5 Reasons To Save For Summer Now

Can you believe how quickly summer is approaching? Before we know it, the days will be longer, the weather warmer, and the smell of sunscreen will fill the air. While it may seem like summer is still a few months away, now is the perfect time to start setting money aside, here’s why: 

1. It's Coming Quicker Than You Think:

Before you know it, those lazy days by the pool, backyard barbeques, and spontaneous beach trips will be upon us. By starting to save for summer now, you'll be better prepared to make the most of the sunny days ahead without feeling rushed or stressed about your finances.

2. Summer Expenses Can Add Up:

Summer comes with a hefty price tag. From family vacations to amusement park tickets to outdoor concerts, the cost of summer activities can quickly add up. By saving for summer in advance and budgeting for specific activities, you can alleviate the financial strain of not planning. 

3. Your Kids Cost Money:

This summer might look financially different, especially if you have kids. From summer camps, sports, and new seasonal clothing, the financial impact of summer can be significant. By saving for summer now, you can budget for these additional expenses and ensure that you're prepared for whatever the season throws your way. 

4. Take Advantage of Early Bird Deals:

By saving in advance, you can jump on early bird deals and discounts. With the funds ready to take advantage of these special offers, you can lock in lower prices for everything from flights and accommodations to theme park tickets and outdoor excursions. Plus, booking early gives you more time to plan and research your summer adventures, ensuring a stress-free, enjoyable experience for you and your loved ones.

5. Financial Security:

Perhaps the most important reason to save for summer now is the financial security it brings. By setting aside money in advance, you'll have a financial cushion to fall back on when unexpected expenses arise or last-minute opportunities present themselves. Whether it's a spontaneous road trip or an impromptu beach day, having a savings fund dedicated to summer activities ensures that you can say "yes" to life's adventures without hesitation.

As summer draws near, there's no better time than the present to start saving. Whether you're dreaming of family vacations, outdoor adventures, or signing up for summer camps, taking the time to save now will ensure that you're able to make the most of the summer months without worrying about your finances. So start stashing away those savings, and get ready to live your fully funded summer!

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.

4 Things That Prevent You from Achieving Your Dream Vacation Fund

We all have that DREAM vacation in mind. What’s yours? Is it Bora Bora, an African safari, New Zealand, or another miraculous place? 

The truth is, saving up for that dream vacation can seem daunting, even impossible at times. However, today, we're going to tackle the obstacles that stand between you and your dream vacation fund and trust me, by the end of this journey, that dream vacation will be closer than ever before.

Lack of Financial Planning

Often that vacation can feel so out of reach because we’ve been dreaming not planning. Without a plan, it's easy to financially drift aimlessly. Take some time to create a budget and a financial plan tailored to your dream vacation. Mark a date on the calendar, it could be this year or three years from now, and set aside a specific amount each month leading up to that date. Just watch how your vacation fund begins to grow! 

Unnecessary Spending

As you work towards your dream vacation, begin identifying between wants and needs. What do you need to say ‘no’ to for a season to save for your dream trip? Before swiping that card or adding it to the cart, ask yourself if it's worth sacrificing a slice of paradise for.

Unexpected Expenses

Life has a funny way of throwing curveballs when we least expect it. Car repairs, medical bills, home maintenance – you name it, these expenses can drastically affect your vacation fund if you don’t have other savings. Building an emergency fund is like having a financial safety net. It cushions those unexpected blows and can keep your dream vacation fund intact.

Procrastination 

‘I’ll start saving tomorrow…” Well, tomorrow turns into next week, next week turns into next year, and before you know it nothing has been saved. Don’t let procrastination delay your progress. Start today, even if it's just a small amount. Your future self will thank you for it.

Avoid these four habits and start building your dream vacation fund today! 

Don’t Let Saving Paralyze You

Saving is a crucial part of financial stability. However, it’s important to recognize instances where the fear of risking savings can lead to missed growth opportunities. Don’t let savings paralyze you from taking calculated risks through investment for a more secure future. 

Role of Investments:

• Savers often prefer the safety of savings accounts, but low-risk options may not always provide sufficient returns for long-term goals. Investments, such as stocks, bonds, and mutual funds, offer the potential for higher returns over time. I’d encourage you to acknowledge the role investing can play in creating increases in wealth. 

Risk Tolerance:

Investments can carry a degree of risk, but understanding and managing that risk in relation to your financial goals can lead to more confident decision-making. Consider your comfort level with market changes and invest accordingly. 

Retirement:

• Savers who aspire to retire comfortably need to recognize that relying solely on savings accounts may not be enough. Investments like 401(k)s, IRAs, and other retirement accounts provide avenues for long-term wealth growth. By strategically allocating funds to these investment vehicles, you can maximize your retirement savings potential.

Leaving A Legacy:

• Building wealth through investments can ensure that your legacy extends beyond your lifetime. Consider exploring investment options that align with your legacy goals, such as creating a trust or investing in assets that appreciate over time.

Savers, it's time to break free from the paralysis of saving and explore the world of strategic investing!. Remember, calculated risks are a vital part of financial growth, and by incorporating smart investments into your strategy, you can unlock new possibilities for a legacy that lasts! 

How 'Savers' Can Add Fun Into The Budget

How many of you would identify as a ‘saver?’ Do you find it difficult to incorporate fun in your budget?

Being a saver doesn't mean forgoing fun; it's about finding a balance that allows you to enjoy life while still meeting your financial goals. Here’s how you can do so without compromising your saving habits.

• Create a ‘Fun’ Line Item

• Instead of restricting yourself entirely, create a designated ‘fun’ line item within your budget. Determine a reasonable amount of money that you can allocate to entertainment, dining out or leisure activities each month. This way, you can enjoy guilt-free spending within the allocated limit, knowing that it's part of your financial plan.

• Explore Cost-Effective Entertainment Options

• Just as you would look for coupons and discounts for groceries or oil changes, explore cost-effective entertainment options in your community! Fun doesn't have to come with a hefty price tag. Attend local events, explore parks, or engage in outdoor activities that don't require significant spending. Many communities offer free concerts, discount museum passes, or sales on fitness classes, providing enjoyable experiences without straining your budget.

Being a saver doesn't mean living a life devoid of enjoyment. By incorporating these tactics, you can strike a balance between saving for the future and enjoying 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.

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!

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

Are Your Savings Working For You?

You cannot prosper if you do not save. Saved money plays a crucial role in not just financial stability but being able to accomplish your plans, hopes, and dreams.

However, the traditional savings accounts offered by many brick-and-mortar banks often fall short in terms of helping your savings grow. The culprit? Low interest rates.

Let me ask you this: ‘Are your savings working for you?’ They should be!

High-yield online savings accounts, as the name suggests, offer a higher yield or interest rate compared to traditional accounts. These accounts are typically offered by online banks or financial institutions and are designed to make your money work harder for you.

Competitive Rates

• These rates are notably higher than what you'd find with traditional brick-and-mortar banks. While the exact rates may vary depending on the financial institution and market conditions, it's not uncommon to find online savings accounts with rates around 4%!!

Safety

• Just like traditional banks, many online banks are FDIC-insured. The Federal Deposit Insurance Corporation (FDIC) provides insurance coverage for up to $250,000 per depositor, per insured bank. This means that even if the bank were to face financial difficulties, your deposits are protected!

Take The Next Step: Start Saving!

One of the largest issues I see during our one-on-one financial coaching meetings is the inability to save money.

Here are some facts about saved money:

• Saving money is essential to long-term sustainability

• Saving money relieves stress

• Saving money allows you to take a chance

• Saving money allows life to happen (job loss, disability, pay cut, injury, etc.) without going broke!

But you already knew that part.  We all know that we are supposed to “save money for a rainy day.” Yet, even though we KNOW how important it is to save money, most people fail to do so.

I want to challenge YOU to take the next step!

• If you have negative savings (no money plus overdrafted accounts and debt), the goal is to bring you to zero. 

• If you are at zero savings, the goal is to get to at least $2,500 in a beginner emergency fund. 

Ways To Start:

Automatic Draft From Paycheck

Establish a savings account and have the money drafted from every single paycheck.  Whether it is $25 or $250 per pay period – just SAVE!  You KNOW that the car is going to break down.  You KNOW that the school is going to send home a surprise expense.

By establishing this draft, it allows the money to be “out-of-sight.”  When money is out-of-sight, it can be out-of-mind.  This allows the account to grow without you robbing it!

Create An Escrow Account For Known, Upcoming Expenses

For those unfamiliar with an escrow account, it is a savings account that is established by a mortgage company.  The mortgage company totals the annual cost of property taxes and homeowner’s insurance and divides it by the number of payments being made each year.  The mortgage company then pays for the taxes and insurance from this escrow (savings) account.  For example, if the property taxes are $1,200/year and the insurance is $600, then the total amount needed each year is $1,800.  The mortgage company will collect $150 extra with each monthly payment to place into the escrow account.

An escrow account smooths out the cost over a year – instead of having to pay for it all in one month.  It tightens the monthly budget, but having a fully funded escrow account sure is AWESOME when vacation arrives and the money has already been saved to pay cash for it!  Those who have a mortgage with an escrow account will testify to the fact that they never worry about paying for the taxes and insurance – ask someone!

Take the next step and start saving today!

Savings - A Vehicle To Accomplish Your Dreams

What is margin? How does it relate to savings?

Margin allows you to create space within your financial life to weather unexpected challenges and seize future opportunities without compromising your relationship or your dreams. Creating margin through savings can give you the ability to accomplish your dreams freely! 

There are two types of margin you should have in place: 

1. Cash On Hand Savings (Financial Reserves)

2. Monthly Savings (Operational Margin)

1.  Cash On Hand Savings (Financial Reserves)

Having money set aside in savings is the foundation for financial security. It enables you to focus on your goals and aspirations without constantly worrying about making ends meet. Financial reserves allow you to contemplate and invest in your future, whether that involves buying a home, starting a business, or embarking on exciting adventures. It's like having a safety net that ensures you can handle unexpected expenses without strain. In short, cash on hand allows you to sleep a lot better at night!

GOAL: Aim to have at least three months' worth of operating expenses saved in your emergency fund. This ensures you can navigate through challenging times without jeopardizing your financial stability.

2.  Monthly Savings (Operational Margin)

Operational margin for couples is all about managing your expenses in a way that allows you to consistently save money each month. Having a surplus of funds each month not only ensures that your current bills are covered without depleting your financial reserves but also paves the way for realizing your dreams.

GOAL: Strive for a 15 to 20-percent profit margin in your budget. This margin will enable you to start funding your cash-on-hand savings and accelerate your journey toward achieving your dreams.

Accomplishing Your Dreams Through Margin:

Through the margin created by savings, you will be able to experience: 

• Financial Freedom: Savings creates a financial safety net that allows you to pursue your dreams with confidence. Whether it's starting a business, starting a family, taking a dream vacation, or investing in further education, having savings provides you with the freedom to turn your dreams into reality.

• Reduced Stress: Savings also eases the financial stress that can strain a daily life. With surplus funds each month, you can focus on financially thriving and making plans for the future, rather than worrying about making ends meet.

• Shared Goals: When you work to maintain and build your savings, you'll naturally identify your dreams and aspirations, creating a defined vision for your future.

• Flexibility: Whether you decide to change careers, relocate, or pursue a new passion, having margin in your finances ensures you have the resources to make those choices without hesitation.

By prioritizing savings, you can create a solid financial foundation that gives you the freedom to accomplish your dreams. So, where are you on this journey toward financial margin, and what dreams will you pursue? Remember, savings is your vehicle to accomplish your dreams!

How Do I Start Saving?

Are you tired of the never-ending struggle to save money? Do you find yourself caught in a cycle of starting to save, losing track, and then starting over again?

It's time to take a step back and evaluate your foundation. Is it the RIGHT foundation to help you achieve your financial plans, hopes, and dreams?

• Have you set your financial goals? (What are you working towards…)

• Do you have an emergency fund built for when life happens? (Are you protecting yourself with the right insurance: health, home, car, disability, etc)

• Prepare for known, upcoming expenses. (Like birthdays, insurance premiums, property taxes, etc. These should not bust your budget!)

After reviewing your foundation, start prioritizing your savings. Treat saving money with the same level of importance as paying bills. Consider it a debt owed to yourself. Recognize that saving money is a choice and prioritize it over non-essential expenses.

A few tips:

• Separate Your Savings: To prevent accidental spending, move your savings to a separate bank account. This separation creates a mental barrier and makes it less tempting to dip into your savings for impulsive purchases.

• Use Cash Envelopes for Specific Expenses: For impulsive cash areas like groceries, dining out, entertainment, and clothing, use cash envelopes. Allocate a fixed amount for each category and stick to it!

• Reevaluate Subscriptions and Daily Habits: Identify and cut out unnecessary membership subscriptions or daily habits that drain your finances. Do you need every single streaming platform? Probably not.

• Seek Better Insurance Deals: Consider changing insurance providers for home and auto to potentially find better deals.

Remember, it's never too late to start saving – the key is to take that first step and stay consistent on your financial journey!

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!

5 Proven Strategies To Save Money

I am a HUGE fan of savings accounts.   I am an even HUGER (I made up that word) fan of savings accounts with money in them!

Here are some proven strategies for piling up HUGE CHUNKS of money in your savings account:

• Save the “magic month” paycheck

  • If you are paid weekly, you normally receive four paychecks a month, but there are four months each year where you receive FIVE paychecks.   Budget and live your life on four paychecks per month and you will be able to save the extra paycheck every three months!    

  • Paid bi-weekly?   Budget and live your life on two paychecks per month, and you will be able to save the extra paycheck during those two magic months each year when you get three paychecks.

• Save the TAX REFUND

  • As a spender, I know that the word “fun” is right in the middle of the word refund. However, maybe the right thing for you to do this year is to SAVE your tax refund.

• Automatically send 10% of paycheck to savings

  • If the money makes it home in the paycheck, it is at risk of special magic disappearing acts – even for the most conservative of people.   Set it and forget it.   You won’t regret it.

• Save the BONUS

  • Don’t spend it – just this once.   Put it into savings.   It is amazing how great it feels to be able to say, “NO!”, to yourself and put your BONUS into the savings account. It gives you the feeling that you truly are in control of your money!

• Sell something

  • The old RC airplane in the garage just needs to go.   So do the bikes that you don’t ride.   So does the boat you use once per year – it’s cheaper to rent one when you need it.   Put the money into savings.   You will end up with a cleaner and neater garage and attic and a plump savings account!

Remember, we each have a unique financial journey, so it's important to adapt these strategies to suit your specific circumstances and goals. The road to financial stability and security is paved with consistent saving habits. Start implementing these strategies today and you'll be well on your way to achieving your fully funded life.

3 Ways To Save Money

One of the largest issues I see during our one-on-one financial coaching meetings is the inability to save money.

Here are some facts about saved money:

• Saving money is essential to long-term sustainability

• Saved money relieves stress

• Saved money allows you to take a chance

• Saved money allows life to happen (job loss, disability, pay cut, injury, etc.) without going broke!

But you already knew that part.  We all know that we are supposed to “save money for a rainy day.” Yet, even though we KNOW how important it is to save money, most people fail to do so. However, if you do not save, you can not prosper.

I challenge YOU to take the next step. If you have negative savings (no money plus overdrafted accounts and debt), the goal is to bring you to zero. If you are at zero savings, the goal is to get to at least $2,500 in a beginner emergency fund.  If you have been able to save a substantial amount of money, it is my hope that you will participate in the discussion and share your own tips that have worked well for you.

Automatic Draft From Paycheck

Establish a savings account and have the money drafted from every single paycheck.  Whether it is $25 or $250 per pay period – just SAVE!  You KNOW that the car is going to break down.  You KNOW that the school is going to send home a surprise expense.

Establishing this draft, it allows the money to be “out-of-sight.”  When money is out-of-sight, it can be out-of-mind.  This allows the account to grow without you robbing it!

Now, I personally had a problem with this when I did not have a monthly budget.  I would ROB my own savings account about 2.1 microseconds after I was paid.  Only after I had a plan developed together with my bride, Jenn, did my savings account begin growing in a healthy manner.

Create An Escrow Account For Known, Upcoming Expenses

For those unfamiliar with an escrow account, it is a savings account that is established by a mortgage company.  The mortgage company totals the annual cost of property taxes and homeowner’s insurance and divides it by the number of payments being made each year.  The mortgage company then pays for the taxes and insurance from this escrow (savings) account.  For example, if the property taxes are $1,200/year and the insurance is $600, then the total amount needed each year is $1,800.  The mortgage company will collect $150 extra with each monthly payment to place into the escrow account.

An escrow account smooths out the cost over a year – instead of having to pay for it all in one month.  It tightens the monthly budget, but having a fully funded escrow account sure is AWESOME when vacation arrives and the money has already been saved to pay cash for it!  Those who have a mortgage with an escrow account will testify to the fact that they never worry about paying for the taxes and insurance – ask someone!

Establish Accountability

Find someone who is:

• winning with money,

• not trying to sell you something

• available to help you.

Ask them to hold you accountable to your saving goal.  I have seen some people go to the extreme length of actually giving the money to the other individual to hold for them because they cannot trust themselves to keep their own hands off of it.

Accountability can also be created by your written spending plan that you prepare every month before the month begins (you do prepare one, right?).  This plan helps cement your goals in your mind and helps you connect the fact that if you spend money on unplanned items, you will literally be robbing yourself of your savings goals.

I am married – which means I have built-in accountability.  Jenn is a huge saver.  She keeps me (the spender) in control. Establish accountability – it works!

Saving For KUEs

There are three things we should ALWAYS be saving for. 

1. Emergencies

2. Known Upcoming Non-Monthly Expenses

3. Dreams 

Of these three, our focus today is on KUE’s - the known upcoming non-monthly expenses. This savings bucket can tend to be difficult and can create budget issues.

Here’s why:

1. They are non-monthly  Because of this, we tend to forget about them until they show up

2. They are usually larger expenses  Property taxes, insurance premiums, Christmas, vacation, car maintenance, and repairs, and insurance deductibles usually have larger price tags than typical monthly expenses

3. We don’t save for the expenses monthly  We wait until the bill arrives and then we are forced to scramble in an attempt to pay for it

If not saved for probably these known expenses can become budget-crushing expenses!

Here’s a step-by-step way for you to eliminate “Budget Crushing Expenses” from your life:

1. Download our free “Known Upcoming Expenses Calculator” tool HERE.

2. Enter all your “Known Upcoming Expenses” into the tool – include the annual expense of each line item.

3. Enter your “# of Pay Periods Per Year” into the tool – enter “12” if paid monthly, “26” if paid every 2 weeks, “52” if paid weekly, and “24” if paid twice each month.

4. You have now calculated the amount you need to save out of each paycheck to ensure all of your Known Upcoming Non-Monthly Expenses are covered.