Steve Repak's Blog, page 4
June 27, 2016
4 Simple Ways to Jumpstart Your Finances
If you feel that your finances are on life support and you have little hope of the situation improving, I want to you to provide you with a little ray of sunshine by showing you 4 easy ways to jumpstart your finances.
1. Start Giving More
I know what you are thinking, how can you jumpstart your finances if you are giving your money away! Truth be told, getting onto a healthier path with your finances has less to do with knowing what to do and more with doing what you know. If you truly believe that God is able to provide for your needs, then you acknowledge that by giving back to God. If you truly believe it is better to give than to receive, once again, you demonstrate that by giving to others that are less fortunate. Your money attitudes are crucial so by learning to give first, you will have no choice but to learn to live on less and that is the cornerstone of personal finance!
2. Start Tracking Your Spending
There is no secret that people who don’t run out of money at the end of the month are the ones who spend less than they make. Keeping a spending journal for two weeks can really make a big difference in your spending patterns. I think most of us know how much we make; the problem is that many of us have no idea exactly what we are spending each week. If you want to spend less so you can save more and pay off debt, you must know what you are spending your money on and then decide what expenditures you can eliminate or reduce. Consider using cash for two weeks instead of using your credit cards or debit card. I have heard that it hurts to break a $20, so maybe using cash can help you to start spending less of your hard earned money.
3. Start Knocking Out Your Debt
Don’t be one of those people who justify their debt by thinking that as long as you can afford to make the minimum payments on your credit card you are ok. You must start paying more toward your debt which will reduce the amount of interest you will pay over the life of that debt. Also by paying more towards your debt, you will be able to pay that debt off faster so you can start putting that money towards your savings and start earning interest instead of paying interest. Finally, do not be afraid to call your credit card company to negotiate a lower interest rate. The worse that can happen is that they say no!
4. Start Saving, Start Saving, Start Saving
Between making excuses, having good intentions, or just breaking the promises we make to ourselves, it’s easy to understand how we oftentimes fall short of achieving our goals, but we have to start saving money now! For our short term savings, consider opening a savings account at a financial institution different from where your checking account is (to make it a little harder to get to) and set up a bill pay or draft where you pay yourself each month before you pay any other bills. In addition, start putting money away towards retirement because retirement isn’t a question of if, it is a question of when. If your company offers a match where they will contribute a certain percentage of pay if you are setting aside some of you earnings into a company plan, you are leaving money on the table by not taking full advantage of this benefit. For example, if your company will match $.50 of every dollar you set aside into your 401k up to 5% of your salary, by putting anything less than 5%, you are basically saying no to free money. The last simple tip when it comes to saving is this: saving something is better than saving nothing and whatever you have been saving, start saving more!
article courtesy of : http://www.crosswalk.com/family/finan...
1. Start Giving More
I know what you are thinking, how can you jumpstart your finances if you are giving your money away! Truth be told, getting onto a healthier path with your finances has less to do with knowing what to do and more with doing what you know. If you truly believe that God is able to provide for your needs, then you acknowledge that by giving back to God. If you truly believe it is better to give than to receive, once again, you demonstrate that by giving to others that are less fortunate. Your money attitudes are crucial so by learning to give first, you will have no choice but to learn to live on less and that is the cornerstone of personal finance!
2. Start Tracking Your Spending
There is no secret that people who don’t run out of money at the end of the month are the ones who spend less than they make. Keeping a spending journal for two weeks can really make a big difference in your spending patterns. I think most of us know how much we make; the problem is that many of us have no idea exactly what we are spending each week. If you want to spend less so you can save more and pay off debt, you must know what you are spending your money on and then decide what expenditures you can eliminate or reduce. Consider using cash for two weeks instead of using your credit cards or debit card. I have heard that it hurts to break a $20, so maybe using cash can help you to start spending less of your hard earned money.
3. Start Knocking Out Your Debt
Don’t be one of those people who justify their debt by thinking that as long as you can afford to make the minimum payments on your credit card you are ok. You must start paying more toward your debt which will reduce the amount of interest you will pay over the life of that debt. Also by paying more towards your debt, you will be able to pay that debt off faster so you can start putting that money towards your savings and start earning interest instead of paying interest. Finally, do not be afraid to call your credit card company to negotiate a lower interest rate. The worse that can happen is that they say no!
4. Start Saving, Start Saving, Start Saving
Between making excuses, having good intentions, or just breaking the promises we make to ourselves, it’s easy to understand how we oftentimes fall short of achieving our goals, but we have to start saving money now! For our short term savings, consider opening a savings account at a financial institution different from where your checking account is (to make it a little harder to get to) and set up a bill pay or draft where you pay yourself each month before you pay any other bills. In addition, start putting money away towards retirement because retirement isn’t a question of if, it is a question of when. If your company offers a match where they will contribute a certain percentage of pay if you are setting aside some of you earnings into a company plan, you are leaving money on the table by not taking full advantage of this benefit. For example, if your company will match $.50 of every dollar you set aside into your 401k up to 5% of your salary, by putting anything less than 5%, you are basically saying no to free money. The last simple tip when it comes to saving is this: saving something is better than saving nothing and whatever you have been saving, start saving more!
article courtesy of : http://www.crosswalk.com/family/finan...
May 10, 2016
Five Bible Verses to Teach Your Kids Practical Money Skills
Proverbs 22:6 (NIV) Start children off on the way they should go, and even when they are old they will not turn from it.
The longer you wait to start teaching your children to be good stewards of their financial resources the harder it is to instill good habits. Most kids in America know their way around the local shopping mall and can run circles around their parents when it comes to the latest app on their favorite gadget but when it comes to practical money skills most of them are in the dark. If your child can add and subtract then most likely they have the intellectual skills to master personal finance but many do not have the emotional maturity to make good financial decisions. By the way many adults also have that same issue. So what can we as parents do in order to start our children off on the right way to go when it comes to money? These five Bible verses can help get them on the right track:
1# Philippians 4:19 And my God will supply every need of yours according to his riches in glory in Christ Jesus.
God is the true provider for all of our needs but nowhere in the Bible does it say that God will give us everything we want. That doesn’t mean we can’t give our children things they want but we must teach them the difference between wants and true needs. For example, we NEED to eat, but we do not NEED to go out to dinner every night. We NEED clothes so people won’t look as us funny, but we do not NEED to be wearing the latest fashion craze.
#2 1 Corinthians 4:2 Moreover, it is required of stewards that they be found trustworthy.
If we are unable to be good stewards financially, how then we can expect God to trust us spiritually? So we need to keep in mind that every financial decision is also a spiritual decision. We can all be better stewards by being grateful and content with what we have and understand that everything comes from God, belongs to God, and is distributed by God.
#3 2 Thessalonians 3:10 For even when we were with you, we gave you this command: “Those unwilling to work will not get to eat.”
That doesn’t mean I believe your child needs to work before you provide them food, shelter and clothing but by paying your child an allowance for doing work/chores around the house does teach your children the value of work. If you want to teach your child about saving, giving and spending money, they first have to learn a lesson on earning it!
#4 Hebrews 13:16 Do not neglect to do good and to share what you have, for such sacrifices are pleasing to God.
The most joyous people are not always the ones who have the most but they are usually the ones who give the most. Teaching your children about giving their time and money develops discipline because an awareness of others’ misfortune will serve them well in any aspect of their lives.
#5 Proverbs 6:6-8 Take a lesson from the ants, you lazybones. Learn from their ways and become wise! Thought they have no prince or governor or ruler to make them work, they labor hard all summer, gathering food for the winter.
Does saving mean that we are not relying on God? No, saving is being a good steward of your financial resources. Nobody likes to plan on things going wrong, but invariably they do. An easy rule to teach your child is the 10-10-80 rule where they give the first 10%, save 10% and can spend the rest!
Article first posted via: http://brendayoder.com/steve-repak-fi...
The longer you wait to start teaching your children to be good stewards of their financial resources the harder it is to instill good habits. Most kids in America know their way around the local shopping mall and can run circles around their parents when it comes to the latest app on their favorite gadget but when it comes to practical money skills most of them are in the dark. If your child can add and subtract then most likely they have the intellectual skills to master personal finance but many do not have the emotional maturity to make good financial decisions. By the way many adults also have that same issue. So what can we as parents do in order to start our children off on the right way to go when it comes to money? These five Bible verses can help get them on the right track:
1# Philippians 4:19 And my God will supply every need of yours according to his riches in glory in Christ Jesus.
God is the true provider for all of our needs but nowhere in the Bible does it say that God will give us everything we want. That doesn’t mean we can’t give our children things they want but we must teach them the difference between wants and true needs. For example, we NEED to eat, but we do not NEED to go out to dinner every night. We NEED clothes so people won’t look as us funny, but we do not NEED to be wearing the latest fashion craze.
#2 1 Corinthians 4:2 Moreover, it is required of stewards that they be found trustworthy.
If we are unable to be good stewards financially, how then we can expect God to trust us spiritually? So we need to keep in mind that every financial decision is also a spiritual decision. We can all be better stewards by being grateful and content with what we have and understand that everything comes from God, belongs to God, and is distributed by God.
#3 2 Thessalonians 3:10 For even when we were with you, we gave you this command: “Those unwilling to work will not get to eat.”
That doesn’t mean I believe your child needs to work before you provide them food, shelter and clothing but by paying your child an allowance for doing work/chores around the house does teach your children the value of work. If you want to teach your child about saving, giving and spending money, they first have to learn a lesson on earning it!
#4 Hebrews 13:16 Do not neglect to do good and to share what you have, for such sacrifices are pleasing to God.
The most joyous people are not always the ones who have the most but they are usually the ones who give the most. Teaching your children about giving their time and money develops discipline because an awareness of others’ misfortune will serve them well in any aspect of their lives.
#5 Proverbs 6:6-8 Take a lesson from the ants, you lazybones. Learn from their ways and become wise! Thought they have no prince or governor or ruler to make them work, they labor hard all summer, gathering food for the winter.
Does saving mean that we are not relying on God? No, saving is being a good steward of your financial resources. Nobody likes to plan on things going wrong, but invariably they do. An easy rule to teach your child is the 10-10-80 rule where they give the first 10%, save 10% and can spend the rest!
Article first posted via: http://brendayoder.com/steve-repak-fi...
March 30, 2016
Budgeting to Take Care of Aging Parents
As your parents age, you may find that taking care of them becomes a financial issue for you. Even parents who have prepared well for their retirement years can find they need help from their children to handle rising medical costs and other increasing expenses related to getting older.
Figuring out how best to help your parents with a mix of their money and yours, while still budgeting for your own household expenses, can be a balancing act. The best way to prepare for a potential impact to your budget is by doing your homework before any issues arise:
1. Make a list of all assets and sources of income
When you are compiling your list, you should consider not only your assets and sources of income but also what your parents own and earn. Some potential sources of income you might want to consider include part-time employment for your parents, their Social Security benefits and pensions, and the proceeds from the sale of your parents’ home, which could unlock any equity they have in it. Unless you are your parents’ only child, you may want to make sure you involve all of your siblings, and maybe even other family members, so that you can pool your resources to help when it’s needed.
2. Set boundaries
Once you’ve made the list of assets and income, you may have to start making some hard choices. For example, if you have children, will you stop saving for their college and put that money away for your parents? Which of your own assets are you willing to earmark for your parents’ needs? Are you willing to use part of your own retirement savings for their care? These are difficult questions to ask, with no right or wrong answers. But by setting some boundaries, you may be able to make some adjustments now to be better prepared later.
3. Use senior assistance programs
There’s no such thing as free money, but your aging parents may be able to take advantage of a variety of senior assistance programs that many states and communities sponsor. For example, states may give breaks on property taxes for homes owned by seniors, utilities might offer discounts on energy bills and many local social service agencies provide reduced-cost meals and free transportation to doctor appointments, to name just a few.
You can learn more by visiting BenefitsCheckUp, a free service of the National Council on Aging. The website can help you find federal, state and private programs that help adults over age 55 pay for prescription drugs, healthcare, utilities and other basic needs.
4. Consider other resources
To shield your parents and yourself, you may want to keep your money and property separate.
You also may want to review your situation with an attorney specializing in elder law who can answer questions about wills, living wills and financial power of attorney, as well as issues related to long-term care planning and guardianship, and any other issues that could arise.
Having to manage taking care of yourself, your children, and your aging parents all at the same time can be extremely difficult. Doing your homework and being prepared to address issues as they arise can help you make informed decisions based on as many facts as possible.
Article courtesy of: https://blog.equifax.com/family-money...
Figuring out how best to help your parents with a mix of their money and yours, while still budgeting for your own household expenses, can be a balancing act. The best way to prepare for a potential impact to your budget is by doing your homework before any issues arise:
1. Make a list of all assets and sources of income
When you are compiling your list, you should consider not only your assets and sources of income but also what your parents own and earn. Some potential sources of income you might want to consider include part-time employment for your parents, their Social Security benefits and pensions, and the proceeds from the sale of your parents’ home, which could unlock any equity they have in it. Unless you are your parents’ only child, you may want to make sure you involve all of your siblings, and maybe even other family members, so that you can pool your resources to help when it’s needed.
2. Set boundaries
Once you’ve made the list of assets and income, you may have to start making some hard choices. For example, if you have children, will you stop saving for their college and put that money away for your parents? Which of your own assets are you willing to earmark for your parents’ needs? Are you willing to use part of your own retirement savings for their care? These are difficult questions to ask, with no right or wrong answers. But by setting some boundaries, you may be able to make some adjustments now to be better prepared later.
3. Use senior assistance programs
There’s no such thing as free money, but your aging parents may be able to take advantage of a variety of senior assistance programs that many states and communities sponsor. For example, states may give breaks on property taxes for homes owned by seniors, utilities might offer discounts on energy bills and many local social service agencies provide reduced-cost meals and free transportation to doctor appointments, to name just a few.
You can learn more by visiting BenefitsCheckUp, a free service of the National Council on Aging. The website can help you find federal, state and private programs that help adults over age 55 pay for prescription drugs, healthcare, utilities and other basic needs.
4. Consider other resources
To shield your parents and yourself, you may want to keep your money and property separate.
You also may want to review your situation with an attorney specializing in elder law who can answer questions about wills, living wills and financial power of attorney, as well as issues related to long-term care planning and guardianship, and any other issues that could arise.
Having to manage taking care of yourself, your children, and your aging parents all at the same time can be extremely difficult. Doing your homework and being prepared to address issues as they arise can help you make informed decisions based on as many facts as possible.
Article courtesy of: https://blog.equifax.com/family-money...
February 28, 2016
Giving
2 Corinthians 9:7 NLT You must each decide in your heart how much to give. And don’t give reluctantly or in response to pressure. “For God loves a person who gives cheerfully.”
You may be thinking that Steve is supposed to be writing about saving money, getting out of debt, or any number of topics to help you financially, so why is he talking about giving?
How do you feel when your pastor talks to you about giving? It is a fact that many people are turned off when their pastor preaches about tithing. They may feel pressured, guilty, uncomfortable or resentful, and sometimes all of the above.
Giving is a very personal thing, and it is not one size fits all. I am asked regularly “should I give if I have debt”, “should I give if I don’t have money in savings”, “should I give 10% net or gross”, “if I can’t give 10% is it ok to give less”? My answer is yes to all of these questions, but in my heart, I believe it is not the amount you give but how you give that is important. Words that come to mind are giving anonymously, cheerfully, sacrificially and willingly.
In my new book Six Week Money Challenge: For Your Personal Finances I write, “Rich or poor, it is the ones who don’t trust God with their finances who worry most about their money.” Let’s unwrap this a little by looking at two different scenarios.
Take someone who has been blessed generously with financial resources and dutifully gives 10% of their abundance, but doesn’t give it cheerfully or sacrificially. Instead they write their check each week because their pastor said they must give 10%.
Take another person who is barely scraping by and each week still manages to give 1%, and when they give they do it cheerfully and sacrificially. Which person probably trusts God with their finances?
What I know is that God does not need our money and we can’t buy our way into heaven, but I want to give you a few points to ponder:
We give to show God that we know that everything we have belongs to Him and that He is the true provider for all of our needs.
If you are financially rich but spiritually broke, all the money in the world won’t provide you with true peace or a joyful life.
It is better to give a little something when you have nothing, then to give a little something when you have everything.
If you want to get your financial house in order for 2016, change the things you are doing with your money.
Start by giving first, setting some aside in savings, and living on the rest. If you have never given in the past, start with a small amount. It does not matter if it is just $1.00 or 1%. If you are already giving, I challenge you to give more to see if God opens the windows of heaven for you and pours down His blessings!
You may be thinking that Steve is supposed to be writing about saving money, getting out of debt, or any number of topics to help you financially, so why is he talking about giving?
How do you feel when your pastor talks to you about giving? It is a fact that many people are turned off when their pastor preaches about tithing. They may feel pressured, guilty, uncomfortable or resentful, and sometimes all of the above.
Giving is a very personal thing, and it is not one size fits all. I am asked regularly “should I give if I have debt”, “should I give if I don’t have money in savings”, “should I give 10% net or gross”, “if I can’t give 10% is it ok to give less”? My answer is yes to all of these questions, but in my heart, I believe it is not the amount you give but how you give that is important. Words that come to mind are giving anonymously, cheerfully, sacrificially and willingly.
In my new book Six Week Money Challenge: For Your Personal Finances I write, “Rich or poor, it is the ones who don’t trust God with their finances who worry most about their money.” Let’s unwrap this a little by looking at two different scenarios.
Take someone who has been blessed generously with financial resources and dutifully gives 10% of their abundance, but doesn’t give it cheerfully or sacrificially. Instead they write their check each week because their pastor said they must give 10%.
Take another person who is barely scraping by and each week still manages to give 1%, and when they give they do it cheerfully and sacrificially. Which person probably trusts God with their finances?
What I know is that God does not need our money and we can’t buy our way into heaven, but I want to give you a few points to ponder:
We give to show God that we know that everything we have belongs to Him and that He is the true provider for all of our needs.
If you are financially rich but spiritually broke, all the money in the world won’t provide you with true peace or a joyful life.
It is better to give a little something when you have nothing, then to give a little something when you have everything.
If you want to get your financial house in order for 2016, change the things you are doing with your money.
Start by giving first, setting some aside in savings, and living on the rest. If you have never given in the past, start with a small amount. It does not matter if it is just $1.00 or 1%. If you are already giving, I challenge you to give more to see if God opens the windows of heaven for you and pours down His blessings!
January 10, 2016
2016 and a New Financial You
Matthew 3:8 (ESV)“Bear fruit in keeping with repentance.”
I am not really a big fan of New Year’s Resolutions but I do believe that when we challenge ourselves to become better, we have a much better chance of becoming better. Thinking about the verse from Matthew 3:8, how can we use the word repentance in order to bear fruit, or become better? When I think of the word repentance, these are some things that come to mind: to see the error of our ways, to feel regret, or to atone for. If one of your goals for this new year is to get your financial house in order, you can most likely relate. This year if you really want a “New Financial You” you don’t have any choice but to change the way you think, the way you feel, and most importantly the things you do. As we talk about change as it relates to financial resources, let’s keep in mind that it is more important to be spiritually rich and financially broke than vice versa, but God still wants from us to be a good steward of what He has given us no matter how much it may be.
See the error of our ways
For any type of change in our lives, we have to acknowledge we are making mistakes. If we are not following a spending plan, not saving for retirement, or as in my case racking up a tremendous amount of credit card debt, we have to acknowledge the error of our ways in order to start changing behavior. For me, I would always lie to myself and say my friends have credit card debt so it is ok that I have it. It wasn’t until I was honest with myself that credit card debt was harmful to my financial health that I was able to take the first step towards getting out of debt.
Feel regret
We have to feel bad for things to change. A great example for me is during the holidays when I eat a lot more junk than I do the rest of the year. I feel bad and I always regret doing it, but afterwards that feeling of regret motivates me to get back on track. Financially, I regretted getting into so much debt and I felt bad because I was paying interest to someone else instead of earning interest on my own money. Unless we feel bad or have regrets about something we are doing, we will not change the behavior.
Atone
Once we admit to ourselves that we have made mistakes and also feel bad about them, we must make up for them but doing things right. As in my situation early in my career with $32,000 of credit card debt, I had to start following a spending plan. I had to start giving because I had a heart issue and wasn’t giving cheerfully or sacrificially. I had to build my savings and at the same time follow a plan to pay off my credit card debt. So I ask you, what will you do differently this year with your finances? Do you need to make a spending plan? Do you want to start saving for retirement or cutting back your spending so you can start giving sacrificially and saving more? What are you going to do in the New Year to start bearing fruit?
We all fall short and cannot change the past but we do have the opportunity to make better decisions starting today!
Steve Repak, CFP®, author of the new book 6 Week Money Challenge: For Your Personal Finances, Financial Literacy Speaker and CFP® Board Ambassador. For more information, www.SteveRepak.com
I am not really a big fan of New Year’s Resolutions but I do believe that when we challenge ourselves to become better, we have a much better chance of becoming better. Thinking about the verse from Matthew 3:8, how can we use the word repentance in order to bear fruit, or become better? When I think of the word repentance, these are some things that come to mind: to see the error of our ways, to feel regret, or to atone for. If one of your goals for this new year is to get your financial house in order, you can most likely relate. This year if you really want a “New Financial You” you don’t have any choice but to change the way you think, the way you feel, and most importantly the things you do. As we talk about change as it relates to financial resources, let’s keep in mind that it is more important to be spiritually rich and financially broke than vice versa, but God still wants from us to be a good steward of what He has given us no matter how much it may be.
See the error of our ways
For any type of change in our lives, we have to acknowledge we are making mistakes. If we are not following a spending plan, not saving for retirement, or as in my case racking up a tremendous amount of credit card debt, we have to acknowledge the error of our ways in order to start changing behavior. For me, I would always lie to myself and say my friends have credit card debt so it is ok that I have it. It wasn’t until I was honest with myself that credit card debt was harmful to my financial health that I was able to take the first step towards getting out of debt.
Feel regret
We have to feel bad for things to change. A great example for me is during the holidays when I eat a lot more junk than I do the rest of the year. I feel bad and I always regret doing it, but afterwards that feeling of regret motivates me to get back on track. Financially, I regretted getting into so much debt and I felt bad because I was paying interest to someone else instead of earning interest on my own money. Unless we feel bad or have regrets about something we are doing, we will not change the behavior.
Atone
Once we admit to ourselves that we have made mistakes and also feel bad about them, we must make up for them but doing things right. As in my situation early in my career with $32,000 of credit card debt, I had to start following a spending plan. I had to start giving because I had a heart issue and wasn’t giving cheerfully or sacrificially. I had to build my savings and at the same time follow a plan to pay off my credit card debt. So I ask you, what will you do differently this year with your finances? Do you need to make a spending plan? Do you want to start saving for retirement or cutting back your spending so you can start giving sacrificially and saving more? What are you going to do in the New Year to start bearing fruit?
We all fall short and cannot change the past but we do have the opportunity to make better decisions starting today!
Steve Repak, CFP®, author of the new book 6 Week Money Challenge: For Your Personal Finances, Financial Literacy Speaker and CFP® Board Ambassador. For more information, www.SteveRepak.com
December 10, 2015
Stress Free Christmas Shopping
Christmas is just around the corner. If this time of year isn’t already busy enough for you, now you need to start thinking about what you are going to give your children this year. My goal is to make this Christmas a little easier on you, and hopefully on your pocketbook too, while at the same time providing financial lessons that you can teach your children and they won’t even know it!
Giving
If I have said it once, I have said it a million times, people who give are usually the most satisfied people. Teaching your children that it is better to give than to receive may be difficult, but if you are successful you will instill discipline and help your children become aware of others’ misfortunes that can help them stay focused on what is truly important. An idea that may help your child learn this lesson is by making a donation in your child’s name to a charity of their own choosing.
Reading
As a parent myself, I understand the temptation to take the path of least resistance and allow our children to spend too much time playing video games or watching YouTube videos. This may prove to be a challenging lesson and some of your children may not immediately see this as a good thing, but a good old fashioned book is a great way to ease a little moderation into their technological lives. If you need help picking out a book, go to your local library and spend a few minutes talking to the librarian about your child to get some great recommendations. Keep in mind that studies show that reading can greatly improve vocabulary, communication skills, creativity, focus and memory. All this can help your child do better in school, and if you’re lucky can lead to tuition assistance and better performance in college, with the end result being better potential future job opportunities for them.
Wanting
There is nothing wrong with giving your child something they want, as long you don’t get them everything they want! I understand that you do not want to disappoint your children but one of the most valuable lessons you can teach them is that they will never have everything they want. Teaching your children from a young age that money does not buy long term happiness can help them learn not to depend on things to make them happy. Things can’t love you back, no matter how much you may want them.
Needing
I can only think of a few things that we really need: food, shelter, transportation and clothing. The truth is that many grown-ups have a difficult time distinguishing between ‘wants’ and ‘needs’, and for children the difference is usually nonexistent. The earlier you can teach this lesson to your children the better off both of you will be financially. To teach this lesson to your child, the first thing you need to do is pick one of the four categories of needs and decide on a gift that falls within that category. For instance, you might select transportation, wanting to give your child a bike for Christmas so that they no longer have to walk to school. Once you have the gift in mind, decide how much you want to spend on that gift. You will give your child a gift card or cash in this amount and your child will be responsible for purchasing the gift themselves after Christmas. They must follow three simple rules: 1) they must use the funds to purchase the gift you selected, 2) they cannot go over budget and 3) they can keep half of any savings to spend as they wish but must add the rest to their charitable gift. The lesson here is that it is very easy to spend other people’s money, but when you have to spend your own, hopefully you will make wiser choices. Most kids do not grasp the concept of money management and it is better that they learn this at an early age when the consequences of unwise decisions are not as painful.
At the end of the day what matters most is the time you spend with your family, now how much money you spend on them! I pray that each and every one of you has a Merry Christmas and a Joyous and Healthy New Year!
article courtesy of http://thelifeofasinglemom.com/stress...
Giving
If I have said it once, I have said it a million times, people who give are usually the most satisfied people. Teaching your children that it is better to give than to receive may be difficult, but if you are successful you will instill discipline and help your children become aware of others’ misfortunes that can help them stay focused on what is truly important. An idea that may help your child learn this lesson is by making a donation in your child’s name to a charity of their own choosing.
Reading
As a parent myself, I understand the temptation to take the path of least resistance and allow our children to spend too much time playing video games or watching YouTube videos. This may prove to be a challenging lesson and some of your children may not immediately see this as a good thing, but a good old fashioned book is a great way to ease a little moderation into their technological lives. If you need help picking out a book, go to your local library and spend a few minutes talking to the librarian about your child to get some great recommendations. Keep in mind that studies show that reading can greatly improve vocabulary, communication skills, creativity, focus and memory. All this can help your child do better in school, and if you’re lucky can lead to tuition assistance and better performance in college, with the end result being better potential future job opportunities for them.
Wanting
There is nothing wrong with giving your child something they want, as long you don’t get them everything they want! I understand that you do not want to disappoint your children but one of the most valuable lessons you can teach them is that they will never have everything they want. Teaching your children from a young age that money does not buy long term happiness can help them learn not to depend on things to make them happy. Things can’t love you back, no matter how much you may want them.
Needing
I can only think of a few things that we really need: food, shelter, transportation and clothing. The truth is that many grown-ups have a difficult time distinguishing between ‘wants’ and ‘needs’, and for children the difference is usually nonexistent. The earlier you can teach this lesson to your children the better off both of you will be financially. To teach this lesson to your child, the first thing you need to do is pick one of the four categories of needs and decide on a gift that falls within that category. For instance, you might select transportation, wanting to give your child a bike for Christmas so that they no longer have to walk to school. Once you have the gift in mind, decide how much you want to spend on that gift. You will give your child a gift card or cash in this amount and your child will be responsible for purchasing the gift themselves after Christmas. They must follow three simple rules: 1) they must use the funds to purchase the gift you selected, 2) they cannot go over budget and 3) they can keep half of any savings to spend as they wish but must add the rest to their charitable gift. The lesson here is that it is very easy to spend other people’s money, but when you have to spend your own, hopefully you will make wiser choices. Most kids do not grasp the concept of money management and it is better that they learn this at an early age when the consequences of unwise decisions are not as painful.
At the end of the day what matters most is the time you spend with your family, now how much money you spend on them! I pray that each and every one of you has a Merry Christmas and a Joyous and Healthy New Year!
article courtesy of http://thelifeofasinglemom.com/stress...
November 23, 2015
3 Money Saving Tips for Thanksgiving
Exodus 23:16 (NIV) “Celebrate the Festival of Harvest with the firstfruits of the crops you sow in your field. “Celebrate the Festival of Ingathering at the end of the year, when you gather in your crops from the field.
As we are getting closer to the end of the year, many of us know that it can be challenging especially with our finances. Many people will soon be celebrating Thanksgiving so I want to share some tips to help you save a little money while still being able to celebrate with your family and friends.
Tip #1. Celebrate by serving others
To be reminded of how truly blessed your life is, consider showing how thankful you are by serving others. There are many organizations, soup kitchens, and shelters that are desperate for people who not only can volunteer food but also volunteer their time to help out others in need. It is a great way to celebrate your many blessings with your family and friends and remember Galatians 5:13 (NIV) says “You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.” Keep in mind that if you are spending more time serving others, you will have less time spending money!
Tip #2. Be wiser when shopping
Maybe you have always served both turkey and ham. Try sticking with one protein this year because we all know that good meat ain’t cheap! There was a scare early in the year of a turkey shortage because of the bird flu but actually turkeys are less expensive compared to last year and great deals can be found at many grocery stores especially the week before Thanksgiving. Try also to keep things simple. For example, preparing a pot of mashed potatoes is much less expensive than a scalloped potato casserole. Don’t be like most people and wait for the last second to go shopping. It seems like a no-brainer but many people wait until the last minute to find out the items or food that they need have sold out, or yes, grocery stores are indeed closed on Thanksgiving. If there are items that you can freeze ahead of time, get them now so you can experience less stress with last minute grocery shopping and possibly at the same time, save a little money.
Tip #3. Ask others for help
Don’t be afraid to ask your family and friends to bring food and drinks. Not only does this help the person hosting the event because they won’t be spending the entire day slaving over a hot stove, but it can also reduce the large financial burden of having to buy everything yourself. Ask someone to bring a side dish such as a vegetable or maybe you know someone who loves to bake that can bring a dessert. For those guest who are challenged in the kitchen, you can ask them to bring drinks, napkins, disposable storage containers or other supplies. Sharing the joy of cooking has many benefits beyond the financial and most guests are happy to contribute.
article courtesy: http://steverepak.com/2015/11/20/than...
As we are getting closer to the end of the year, many of us know that it can be challenging especially with our finances. Many people will soon be celebrating Thanksgiving so I want to share some tips to help you save a little money while still being able to celebrate with your family and friends.
Tip #1. Celebrate by serving others
To be reminded of how truly blessed your life is, consider showing how thankful you are by serving others. There are many organizations, soup kitchens, and shelters that are desperate for people who not only can volunteer food but also volunteer their time to help out others in need. It is a great way to celebrate your many blessings with your family and friends and remember Galatians 5:13 (NIV) says “You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.” Keep in mind that if you are spending more time serving others, you will have less time spending money!
Tip #2. Be wiser when shopping
Maybe you have always served both turkey and ham. Try sticking with one protein this year because we all know that good meat ain’t cheap! There was a scare early in the year of a turkey shortage because of the bird flu but actually turkeys are less expensive compared to last year and great deals can be found at many grocery stores especially the week before Thanksgiving. Try also to keep things simple. For example, preparing a pot of mashed potatoes is much less expensive than a scalloped potato casserole. Don’t be like most people and wait for the last second to go shopping. It seems like a no-brainer but many people wait until the last minute to find out the items or food that they need have sold out, or yes, grocery stores are indeed closed on Thanksgiving. If there are items that you can freeze ahead of time, get them now so you can experience less stress with last minute grocery shopping and possibly at the same time, save a little money.
Tip #3. Ask others for help
Don’t be afraid to ask your family and friends to bring food and drinks. Not only does this help the person hosting the event because they won’t be spending the entire day slaving over a hot stove, but it can also reduce the large financial burden of having to buy everything yourself. Ask someone to bring a side dish such as a vegetable or maybe you know someone who loves to bake that can bring a dessert. For those guest who are challenged in the kitchen, you can ask them to bring drinks, napkins, disposable storage containers or other supplies. Sharing the joy of cooking has many benefits beyond the financial and most guests are happy to contribute.
article courtesy: http://steverepak.com/2015/11/20/than...
October 16, 2015
Getting Back on Track After a Financial Setback
God never promised us that our lives would be easy but as Paul says in Philippians 4:13, “I can do all things through Christ who strengthens me.” You know as well as I do that nobody plans on things going wrong but many times life just happens. When things do go wrong, especially after a financial setback, many people just want to curl up into a ball and give up. What sets the successful apart from the rest is not giving up in the face of challenges or difficulty. Easier said than done! I want to share a few ideas to help get you going.
1. Don’t allow your emotions to cloud your judgment It is in our nature to make decisions based upon how we are feeling at the moment but people who are able to make a decision that is not based on their emotions usually have better results. A great example is when you are feeling bad and you go out to buy something that might make you feel good in the short term but may hurt you financially down the road. Maybe you have been on track paying down your debt and all of a sudden you get an unexpected medical bill or your car needs a new transmission. At times like this we may be tempted to just throw in the towel. When you feel this way it is time to reach out to your accountability partner. We all have friends that are able to talk us down from the ledge so don’t be afraid or let your ego get in the way of asking for help! They can often times help you see things in a more rational light and prevent you from making harmful decisions.
2. Assess the damage by asking what, why and how After you have gotten your emotions under control you will want to gather as much data as possible. You want to know exactly what happened. Once you know what happened, you want to ask yourself why. Was the setback caused by you, someone else or some unforeseen circumstance? Ask yourself the how questions. How will it affect me now? How will it affect me in the future? Finally, you need a clear picture of your present financial situation: income, expenses, savings, investments, etc. The objective here is to get as much information as possible in order to formulate the steps you need to take to recover.
3. Determine your goals Once you have all of the facts, you need to set some goals. This means different things to different people but it’s helpful to break it down by time and results. For example you may have just suffered a medical emergency that you paid for by tapping your savings or credit. Your goal could be to have 75% of the debt or savings repaid within 4 years. Remember, goals need to be “SMART” – specific, manageable, ambitious yet achievable, realistic and time-bound.
4. Determine the plan of attack The key word is attack and there are steps you have to take. Once you know your situation and have your goals set, you want to make a plan or roadmap to follow. Your plan needs to be in writing. There have been many studies showing that people who write down their goals and plans have a higher probability of achieving them. Set yourself up for success and write down your goals!
5. Monitor and be flexible No plan is foolproof or set in stone. You want to continue to mark your progress and if necessary be flexible enough to make some adjustments to your plan. For example you may require more time, or perhaps something comes up that causes you to deviate from your plan. If something does happen, you just want to take the necessary steps to get back on the track so you are able to accomplish your goals.
You might not always be able to control the situation but you can control on how you react to it! It is key to control your emotions, assess the damage, define your goals, make a plan, and be able to make adjustments. Always tell yourself that through Christ all things are possible and nothing is going to keep you down forever!
article courtesy: http://thelifeofasinglemom.com/gettin...
1. Don’t allow your emotions to cloud your judgment It is in our nature to make decisions based upon how we are feeling at the moment but people who are able to make a decision that is not based on their emotions usually have better results. A great example is when you are feeling bad and you go out to buy something that might make you feel good in the short term but may hurt you financially down the road. Maybe you have been on track paying down your debt and all of a sudden you get an unexpected medical bill or your car needs a new transmission. At times like this we may be tempted to just throw in the towel. When you feel this way it is time to reach out to your accountability partner. We all have friends that are able to talk us down from the ledge so don’t be afraid or let your ego get in the way of asking for help! They can often times help you see things in a more rational light and prevent you from making harmful decisions.
2. Assess the damage by asking what, why and how After you have gotten your emotions under control you will want to gather as much data as possible. You want to know exactly what happened. Once you know what happened, you want to ask yourself why. Was the setback caused by you, someone else or some unforeseen circumstance? Ask yourself the how questions. How will it affect me now? How will it affect me in the future? Finally, you need a clear picture of your present financial situation: income, expenses, savings, investments, etc. The objective here is to get as much information as possible in order to formulate the steps you need to take to recover.
3. Determine your goals Once you have all of the facts, you need to set some goals. This means different things to different people but it’s helpful to break it down by time and results. For example you may have just suffered a medical emergency that you paid for by tapping your savings or credit. Your goal could be to have 75% of the debt or savings repaid within 4 years. Remember, goals need to be “SMART” – specific, manageable, ambitious yet achievable, realistic and time-bound.
4. Determine the plan of attack The key word is attack and there are steps you have to take. Once you know your situation and have your goals set, you want to make a plan or roadmap to follow. Your plan needs to be in writing. There have been many studies showing that people who write down their goals and plans have a higher probability of achieving them. Set yourself up for success and write down your goals!
5. Monitor and be flexible No plan is foolproof or set in stone. You want to continue to mark your progress and if necessary be flexible enough to make some adjustments to your plan. For example you may require more time, or perhaps something comes up that causes you to deviate from your plan. If something does happen, you just want to take the necessary steps to get back on the track so you are able to accomplish your goals.
You might not always be able to control the situation but you can control on how you react to it! It is key to control your emotions, assess the damage, define your goals, make a plan, and be able to make adjustments. Always tell yourself that through Christ all things are possible and nothing is going to keep you down forever!
article courtesy: http://thelifeofasinglemom.com/gettin...
September 1, 2015
Accountability and Money
Before I get into the money stuff, if you were one of the lucky mom’s that attended the National TLSM Single Mom Conference in June, I am not sharing anything that you didn’t get to experience first-hand. There was amazing worship, awesome speakers, and most of all, just wonderful fellowship where everyone was able to experience this great time together. If you were on the fence about it or just were not able to go, I would definitely make it a point to attend the conference next year! With that said, even though I am not a single mom, I was able to take so much away from the event. I was able to share my gifts and passions with other single mom’s but I promise, I was able to take just as much away from the event as I gave. A common theme throughout the event was how ordinary people were able to overcome not so ordinary situations and it reminded me that we each have stories, issues, hang-ups, etc., and that we all can be victorious no matter what is going on in our lives.
Speaking of hardships and obstacles, I heard my pastor once say that we are either heading towards troubled times, dealing with it, or coming out of it. One point that helps me keep things in perspective is that no matter how bad I think I might have it at the time, someone is going through something even worse.
What has helped me overcome many of my own problems is my accountability partner. I am very grateful that my accountability partner has a lot of patience with me! An accountability partner can be beneficial because they can help you with what you are dealing with. Also, remember that you can have more than one accountability partner for the different things you are working through.
As an example, I have found one of the best ways if you want to lose a few pounds is by writing down what you eat and going over your food log once a week with your accountability partner. An accountability partner can definitely be very valuable when dealing with money issues as long as you chose the right one. If you are trying to cut down on your spending but your accountability partner loves to shop at the mall, you will be setting yourself up for failure so make sure you can align yourself with someone who will help you with your financial goals.
Realize first though, the only way you will ever be better with your money is to be accountable for it. That means you need to know how much you make but more importantly you need to know how much you are spending. The cornerstone of personal finances is by learning how to live on less. If you want to spend less, you need to know where you are spending your money. Many of us just spend money without really thinking about it. If you were to write down every time you spent money, review that list at the end of each day, and then show that list once a week to your accountability partner, I have no doubt you would start spending less. Maybe you want to start saving more and have a few savings goals you would like to reach. This person could help by encouraging you to stick to your plan or maybe provide you with a little tough love when you get off track. Maybe you need some ideas of free things to do on the weekend with your children, or maybe someone who can help you put together a list for back to school shopping and will actually make you follow that list.
My point is that you are not alone out there and no matter what you are going through there is someone out there that can help you, but first you need to admit you need the help. You also need to believe that you will be victorious but that doesn’t mean it will happen overnight. What if you aren’t going through anything at the present time? Consider being an accountability for someone else. The people I know who are the most joyful and happy with their lives are not the people who make the most but they are the people who give the most! When you start helping others, you will start to find out that you might not have it as bad as you think you do!
article courtesy of http://thelifeofasinglemom.com/accoun...
Speaking of hardships and obstacles, I heard my pastor once say that we are either heading towards troubled times, dealing with it, or coming out of it. One point that helps me keep things in perspective is that no matter how bad I think I might have it at the time, someone is going through something even worse.
What has helped me overcome many of my own problems is my accountability partner. I am very grateful that my accountability partner has a lot of patience with me! An accountability partner can be beneficial because they can help you with what you are dealing with. Also, remember that you can have more than one accountability partner for the different things you are working through.
As an example, I have found one of the best ways if you want to lose a few pounds is by writing down what you eat and going over your food log once a week with your accountability partner. An accountability partner can definitely be very valuable when dealing with money issues as long as you chose the right one. If you are trying to cut down on your spending but your accountability partner loves to shop at the mall, you will be setting yourself up for failure so make sure you can align yourself with someone who will help you with your financial goals.
Realize first though, the only way you will ever be better with your money is to be accountable for it. That means you need to know how much you make but more importantly you need to know how much you are spending. The cornerstone of personal finances is by learning how to live on less. If you want to spend less, you need to know where you are spending your money. Many of us just spend money without really thinking about it. If you were to write down every time you spent money, review that list at the end of each day, and then show that list once a week to your accountability partner, I have no doubt you would start spending less. Maybe you want to start saving more and have a few savings goals you would like to reach. This person could help by encouraging you to stick to your plan or maybe provide you with a little tough love when you get off track. Maybe you need some ideas of free things to do on the weekend with your children, or maybe someone who can help you put together a list for back to school shopping and will actually make you follow that list.
My point is that you are not alone out there and no matter what you are going through there is someone out there that can help you, but first you need to admit you need the help. You also need to believe that you will be victorious but that doesn’t mean it will happen overnight. What if you aren’t going through anything at the present time? Consider being an accountability for someone else. The people I know who are the most joyful and happy with their lives are not the people who make the most but they are the people who give the most! When you start helping others, you will start to find out that you might not have it as bad as you think you do!
article courtesy of http://thelifeofasinglemom.com/accoun...
August 18, 2015
Summer is over and for some its time to pay up
Ecclesiastes 3:9-10 ESV “What gain has the worker from his toil? I have seen the business that God has given to the children of many to be busy with.”
Vacations are NOT a need but I do believe if you work hard you should be able to play hard as long as you don’t use a credit card to fund your fun. For example, let’s say you are budgeting $2600 for next year’s vacation. If you are paid bi-weekly this works out to be drafting $100 every two weeks to deposit into your vacation saving’s account. If you get paid weekly that would come out to $50 dollars a week. If you do this for an entire year you will have $2,600 to pay for your vacation and not have to rely on a credit card.
Let’s say you don’t save for vacation and use a credit card instead. That same vacation will take 15 months to pay off and cost you and extra $255 assuming your card charges 15% interest and you pay $200 towards your credit card bill each month! If you just paid the minimum amount due that would come out to a lot more interest and will take you many more months to pay that vacation off!
I want to help you by providing some free (or almost) free vacation ideas so you can pay down your debt, save up for your next vacation, and still be able to have some fun with your family.
If it’s for Free, it’s for ME!
National Parks
You don’t have to be a nature lover but your family may want to visit one of America’s beautiful National Parks. By going to www.nps.gov/findapark/feefreeparks.htm you can check out the FREE entrance days for the National Parks throughout the nation. Out of the 400 national parks only 133 charge an entrance fee so even if you miss the free admission days most likely you can still visit on the cheap.
Pacific Crest Trail Association
How does a week-long volunteer vacation in the high Cascades sound to you? You will backpack into a backcountry campsite and during the middle of the seven day tour you can lounge around camp and explore some of the beautiful surroundings on your own with your family. Now the cost is free but keep in mind you will have to do a little work (volunteering) by clearing overgrown vegetation on the trail and maybe having to cut and remove some fallen trees, but all play and no work makes Jack a dull boy… maybe I might have that backwards but seriously check out the following site where you can volunteer and take a mini vacation for free at the same time! www.pcta.org/volunteer/new-volunteers/
Local Sports Events
You don’t have to pay an arm and a leg for the privilege of watching professional baseball, football or soccer at an overpriced stadium but you can consider taking your family to your local sportsplex and watch local ball games of your favorite little leaguers. The best part is that it probably won’t cost you a penny if you pack your own snacks and drinks and most likely you won’t find yourself in the nosebleed section either.
Go on a Treasure Hunt
You may or may not have heard of this phenomenon called Geocaching but basically you are given some specific GPS (Global Positioning System) coordinates and then you attempt to find a hidden container. Most likely you have a few around your neighborhood. I have read that there are 2,679,334 geocaches around the world. The disclaimer is not all of the containers have hidden treasures in them but they are still fun to find. You do not need to buy a fancy expensive GPS handheld navigation system because you most likely can use your smartphone. You can find more information by going to www.geocaching.com/play
Insanity is doing the same thing over and over again and expecting to get different results. You don’t have to get into debt up to your eyeballs to have the best memories with your family. I believe if you plan properly beforehand with your family you will be much better off than having to plan afterwards on how you are going to pay those fun times off.
article courtesy: http://nicoleodell.com/2015/08/summer...
Vacations are NOT a need but I do believe if you work hard you should be able to play hard as long as you don’t use a credit card to fund your fun. For example, let’s say you are budgeting $2600 for next year’s vacation. If you are paid bi-weekly this works out to be drafting $100 every two weeks to deposit into your vacation saving’s account. If you get paid weekly that would come out to $50 dollars a week. If you do this for an entire year you will have $2,600 to pay for your vacation and not have to rely on a credit card.
Let’s say you don’t save for vacation and use a credit card instead. That same vacation will take 15 months to pay off and cost you and extra $255 assuming your card charges 15% interest and you pay $200 towards your credit card bill each month! If you just paid the minimum amount due that would come out to a lot more interest and will take you many more months to pay that vacation off!
I want to help you by providing some free (or almost) free vacation ideas so you can pay down your debt, save up for your next vacation, and still be able to have some fun with your family.
If it’s for Free, it’s for ME!
National Parks
You don’t have to be a nature lover but your family may want to visit one of America’s beautiful National Parks. By going to www.nps.gov/findapark/feefreeparks.htm you can check out the FREE entrance days for the National Parks throughout the nation. Out of the 400 national parks only 133 charge an entrance fee so even if you miss the free admission days most likely you can still visit on the cheap.
Pacific Crest Trail Association
How does a week-long volunteer vacation in the high Cascades sound to you? You will backpack into a backcountry campsite and during the middle of the seven day tour you can lounge around camp and explore some of the beautiful surroundings on your own with your family. Now the cost is free but keep in mind you will have to do a little work (volunteering) by clearing overgrown vegetation on the trail and maybe having to cut and remove some fallen trees, but all play and no work makes Jack a dull boy… maybe I might have that backwards but seriously check out the following site where you can volunteer and take a mini vacation for free at the same time! www.pcta.org/volunteer/new-volunteers/
Local Sports Events
You don’t have to pay an arm and a leg for the privilege of watching professional baseball, football or soccer at an overpriced stadium but you can consider taking your family to your local sportsplex and watch local ball games of your favorite little leaguers. The best part is that it probably won’t cost you a penny if you pack your own snacks and drinks and most likely you won’t find yourself in the nosebleed section either.
Go on a Treasure Hunt
You may or may not have heard of this phenomenon called Geocaching but basically you are given some specific GPS (Global Positioning System) coordinates and then you attempt to find a hidden container. Most likely you have a few around your neighborhood. I have read that there are 2,679,334 geocaches around the world. The disclaimer is not all of the containers have hidden treasures in them but they are still fun to find. You do not need to buy a fancy expensive GPS handheld navigation system because you most likely can use your smartphone. You can find more information by going to www.geocaching.com/play
Insanity is doing the same thing over and over again and expecting to get different results. You don’t have to get into debt up to your eyeballs to have the best memories with your family. I believe if you plan properly beforehand with your family you will be much better off than having to plan afterwards on how you are going to pay those fun times off.
article courtesy: http://nicoleodell.com/2015/08/summer...
