Monday Money Tip

About the Episode: 

• In this episode, we’ll break down how to create a balanced budget and what percentage of your income should go to each category in your budget. For example, what is a “normal” amount for people to spend on groceries, housing, etc.? 
• In our Current Events segment, we’ll discuss updated interest rates for savings accounts, CDs, and mortgages. 
• Our success story comes from Todd, who has been able to make considerable changes in his finances in just three months, including paying off a car loan and saving a month’s salary. 

Average Percentages for a Balanced Budget: 

1. Giving 10-15%
2. Saving 10-15%
3. Housing 15-35% (including utilities)
   1. Including escrowed taxes, insurance, PMI
4. House Payment < 25%
5. Transportation 10-20%
   1. Including gasoline, taxes, insurance, and repairs
6. Food 10-20%
7. Clothing 5-10%
8. Other Debts < 10%
   1. Not including house and car payments
9. Entertainment 5-10%
10. All other 5-10%

Resources:
FULLY FUNDED LIFE
IWBNIN Ladder
Tool: Known, Upcoming Expense Calculator

Related Monday Money Tip Podcast Episodes:
Episode 09: Tithing - Gross vs. Net Income
Episode 120: Saving for KUEs
Episode 137: 5 Tip to Help You Absolutely, Positively, Actually Follow Your Budget
Episode 143: 5 Steps to Avoid Budget-Busting Expenses
Episode 155: The Power of the IHHE Moment 

Email [email protected] to ask questions or share success stories.

About the Episode: 

• In this episode, we’re talking about one of the biggest that has helped us achieve great things with our financial journeys. It’s called the IHHE Moment. 
• In our Current Events segment, we’re discussing the outrageous home prices and what it means for you. 
• Our success story comes from Kathy, who has stuck to her budget and will be debt-free in just 20 months!! 

Resources:
FULLY FUNDED LIFE
IWBNIN Ladder
Yahoo News - Home Prices to Fall and Cause Some Pain
Recommended Books
BOOK: 20/20 MONEY: Gaining Clarity for Your Financial Future 

Related Monday Money Tip Podcast Episodes:
Episode 112: Defining Financial Boundaries with Children
Episode 137: 5 Tip to Help You Absolutely, Positively, Actually Follow Your Budget
Episode 143: 5 Steps to Avoid Budget-Busting Expenses
Episode 151: How to Teach Your Kids About Giving

Email [email protected] to ask questions or share success stories.

About the Episode: 

• In this episode, we’re helping you understand more about what you should be looking for with your home and auto insurance. Our goal is to provide helpful and practical information that can save you money.
• In our Current Events segment, we’re giving a national debt update...yikes! 
• Our success story comes from Stephanie, who has a newfound hope when it comes to her finances. She has been able to change her spending habits and cut extra expenses out of her budget.  

Tips for Getting the Best Deal:

• Tip #1: Bundle insurance policies 
• Tip #2: Get quotes from at least three companies 
• Tip #3: Shop for better deals every two years 
• Tip #4: Obtain quotes with different deductibles 

Resources:
FULLY FUNDED LIFE
IWBNIN Ladder
US Debt Clock
Tool: Budgets
Next Steps: Insurance
AM Best

Related Monday Money Tip Podcast Episodes:
Episode 137: 5 Tip to Help You Absolutely, Positively, Actually Follow Your Budget
Episode 143: 5 Steps to Avoid Budget-Busting Expenses
Episode 146: Should You Have Life Insurance

Email [email protected] to ask questions or share success stories.

About the Episode: 

• In this episode, we’re discussing a powerful principle called “The 1% Principle.” If you apply this principle to your money journey (and your life), significant changes can occur.
• In our Current Events segment, Joe reflects as he and his wife, Jenn, celebrate their 24th Wedding Anniversary. Joe shares five money lessons that he and Jenn have learned over the years.
• Our success story comes from all the members of our Fully Funded Life Community and the incredible progress that has been accomplished.  

Resources:
FULLY FUNDED LIFE
IWBNIN Ladder
Tool: Budgets
Recommended Books
I Was Broke. Now I’m Not.
CNBC
CNN Money
Bloomberg Wall Street Journal 

Related Monday Money Tip Podcast Episodes:
Episode 88: “No” Allows You to Say, “ Yes”
Episode 134: 4 Steps to Budgeting
Episode 135: The Heart and Money Connection
Episode 137: 5 Tip to Help You Absolutely, Positively, Actually Follow Your Budget
Episode 143: 5 Steps to Avoid Budget-Busting Expenses

Email [email protected] to ask questions or share success stories.

About the Episode: 

• In this episode, we’re sharing tips to help you stick to your budget during the summer months.
• In our Current Events segment, we’re discussing the key takeaways from the gas shortage in the Southeast.
• Our success story comes from Jennifer, who has realized the value of a dollar and is saving for known upcoming expenses, and is now able to pay cash for things that previously went on the credit card. 

Resources:
FULLY FUNDED LIFE
IWBNIN Ladder
Tool: Mini Budget
Tool: Known Upcoming Expense Calculator

Related Monday Money Tip Podcast Episodes:
Episode 134: 4 Steps to Budgeting
Episode 135: The Heart and Money Connection
Episode 137: 5 Tip to Help You Absolutely, Positively, Actually Follow Your Budget
Episode 143: 5 Steps to Avoid Budget-Busting Expenses

Email [email protected] to ask questions or share success stories.

About the Episode: 

• In this episode, we’re discussing how to teach your kids about giving. When it comes to giving, how can you effectively communicate this topic to your children? What age should you start having conversations and are there any tips and tricks?
•  In our Current Events segment, we’re talking about supply and demand and how this can have a significant impact on your everyday life. 
• Our success story comes from John, who has officially become debt-free despite the challenges of a global pandemic. 

Resources:
FULLY FUNDED LIFE
IWBNIN Ladder

Related Monday Money Tip Podcast Episodes:
Episode 09: Tithing - Gross vs. Net Income
Episode 144: How to Teach Your Kids About Budgeting
Episode 147: How to Teach Your Kids About Debt
Episode 148: Helping vs. Enabling
Episode 150: How to Have the Estate Planning Conversation

Email [email protected] to ask questions or share success stories.

About the Episode: 
- In this episode, we’re discussing how to have the estate planning conversation. Why is it important to have this conversation, and how can you have this tough conversation with those closest to you?
- In our Current Events segment, we’re talking about the ever-growing housing bubble.
- Our success story comes from Faith, who has made significant progress with her finances, including paying off a $10k loan in just five months! 

Here are some lines to help you make the pivot:
- Here are some lines to help you make the pivot:
- “You know, it got me thinking. Do YOU have a written will?”
- “I did a little research and found out that you can get a basic will done for just a few hundred dollars.”
- “Have you thought about who will manage your money if you are unable to?”
- “Who would you like to make healthcare decisions for you if you are unable to do so yourself?”
- “What are your healthcare wishes?” (DNR|Life Support|Organ Donation)

Resources:
FULLY FUNDED LIFE
IWBNIN Ladder
Legal Zoom
Retailmenot.com

Related Monday Money Tip Podcast Episodes:
Episode 144: How to Teach Your Kids About Budgeting
Episode 146: Should You Have Life Insurance
Episode 147: How to Teach Your Kids About Debt
Episode 148: Helping vs. Enabling

Email [email protected] to ask questions or share success stories.

About the Episode:  
- In this episode, we’re discussing how to teach your kids about investing and at what age you should start this conversation. 
- In our Current Events segment, we’re talking about the National Debt, inflation and how they affect your life.
- Our success story comes from Cean, who is a member of Fully Funded Life and was recently able to pay off all their non-house, non-business debt and move to Rung #5 of the I Was Broke. Now I’m Not. Ladder.  

Resources:
FULLY FUNDED LIFE
IWBNIN Ladder
Charles Schwab - Custodial Account

Related Monday Money Tip Podcast Episodes:
Episode 66: Pay off Your House - Early!
Episode 106: Buying & Selling Online
Episode 118: We Paid Off Our House in 9 Years - Success Story
Episode 119: When is the Right Time to Purchase a House?

Email [email protected] to ask questions or share success stories.

About the Episode: 
- In this episode, we’re providing insight into what you should do to address a grown child who continues to ask for financial help. We’ll discuss the difference between “helping” vs “enabling.”
- In our Current Events segment, we’re discussing the possibility of a student loan debt cancelation.
- Our success story comes from Jake, who was able to pay off $30K in debt! 

Resources:
FULLY FUNDED LIFE
IWBNIN Ladder
Pew Research Survey
PDF - Questions to Determine Reality
Book: What Everyone Should Know About Money Before They Enter the Real World

Related Monday Money Tip Podcast Episodes:
Episode 85: Dealing With Financial Anxiety
Episode 109: Making Your Student Loans Disappear
Episode 112: Defining Financial Boundaries with Children
Episode 144: How to Teach Your Kids About Budgeting

Email [email protected] to ask questions or share success stories.

About the Episode: 

- In this episode, we’re discussing how to teach your kids about debt. How should you explain debt to them, what age you should start, and some practical tips for communicating this topic.

- In our Current Events segment, we’re talking about important facts and stats relating to Social Security.

- Our success story comes from Carolyn, who has paid off 11 credit cards and recently started paying double car payments! 

Helpful Tips:
- Be Open with your own financial journey 
- Connect the dots when they borrow money from you or a sibling - Learn Scripture 
- Show differences in types of debt 
- Encourage great caution when acquiring debt 
- Show them the math 

Resources:
FULLY FUNDED LIFE
SSA.gov
Tool: Pay-Off Spectaculars
Tool: Early Pay-Off Calculator
Book: What Everyone Should Know About Money Before They Enter the Real World
IWBNIN Ladder

Related Monday Money Tip Podcast Episodes:
Episode 54: The Right Retirement Account
Episode 62: How Much Money Do I Need to Retire?
Episode 122: Gaining Control of the Finances
Episode 128: Debt-Free While Working a Job We Love
Episode 144: How to Teach Your Kids About Budgeting

Email [email protected] to ask questions or share success stories.