Minding Your Money 360 - Quick tips to manage your money for success

It’s Friday and time for the Word of the Week! Our word this week is Procrastination.

I chose procrastination because it’s so easy to fall into.

It’s Friday and time for the Word of the Week! Our word this week is Procrastination.

I chose procrastination because it’s so easy to fall into. One common way this shows up in your life is the “As soon as I” excuse. The “as soon as I” excuse goes something like this. As soon as I get a new job, I’ll start saving. As soon as the kids are in school, I can start saving. As soon as I get out of debt, I’ll start saving and it goes on and on…you fill in the blank.

But the real truth is that the perfect day never comes because life is not static. You can’t finish one task and expect it to stay perfect while you go on the next one because life it’s constantly changing – constantly evolving and you have to be prepared to change with it.

A better option is to aim for balance – balance in all that you do and saving should be an integral part of that equation. In the beginning the amount does not really matter (well it does) but not as much as the act of saving. The idea is to build your savings muscle. Then over time your saving muscle will grow and you will reap the rewards.

Our word of the week: procrastination. The next time you find yourself saying as soon as, stop and think – is this something that I could possibly work in now and if so go for it!

And, that’s the minute for today. Hey it’s that time of the year again. Need some direction for the new year? I’m offering my end of year consultations at a special price. Contact me at [email protected] for details and mention Christmas promo in your email.

 

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Today on the Minute – Preparing for a Possible Job Loss

I got a letter from Sarah and she says, Patricia I have a good job but I don’t have an emergency fund or much in savings and I’m worried.

Today on the Minute – Preparing for a Possible Job Loss

I got a letter from Sarah and she says, Patricia I have a good job but I don’t have an emergency fund or much in savings and I’m worried. There are rumors that the company is going to be downsizing at the beginning of the year and I’m not sure what to do about Christmas or anything else. I’m a single mom and I have two small children. Any advice would be greatly appreciated.

Wow Sarah that’s a lot. So, here are three things you can do immediately to help get yourself on better footing. First, if you think your job is in jeopardy, make a list of possible companies and positions you could work in. Then start contacting your network, look on LinkedIn and other places to see if you can line up some other job opportunities now.

Second, create a budget and cut back on your spending to put money as much money as possible in an emergency fund.

Finally, talk to your kids. Teach them the real meaning of Christmas and if it’s appropriate let them pick one toy. Set a tight budget for Christmas and stick to it. Kids are amazingly resilient when you keep them in the loop and they know that you love them. Family – that’s really what Christmas is about.

And, that’s the minute for today. Hope that helps Sarah. Let me know how things go. Did you know that you can get the minute in lots of places? In addition, to iTunes, iHeart Radio, Google Play Music and tons of other directories, you can also listen on our website, sign up for downloads via email and get a list of resources. Simply visit minding your money minute.com

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Today on the minute – Teaching Your Kids About Money

Parents love to say, “Do as I say, not as I do.” And for the most part kids get it twisted around and they find it so much easier to do what you do not what you say.

Today on the minute – Teaching Your Kids About Money

Parents love to say, “Do as I say, not as I do.” And for the most part kids get it twisted around and they find it so much easier to do what you do not what you say. So why not capitalize on this and teach your kids about money and investing by being their role model. And if you are just learning that’s perfect – all you have to do is stay one step ahead of them. So as you learn something, practice it and then teach it.

That’s one way to teach your kids about money, here are two more:

Pick a day each month where the whole family gets together to discuss finances. This time can be used to discuss stocks, creating a budget, saving or any money related topics. You can even use this time to catch up with some of your money management tasks. The idea is that they (and you) get used to talking about money in some context so that it doesn’t feel strange talking about it later on.

Build a play money portfolio. You can do this online or manually. There are tons of resources so use Google to find resources and check them out to be sure they’re a fit for your kids. And don’t just give this to your kids, play with them – you just might learn a thing or two in the process.

And that’s the minute for today. Have you signed up for the minding your money movement? If not, make you way to my website – psworth.com and sign up so you can get a dose of money savvy delivered direct to your inbox each week.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Today on the minute – Is This the Best Time of the Year to Buy a House? 

If you’re thinking about buying a house, some critics say this is the best time of the year to buy a house for the following 5 reasons:

Today on the minute – Is This the Best Time of the Year to Buy a House? 

If you’re thinking about buying a house, some critics say this is the best time of the year to buy a house for the following 5 reasons:

Limited competition. The weather and getting caught up in the holidays can keep many would-be buyers away.

If you do some pre-work like getting pre-approved, you could close before the end of the year and that could mean a ton of deductions like mortgage interest, loan points and property taxes.

Because there are fewer people looking during the holidays, sellers might be more eager to sell. And that could net you a better deal.

You get a chance to see what the home is really like. After all, it’s winter. The grass may not be green, the trees may be bare. You get to really see if the furnace is working and if it’s drafty, etc.

Mortgage rates are still low – around 4%. They are starting to creep up and there’s just no predicting where they will go. So, if buying a house is on you wish list and you’re ready to take the leap – this might just be a great time to do that.

And that’s the minute for today. I love helping people with all aspects of their financial lives. If you have a question, send it to me at [email protected]. My new book, Money Smarts will be out soon. Visit the website and sign up or keep listening to the minute for updates.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Today on the Minute – Drunk shoppers beware

Years ago I started talking about the dangers of credit cards vs cash because they are so easy.

Today on the Minute – Drunk shoppers beware

Years ago I started talking about the dangers of credit cards vs cash because they are so easy. And because they don’t bear any resemblance to money it’s almost like you’re not really spending money at all. Just a little swipe vs handing over cold hard cash which often gives you pause to think before buying extra stuff or things you don’t need and maybe don’t really want.

Now Apple Pay just took this to a whole new level. With Apple’s new MacBook Pro, all you have to do is tap your finger to the Touch ID scanner and it’s done—no more searching through your wallet for the right card, no more typing in three-digit security codes and expiration dates. It’s now all automatic. Don’t have an Apple – not to fret. Samsung Pay, Venmo, and countless other payment technologies are now available.  So what’s the problem? Well, the way you pay can make a big difference in what you buy and how much you’re willing to spend. Behavioral economists have known this for year.

Paying with cash hurts. Credit cards tend to be a double edged sword. People like the convenience but they feel bad when they get bill. That’s because credit cards have a way of disconnecting you from your mental accounting system and when you get the bill you get shocked back into reality. And Apple Pay, well I just don’t know what to say about that. My warning – if you’re drunk don’t go near your phone or your computer. You could end up with more than you bargained for.

And, that’s the minute for today. You know I love helping people with all aspects of their money. If you have a question, send it to me at [email protected]

 

Thanks for listening and as always remember that minding your money really is the path to a richer life!

It’s Friday and time for the Word of the Week! Our word this week is Target Date Fund.

I chose Target Date Fund because I’ve been some questions about them.

It’s Friday and time for the Word of the Week! Our word this week is Target Date Fund.

I chose Target Date Fund because I’ve been some questions about them. A target-date fund is a diversified investment that includes a mix of stocks, bonds and cash. They operate under a simple concept, you just choose one based on when you want to retire and the fund does all of the work. Being more aggressive when you have a long time to retirement and less aggressive as you get closer to retirement. The problem is simple doesn’t always mean good.

While some target date funds are good – a lot of them have some real issues. Issues like being too aggressive even when you get close to retirement. And issues with fees. Because these are actively managed funds meaning that a fund manager decides when to buy and sell – they can be costly and eat up a lot of your return. Some employers are now automatically enrolling people in 401(k)s and their choice of a default investment is often a target date fund.

Our word of the week: target date fund. If you’re in a target date fund or thinking about getting in one because you think it’s easy – think again. As I said at the beginning simple doesn’t always mean good or cheap.

And, that’s the minute for today. Hey it’s that time of the year again. Need some direction for the new year? I’m offering my end of year consultations at a special price. Contact me at [email protected] for details and mention Christmas promo in your email.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Today on the Minute – Giving Thanks

This is one of the most important days of the entire year.

Today on the Minute – Giving Thanks

This is one of the most important days of the entire year.

Most people don’t realize it… but we all live incredibly fantastic lives. And, it’s easy to forget how good we have it. For example, right now, you’re probably listening to me on a computer or on a smart phone… you’re probably surrounded by people who love and care about you… and you’re working to build the kind of life most people around the world couldn’t even dream about.

The most important thing you can do on this day is take a moment and step back and really look at your life… and think about how thankful you are for all that you have.

Be thankful for all the abundance you already have. Be thankful that you have a support system of people who love and care about you. Be thankful that you are alive… that means you can live to fight another day… and you can make your wildest dreams come true.

Know this: We here at the Minding Your Money Minute are thankful to have had an opportunity to serve you… it’s always been our mission from day one to be your greatest ally in your quest to build the life you want.

So thank you for giving us the opportunity to help you accomplish your goals.

We hope you have a Thanksgiving day full of love, laughter and gratitude.

And, that’s the Minute for today. Remember, never let the things you want make you forget the things you have. What are you grateful for today? Happy Thanksgiving,

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Today on the minute – Black Friday is Coming

As we head into one of the biggest shopping days of year – don’t get sidetracked.

Today on the minute – Black Friday is Coming

As we head into one of the biggest shopping days of year – don’t get sidetracked. If you have planned to make purchases – set aside money for the occasion – go for it. But don’t get hooked into spur of the moment purchases just because something is on sale. We live in a for sale society today where with just a little extra research (and we have special apps that will do this for us) we can, with few exceptions get we want at less than full price so there is no rush.

As you head out for the sales or get you computer ready for the mad dash online be mindful of your goals. I have a friend who lives for this day. Even though she knows that she can get some of the same items reduced later on – it’s just a special day for her. This is the same friend who saves at least one gift to purchase on Christmas eve – I think she just loves being around crowds and that’s okay because she plans for it.

So if you are going to make some purchases on Black Friday what are some of the best buys to be on the lookout for? Electronics tend to top the list – TVs, computers, tablets and game consoles, etc. Then there’s home goods, toys and don’t forget about clothes. Pick the items you want then search for the best deals – don’t just shop aimlessly – that’s when you get into trouble.

And that’s the minute for today. Have you signed up for the minding your money movement? If not, make you way to my website – psworth.com and sign up so you can get a dose of money savvy delivered direct to your inbox each week.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Today on the minute – Never Lose Money

Warren Buffet has a saying and it goes something like this…Rule #1: never lose money.

Today on the minute – Never Lose Money

Warren Buffet has a saying and it goes something like this…Rule #1: never lose money. Rule #2: Never forget rule number 1. And that’s really cool if you’re Warren Buffet but sometimes when you’re investing whether you’re just starting out or if you’re a seasoned pro – you are going to lose money.

The reason I bring this up is that I’m working with a couple who want to start investing but they are afraid they’ll lose money so in my effort to comfort them I told them that they were most likely right. Even the experts and the gurus don’t get it right 100% of the time or sometimes even 50% of the time.

So a couple of takeaways here: #1 Never invest your food money. In other words, don’t start an investment program until you have your ducks in a row and that means having an emergency fund in place. And, #2: Never invest in anything you don’t understand. There are so many choices out there today and some of them have pretty good returns without a ton of risk and you can even pronounce the names.

And that’s the minute for today. I love helping people with all aspects of their financial lives. If you have a question, send it to me at [email protected]. My new book, Money Smarts will be out soon. Visit the website and sign up or keep listening to the minute for updates.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Today on the Minute – Not Financially Ready for Christmas?

I read an article on GoBankingRates by Cameron Huddleston and in this article she talked about 7 signs that you might not be able to afford Christmas starting with the fact that if the mere thought of it stress you out, you probably can’t afford it.

Today on the Minute – Not Financially Ready for Christmas?

I read an article on GoBankingRates by Cameron Huddleston and in this article she talked about 7 signs that you might not be able to afford Christmas starting with the fact that if the mere thought of it stress you out, you probably can’t afford it.

I know it’s a radical thought – the thought of foregoing Christmas but if the alternative is racking up more debt, this might be the year to be radical.

I’ve included a link to the Cameron’s article in my notes but here are three of mine to ponder:

You’re living paycheck to paycheck and you have nothing saved. Well, that’s actually two but you get what I mean. Most likely if you’re living paycheck to paycheck you probably don’t have much in savings. So if you don’t have anything saved for Christmas, where will the money come from?

You need to use credit cards to buy gifts. I know that some people want to use credit cards for rewards, etc. but it is a totally different story if using credit cards is your only option.

You’re saving for a big goal and this would throw you off track or delay the big goal.

So if you really don’t have the money what should you do? Well, I don’t recommend that you go into debt just to look good to your friends and family. I recommend just opposite – to face the truth of your situation and work from there. Explain to your friends and family early on that this is not going to be a typical Christmas and what your intentions are to get back or stay on track. Then stick with your plan. Don’t forget the true meaning of the day and why we celebrate. Christmas is one day that will come and go very quickly but debt can live on forever.

And, that’s the minute for today. You know I love helping people with all aspects of their money. If you have a question, send it to me at [email protected]

Thanks for listening and as always remember that minding your money really is the path to a richer life!