Bill Ihle

One of the most popular classes we offer is Budgeting Made Easy. Time and time again we hear how much clients learned about their spending habits, what expenses they can cut, and how much they are saving monthly, all as a result of these classes. This is a regularly occurring class, offered every two months. Call our offices to check schedules and reserve your spot.

While creating a budget is important, you need more than proficiency in math to manage your money successfully. You also need a handful of other skills if you want to stick to your financial plan.

Here are some at the top of my list:

1-Self-awareness. In terms of money, self-awareness can help people understand where they spend their money impulsively and how to control it.

2-Delegation. Once people know where they struggle, they are more inclined to work on those areas. However, you can get some help with this, with a lot of great tools. For instance, you can use our simple Money Manager Fritter Finder to help you keep track of where the money goes.

3-Self discipline. Creating a budget is easy. It’s sticking to it that is hard. That’s where people falter. After a long day, who isn’t tempted to pick up something quick for dinner, for instance? It’s important to know where your weaknesses are, and keep yourself on track.

4-Organization. It’s hard to be financially successful if you miss payments or lose paperwork. Late bills can not only hurt your credit, but also result in late fees. Being organized can help.

5-Confidence. Many people struggle financially because they aren’t sure what the best decisions are. We have a team of trained counselors who can teach you how to build your confidence about financial matters.

6-Critical thinking. There are tons of financial scams out there. Be smart; if it sounds too good, it may well be a scam. Think things over before you spend money, whether it’s $5 or $500 dollars.

 

 

I hear it all the time: life is short. Way too short, in fact. But for women, it is getting a little longer, according to some national research.

The average American woman’s life expectancy hit an all-time high of 81.2 years back in 2014. That compares to the life expectancy of 76 years for the average American man.

However, women retire an average of two years earlier than men. Over their lifetime, women are still earning less income than their male counterparts. All of this combines to put women at a real serious risk when it comes to retirement, when their money needs to last longer.

What’s the solution here? Well, one key is that women need to start investing earlier for their retirement. This can not only ease concerns about their retirement security, but also empower them about being financially secure.

Job hopping, generally defined as spending less than two years in a position, can be an easy path to a higher salary. Experts caution that bouncing from position to position can be a serious red flag to prospective jobs, future employers and HR managers. Unfortunately, according to a new national survey, a majority of workers—up to 64%—like the idea of job hopping. That’s up a staggering 22% from a similar survey just four years ago.

Generally, the lower level the job, the more workers think about jumping to a higher position. Who can blame them? But while the money is good, there are longer term effects you also need to consider. Employers look at short stints and ask themselves whether this person be with them for any length of time, or whether they will be just recruiting again in a short time.

We have all looked at possible new jobs and thought about how the grass might be greener. And it well may be, but it’s important to balance all things. Your career and your work record, just like your credit, is a valuable asset that you need to tend to for, take care of and not abuse.

We all want to earn more money, but at what cost? Think about all factors and look at the possible new job with a clear mind that considers all factors.

Recently I was talking with a friend who has good credit. She has at times even worked two jobs, just to make sure that she paid her bills and maintained that excellent credit she now enjoys. She is now dating someone and it’s getting pretty serious. However, she has some suspicions that this person may have bad credit, and may even have lots of debt. She asked me if she should be concerned.

This is a common question that men and women ask when it comes to getting involved in a relationship. You need to ask yourself what makes you think that this person has money issues. Do you see overdue bills sitting around? Does he or she complain about creditors calling? Are you always paying for everything when you go out? These are all points of concern and possible warning signs.

If these credit issues bother you now, it’s best to address them. If you marry, the problems will only be magnified. Differences about how you manage money and credit have a substantial impact on a relationship or marriage, and your spouse’s bad credit can affect your good credit. Money matters are the number one reason for family arguments.

It is one thing if the special person in your life has credit issues, but it is a far bigger problem if they aren’t willing to address them, and work to improve their credit. This can be a serious warning sign, and something to address if you’re contemplating a lifelong commitment.

While we don’t offer marriage advice, our highly trained credit counselors can help that special person in your life get a clear picture of their credit. If they need to make some changes, we can help them figure out how to manage it, and start on a plan to pay creditors. Please give us a call at 541-779-2273 if we can help.