4 Ways To Make Sure Grad Season Doesn’t Break The Bank

Graduation season is right around the corner, and while it's a time for celebration and excitement, it can also be a major financial strain. From graduation parties to gifts and everything in between, the costs can quickly add up. But it is possible to ensure that grad season doesn't break the bank, with these tips: 

1. Create a Plan:

The first step to ensuring a budget-friendly graduation season is to create a plan – specifically, a budget. Sit down and closely examine your finances, identifying how much you can realistically afford to spend on graduation-related expenses. Consider all aspects of graduation season, whether your child is graduating or several young people you know are graduating. By establishing a budget upfront, you'll have a defined plan and can avoid overspending on unnecessary items.

2. Identify Biggest Costs:

Within your budget, take time to identify the largest costs associated with graduation season. List them out. Whether it's hosting a graduation party, purchasing gifts for friends and family, or covering the costs of graduation attire and accessories, pinpointing the most significant expenses will help you prioritize your spending and allocate your budget accordingly. 

3. Identify Unexpected Expenses:

After you outline the largest costs, take time to factor unexpected expenses into your budget.  From last-minute party decorations to unforeseen travel expenses, having a buffer in your budget for these unexpected costs will help prevent any financial surprises from derailing your plans or leading towards debt! 

4. Get Creative:

If your family is hosting a graduation party this year, get creative! Consider DIY-ing elements of the celebration where you can. Whether it's catering in the entree and making the sides yourself or creating homemade decorations and party favors, there are plenty of ways to throw a memorable and budget-friendly graduation party. If this is your second time hosting a grad party, consider reusing decorations from previous years! Get your friends and family involved, tap into your creative side, and watch the savings add up!

As graduation season approaches, it's important to create a plan, identify the largest costs, anticipate unexpected expenses, and get creative with your celebrations. It is possible to enjoy a memorable and meaningful graduation season without sacrificing your financial stability!

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!

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

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

But…it can be done! Here’s how: 

1. Understand Each Other's Priorities:

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

2. Compromising on a Realistic Budget:

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

3. Balancing Splurges and Savings:

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

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

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

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! 

3 Tips For a Stress-Free Vacation

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

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

1. Plan and Budget Ahead

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

2. Leverage Rewards and Discounts

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

3. Choose Off-Peak Times and Destinations

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

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

4 Reasons Why You Need a Budget for Your Vacation

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

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

You Need a Place to Stay

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

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

You Need to Eat

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

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

You Want to Have Fun

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

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

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

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

5 Smart Ways To Put Your Tax Return To Use

It's that time of the year again – tax return season! Instead of letting that extra cash burn a hole in your pocket, let's turn it into a powerful tool for financial growth.

Here are 5 smart ways to make the most out of your tax return.

1. Put towards paying off debt:

   • Consider using a chunk of your tax return to tackle lingering debts. Whether it's high-interest credit cards, student loans, or other outstanding balances, putting your tax return towards debt repayment can be a game-changer!

2. Build an emergency fund

   • Life is unpredictable, and an emergency fund is your safety net. Allocate a portion of your tax return to start or build up your emergency fund.  It's not just about being prepared for the unexpected; it's about facing life's curveballs with confidence and financial security.

3. Increase your savings:

   • Use your tax return to boost your existing accounts or kickstart new ones. Whether it's a retirement fund, a high-yield savings account, or an investment portfolio, your tax return can be the catalyst for future financial growth.

4. Make an additional mortgage payment:

   • If you own a home, consider using your tax return for home improvements that add property value or additional mortgage payments. Calculate how much you could save on your mortgage by adding extra payments.

5. Contribute to education:

   • Use your tax return to fund education – whether it's furthering your own skills, supporting a family member's education, or contributing to a 529 plan. 

This tax season, let's not just see our returns as numbers on a check. Let's view them as opportunities to transform our lives. Whether it's breaking free from debt, creating financial stability, or increasing savings, wisely using your tax return can be the first step towards your fully funded life. 

How To Reflect On Your Financial Wins

It's easy to focus solely on the end goal and overlook the milestones achieved along the way - especially with our finances. Yet, taking the time to reflect on financial wins, both big and small, can be a powerful tool in maintaining motivation and steering your financial journey toward success.

A Reminder

Reflecting on financial wins is not just about acknowledging successes—it's about recognizing the significance and impact of each milestone achieved. It involves celebrating progress! These moments of reflection serve as reminders of your capability and determination to overcome financial challenges.

Benefits of Reflecting on Financial Wins

The act of reflecting on financial wins extends beyond a mere pat on the back. It cultivates gratitude, fostering a positive mindset that fuels further progress. Each acknowledgment of success boosts confidence, reinforcing the discipline needed to stay on track toward achieving other financial goals.

Strategies for Effective Reflection

Consider regularly reviewing your financial progress. Document and celebrate each achievement, whether it's paying off a debt, reaching a savings goal, or sticking to a budget consistently. Take the time to evaluate lessons learned from challenges faced, and use what you’ve learned to accomplish your next goal!

Celebrating Small and Big Wins Alike

Often, we focus primarily on significant milestones, but acknowledging the smaller victories is equally important. Embrace the value of incremental progress, as these small wins contribute significantly to the overall journey toward living your fully funded life.

Reflecting on your financial wins isn't self-indulgence—it's a necessary practice in your financial journey. By taking the time to acknowledge successes and learning from setbacks, you pave the way for building continuous financial habits and stability!

So, as 2023 comes to a close, take time to reflect on your financial wins, celebrate your progress, and use these reflections as fuel for the road ahead.

5 Reasons To Celebrate Financial Progress

Financial progress is a testament to resilience, determination, and strategic planning. The transition from struggling to financial stability marks a significant accomplishment worth recognizing and celebrating.

5 Reasons To Celebrate Financial Progress:

Motivation and Encouragement

Celebrating financial progress serves as a powerful motivator. Acknowledging and celebrating even small milestones reinforces the belief that your efforts are paying off. It encourages continued determination to accomplish more financial goals.

Financial milestones, such as paying off a credit card or reaching a savings target, become tangible evidence of progress. This positive reinforcement allows you to stay focused and committed to the journey toward your fully funded life!

Reinforce Positive Habits

Recognizing and celebrating financial progress reinforces positive habits. Whether it's budgeting diligently, investing regularly, or setting aside savings each month, celebrating achievements reinforces these behaviors as effective and rewarding.

By acknowledging the success achieved through these habits, you become more likely to continue implementing them.

Cultivate Gratitude and Mindfulness

Celebrating financial progress fosters gratitude and mindfulness. It prompts reflection on the journey from financial challenges to achievements, encouraging you to appreciate your efforts and sacrifices made along the way.

Gratitude also promotes better financial decision-making and a deeper appreciation for the resources you have. This mindfulness can help you stay focused on your financial goals while appreciating the progress you’ve made so far.

Strengthen Financial Confidence

Each financial accomplishment reinforces the belief in your ability to navigate financial challenges effectively. This increased confidence leads to better financial decision-making and a willingness to take calculated risks.

Build A Supportive Community

As you achieve your plans, hopes, and dreams - share the successes! Whether big or small, your accomplishments can inspire and motivate others on their financial journey! Think of a few friends in your life, as you celebrate together, you can form financial accountability and provide encouragement during both the highs and lows of working towards your fully funded life.

Celebrating financial progress goes beyond merely acknowledging achievements; it plays a pivotal role in reinforcing positive behaviors, fostering gratitude, building a supportive community, and so much more. Embrace your financial wins this season!

How To Have A Debt-Free Christmas

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

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

Set Your Budget

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

Creating a Christmas Gift List and Setting Allocations

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

Stick To The Budget

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

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

Creating An Attitude Of Gratitude

In the pursuit of a fully funded life, we often focus on budgeting, saving, debt elimination, and investing. While these are crucial steps, there's another, often underestimated, factor that can significantly impact your financial journey: gratitude. A grateful mindset can transform the way you approach personal finances!

Improved Financial Perspective

Gratitude has the power to shift your perspective from one of scarcity to one of abundance! When you take a moment to appreciate the things you have, you become less focused on what you lack. This shift in mindset can lead to better financial decisions.

Consider this: A mindset of abundance helps you see opportunities rather than limitations. It encourages you to make choices that align with your financial goals. When you're not fixated on what you lack, you're less likely to make impulsive or unnecessary purchases. This, in turn, can help you save more and spend wisely.

Mindful Spending and Saving

Gratitude is closely related to mindfulness. When you practice gratitude, you become more aware of the present moment and the positive aspects of your life. This heightened awareness extends to your financial choices.

With gratitude, you are more likely to approach spending and saving with intention. You'll consider whether a purchase truly aligns with your plans, hopes, and dreams. This mindful approach to personal finance helps you allocate your resources wisely and avoid impulsive spending. Over time, these small, mindful choices create strong financial habits, leading to responsible budgeting and better financial outcomes.

Gratitude as a Motivational Tool

Debt elimination and wealth building often require ongoing effort and discipline. This is where gratitude can be a powerful motivational tool. By practicing gratitude, you can stay motivated to pay off debts and save for the future.

Think about the progress you've made on your financial journey, no matter how small. Reflect on the people, experiences, and opportunities that have contributed to your financial growth. When you focus on these positive aspects, it becomes easier to stay committed to your goals.

Cultivating gratitude can change the way you approach your personal finances. It can improve your financial perspective, lead to more responsible financial management, and serve as a powerful motivator for debt elimination and wealth building. In your pursuit of a fully funded life, remember that gratitude is not just a feel-good emotion; it's a strategic tool that can shape your financial future.

Embrace gratitude, and watch how it transforms your journey toward accomplishing your plans, hopes, and dreams.

Furthering Your Financial Education

Have you ever found yourself feeling stuck when it comes to your finances? Could it be because you haven't had the chance to dive into the right knowledge or education about personal finance?

Like any subject, we don’t know every answer to our financial questions. We can’t. That’s why it’s so important to continually strengthen yourself in the areas of personal finance. Just think for a moment: you might have a strong budgeting habit, but are you confident in your savings plan?

Here's the good news – you're not alone! Many of us have asked similar questions or faced challenges due to a lack of knowledge.

So, how can you find ways to consistently educate yourself?

• Educational Blogs

• Financial Community

• Helpful Tools

Another way to take the next step in leveling up your financial knowledge? Complete a personal finance study!

With foundational truth from scripture, learn how to budget, save, invest, plan ahead, and maintain momentum on your financial journey. The I Was Broke. Now I’m Not study blends scripture and money in a relevant, engaging, and life-changing way for you!

A Special Note to Say Thank You

A Note from Joe:

It was the summer of 2009. The Great Recession was underway, and it was clear that America was hurting financially. That’s when I decided to leave the safety and security of a full-time job with benefits (when lots of people had already lost theirs!) and travel across the nation speaking and teaching about money to try and help people.

Do you remember just how tough it was back then?! Millions had lost income, were struggling with high debt levels, and many people had watched helplessly as their home lost more than half of its value.

That was TEN YEARS ago, and what an amazing journey it has been! You’re receiving this note today because you’ve been a part of it. Perhaps you downloaded one of our free tools, attended one of our live events, or you’ve received one-on-one financial coaching training from our team. Whether we’ve had a small or large impact on your money journey, I want you to hear just how thankful I am that you’ve allowed me and my team to be a part of it.

Knowing most small businesses fail in the first 18 months (80% of them do!) and even fewer last five years (only 10% of them make it), we’re going to take a few days to celebrate!

Learn how to make your money behave and begin to climb the ladder to financial success.

Learn how to leverage financial oxen to fund the biggest dreams of your life.

The perfect resource for young people as they embark on their own money journey

Here’s to increased financial success, expanded generosity, and more dreams being accomplished in your life!

- Joe
Founder, I Was Broke. Now I’m Not.