of wondering where it all went. It allows you to pay off debt, save up for known, upcoming expenses, save money for emergencies, and fund your dreams.

The first budget was tough because not everything went according to the plan. Every month we had been spending an enormous amount at Wal-Mart and did not clearly know what we had spent it on. As a result, our first month was a little rough. Month two was a bit easier.  Month three was even easier.

Listen to your feelings as I write this next line: We don’t worry about money ANY MORE. We did something different. We applied God’s word and Grandma’s advice to our money and our lives have never been the same.

You CAN do this! You CAN get through the 1st month’s budget! Click on “TOOLS” at the top of the page or at the button below:

Why You Should Have A Budget

"You should have a budget."

It's a phrase that's likely crossed your path more than a few times.

If you lean towards being a saver, your heart probably gave a little leap of joy (because budgets are your jam). But if you're more of a spender (like myself), you might have felt a slight tinge of apprehension, but it’s true you should have a budget and here’s why…

Increased Savings:

• You budget should include a line item for savings. This should start as enough money put away to build an emergency fund. Think of how much easier it would be to deal with what life throws at you - by having an emergency fund ready to help!

Decreases in Inefficient Spending:

• With a budget, you track your spending month over month. If there’s a problem area for you, your budget is going to show it. Your budget will keep you from spending money on unnecessary or impulse purchases because you’re tracking every dollar! 

Accomplish Financial Goals:

• It’s difficult to accomplish goals without a plan… a budget is your plan! Create line items in your budget for your financial goals, whether that be a vacation, paying off debt, saving for a home purchase, starting a business, etc. 

Decreased Financial Stress:

• When you don’t budget, this can lead to uncertainty about where your money is going and how bills will be paid. A budget will ELIMINATE that uncertainty. Track every dollar of income that you bring in each month, and write out where each dollar will be going. 

Good Financial Decision-Making:

When you have a budget, it’s easier to make informed financial decisions, because you have a full grasp on your financial standings. Reviewing your budget month over month will help you know when to cut back on discretionary spending or adjust expenses in response to changes in income.

How Do I Create Good Financial Habits

Our financial habits are the guiding point for our financial journey. Just like a ship needs a sturdy compass to navigate through rough waters, good financial habits provide you with direction, control, and a sense of purpose. Good habits allow you to make informed decisions, adapt to changing circumstances, and achieve your dreams. 

Start with these steps and begin creating good financial habits:

Learn & Educate: 

Knowledge is a powerful tool for financial growth. Invest time in reading financial literature and resources that enhance your understanding of budgeting, saving, investing, and other areas of personal finance.

Define Your Goals:

Set specific, and timely financial goals. These give your financial habits a purpose and a roadmap to follow. Identify short-term and long-term aspirations, such as creating an emergency fund, paying off credit card debt, or saving for a dream vacation. Linking your habits to these goals will keep you motivated and on track!

Create A Budget: 

Build your realistic budget. Track your income and expenses diligently to understand where your money is going. Keep track of every dollar! Allocate funds for essentials, savings, and discretionary spending. Stay disciplined by sticking to your budget and making adjustments when necessary.

If you need help building out your budget, use these resources: 

Automate Where You Can: 

Take advantage of automation - it can be a built-in habit! Struggling to save each month? Set up automatic transfers to your savings accounts, ensuring that a portion of your income goes directly towards your financial goals. 

Creating good financial habits requires dedication and patience. You have to decide to decide - and start today! By practicing these habits consistently, you can shape your financial future and work towards achieving your goals. Your future self will thank you for the positive changes you make today.

What Is Your Why

Do you have a vision for your money? Have you identified your WHY?

When you receive those precious Washingtons, Lincolns, Hamiltons, Jacksons, and Franklins, do you have a clear idea for the utilization of each one of them? Or is that money dead on arrival – doomed to be sent on its way without advancing you toward your life’s plans, hopes, and dreams – your Fully Funded Life?

Without a clear vision, it is highly likely that the money will disappear with little to no progress. After all, there are so many things competing for your dollars:

• Housing

• Utilities

• Kids

• Food

• Student Loans

• Automobiles

• Insurance

• Gasoline

And everything in between! When we experience financial setbacks, which will occur often, it can be easy to just give in and give up saying soothing statements like:

• “We just can’t ever seem to get ahead financially.”

• “We’ll never win with money.”

• “I need to win the lottery.”

I encourage you to write down your vision for the money you’ll be receiving between now and the rest of the year. You’ve still got five months to experience a massive shift toward your preferred financial future! Get started today!

Working Together To Win With Money

When my wife, Jenn, and I began our budgeting journey, we discovered a magical ingredient for achieving financial success: working together. I want to share the benefits we’ve enjoyed since we started “working together to win with money.”

Benefit #1 – We BOTH Know Our Financial Situation.

Before Jenn and I started working together on our finances, there were a lot of episodes of unplanned spending. As a result, we would run short of cash at the end of the month and cover those shortages with credit cards. Because neither of us truly understood where all of our money was going, it led to additional financial mistakes. These would lead to unnecessary stress and frustration. It also resulted in an average bank account balance of $4.13. Since I am an eternal optimist, I would say, “Hey! At least the balance is positive and not negative!”

We later realized our financial behavior was robbing us of our future hopes, plans, and dreams. In December 2002, we had our IHHE Moment (I Have Had Enough Moment) and said, “ENOUGH,” and stopped spending money in a wild manner. By July 2003, we had formalized our spending into a monthly spending plan (A.K.A. a budget). Ever since then, we have planned each month’s spending.

The result?  We have been debt-free (except for the house) since February 2004. We have achieved many of our life dreams, and we both know our financial situation.

Keys To Obtaining Benefit #1

1. Prepare a written spending plan every single month – visit HERE for a free budget template

   • This monthly rhythm will create a natural space for you to have conversations about your finances. Since nearly everything in life costs money, it will allow you to have a conversation about the more important things in life too. This is perhaps the most powerful result of preparing and following a monthly budget.

2. If you have a financial mess, it is time to have an IHHE Moment

   • This is the moment where you say, “Enough is enough.” It is a definitive moment where the pain of keeping things the same exceeds the pain of changing. This is a vital component of every financial turnaround as it provides energy and passion to help you power through the challenges of changing old financial habits and behavior.

3. Take the time to talk with your spouse about your hopes, plans, and dreams – and write them down!

   • At least once a year, you should have a focused conversation about your plans hopes, and dreams. The dreams you share with your spouse, as well as, your individual ones. This can be a wonderful time of hope and challenge that helps you remain committed to positive financial decisions.

Benefit #2 – Improved Communication.

When Jenn and I were B-R-O-K-E and constantly spending money we did not have, we really had no idea where our money was going. All we knew was this: it was leaving at a very rapid pace!

By working together to win with money, our communication changed dramatically. I now know when each of my nephews and nieces have a birthday because we send them money. We can’t just magically produce the money we send them every birthday. It must be planned. Through this rhythm of monthly meetings, these gifts are carefully included in our monthly spending plan.

We also discuss our future plans, hopes, and dreams. We talk about which dreams will be funded now and which ones will need to be funded later. Together we made a decision to fund college education for our three children. We fund that education every single month. In January 2003, we agreed together that this goal was extremely important to us, and we made it a priority.

We both have a desire to travel around the world. As such, we made a decision that most of these travels will be funded in the future, not now. However, we have focused on funding a few trips right away. We typically take a family vacation each summer where we tour several states and visit family. Living in South Carolina, we also love visiting the beach. Because of this, we have made beach trips a priority. These trips are funded monthly because they are included as an expense in our monthly budget. This allows us to pay cash for each trip without any debt following us home. This all happens because of one key reason: we have agreed together to sacrifice other items in order to fund each of these higher priority goals.

Because of our improved communication, we have been able to give more money to causes and people we believe in.

To put it very plainly: there is no possible way we are ever going back to our old way of money (mis)management.  Our marriage has been vastly improved by the fact that we are working together to win with our money.

Keys To Obtaining Benefit #2

1. Understand each other’s plans, hopes, and dreams.

   • Few things are as satisfying as setting a goal and achieving it with the one you love. Have you written down your plans, hopes, and dreams? What about your spouse? How long has it been since you allowed yourself to dream?

2. Take time to develop a written spending plan TOGETHER – free budget tools are located HERE

   • Let’s face it. Budgeting is not the most exciting task you will undertake on any given day. However, when you realize that your budget, and the process of preparing it together with your spouse, is the critical and vital tool that will maximize every dollar and enable you to achieve the huge plans, hopes, and dreams of your life, you might discover that you suddenly enjoy this process in a way you did not think was possible. You will be spending your time working together to win with money.

3. Plan your spending EVERY SINGLE MONTH – ensure that you are funding at least one of your dreams at all times

   • Have you noticed how fast time goes by? My firstborn was just entering kindergarten and now high school is already in her rear-view mirror! If you do not commit to preparing and following a budget each month, you will seemingly blink and a year (or more) will pass. Mark my words, any month you allow to pass without preparing a plan is a month you did not maximize the impact of your money.

4. Become debt free – calculate your Debt Freedom Date HERE

   • Have you ever known anyone who said their credit card debt was the reason for their financial success? Probably not. The same can surely be said for furniture debt, student loan debt, and owing a friend or family member. We all understand that debt is not all created equal. Credit card debt is wildly different from a home mortgage. But consider this thought: What would your life look like if you owed zero debt except for your home? What if you were completely debt-free – including your home?

Benefit #3 – Dreams Get Funded!

By working together to win with money, many of our dreams have been funded.

We have had tons of dreams …  A new kitchen with granite countertops, a new master bathroom, paying for our kids’ college education, paying cash for our kids’ first house, giving away $1,000,000, starting a university, living for a year in downtown Chicago, traveling to Australia, Europe, and Asia, owning a 100-acre farm …

Quite frankly, the list of dreams goes on and on. However, because we have talked about them and prioritized them, many of them have been fully funded. In fact, it is my belief that one hundred percent of the above goals will be funded during our lifetime. Why do I believe that?  Because we have funded so many of our dreams already! Many of them were dreams we did not think were really possible when we first discussed them. It is amazing what happens when you have a financial plan and work together to win with money.

If we fail to achieve all of our dreams, so be it. It will be a blast knowing we gave our best effort together!

Keys To Obtaining Benefit #3

1. Remove all distractions and take the time to have a great conversation about your plans, hopes, and dreams.

   • Children are wonderful and beautiful, but there are some conversations that are better without their constant input (or interruption). One of these includes the conversation about your plans, hopes, and dreams. Schedule your conversation so you can ensure a distraction-free environment for this most important of discussions.

2. Ask these questions of each other:

   • Will these dreams cost money?  How much?

   • If we continue to manage money the way we are right now, will we be able to achieve these dreams?

   • What is your most important dream?  How can we start funding it right now?

How Working Together Has Helped Us

Ever since our IHHE Moment back in December 2002, Jenn and I have taken our financial decisions much more seriously. The addition of a budget greatly accelerated our financial success. By February 2004 (just 14 months later), we were debt-free except for our home. We have been able to launch and purchase eight companies, acquire the farm, and invest in rental real estate.

We are so grateful for the journey and the blessings we have experienced. It is our mission and goal for you to enjoy the same success. We truly believe it is possible for you to live your own Fully Funded Life! You can do this! We believe in you.

After more than 25 years of managing money, I finally took time to write about the profound impact that one’s plans, hopes, and dreams can have on your financial behavior. I have entitled the book, 20/20 Money: Gaining Clarity for Your Financial Future. Included within this book are 22 Vital Questions you should ask to help discern and fully understand your own plans, hopes, and dreams and just exactly a Fully Funded Life looks like for you. You can learn more and pick up your copy HERE.