After-Christmas Shopping Is A Big Win for Everyone

by

after-christmas shoppingIt might be easy to think After-Christmas shopping is like voluntarily running a race after just finishing a marathon! Shouldn’t the shopping be DONE? Is there really a good reason to hitch up the “sleigh” and head back out into the madness?

 

Yes. We think there is.

 

Now, if you’re feeling completely tapped out and overextended from Christmas shopping, December birthdays, or engagements, then After-Christmas shopping isn’t for you, BUT it is perfect for some.

 

In fact, all 5 of the Money Personalities could really get into After-Christmas shopping (you just have to learn how to speak their money “language”).

 

The Shoppers:

 

The Risk Taker –

The Money Personality most excited by adventure and variety will enjoy the hunt. Who knows what crazy deals there are to be found?

 

Online deal spotter, DealNews, said “In 2016 the best price on iPhones EVER was that week AFTER Christmas, surprising everyone. Risk takers will love discovering the great deal this year.

 

The Saver –

This Money Personality can almost hear the new “75% off” signs being hung in the windows as they fall asleep on Christmas. The Saver loves the huge deals.

 

At this time of the year, the retailers want the items on their floor gone. Not selling them for Christmas motivates deep discounts to move what remains.

 

Cameras tend to be deeply discounted after Christmas. And all Christmas decor is usually 75% to sometimes 90% off. That’s a price a Saver can’t resist.

 

The Spender –

What’s better than shopping before Christmas? How about shopping after too?! Spenders enjoy After-Christmas shopping because it means…more spending! The Christmas list is done, but we get to shop some more! Ho ho ho!

 

The Security Seeker –

This Money Personality gets an early start on next year’s holiday list if they head out (or online) to After-Christmas shop.

Imagine their satisfaction of checking things off a list 11 ½ months ahead of schedule!

Exercise equipment and workout clothing is often priced at its very best this time of year.

 

The Flyer –

This Money Personality loves the post-holiday buzz at the mall because most people are available to stroll through stores leisurely and even grab some coffee or lunch because they have time off of work. It’s a grand excuse to get together over “the break” for most Flyers. Relationships trump money for this unique Money Personality so they will love time spent with family and friends.

 

After-Christmas shopping and Christmas gifts are a pretty great picture of what we talk about every day at The Money Couple – the union of love and money. The shopping and the gifts given are to tangibly show others how special they are to us. It has very little to do with the cost and so much to do with the value of that relationship in our life.

 

No matter how you feel about money keep the “jolly” alive this week enjoying friends and family and the sweet surprise of a good deal.

 

Make it Happen!

Scott & Bethany Palmer

 

Video: 3 Biggest Gift-Giving Mistakes & How To Avoid Them

The New “F Words” You Need To Know

by

Tis the season for family, the flu, and fights.  I (Bethany) am writing this week’s article because Scott is very sick and stuck at home.  I can count on one hand how many times Scott has been out sick.  He spent the whole weekend in bed, poor guy.  Anyway….his FOB “flat on back” time it got me thinking about three other F’s:

Discover the 3 F’s

#1  Flu

Have you gotten your flu shot?  I sure hope so!  This season is supposed to be BAD – and if you have health insurance it is probably covered.  This year we headed over to Walgreens as a family and we actually had a good time getting our shots together (maybe it was the trip down the candy isle afterward).  Save money this season by not getting sick as much.

#2  Family

I just love this time of year – so much fun with the fam.  I want to encourage you to relish in your family traditions.  It doesn’t cost anything and your kids will talk about them for years.  We have some fun ones like…..the kids cannot come downstairs until Scott plays the Christmas music.  The guys love looking, from above, and seeing all of the presents under the tree and trying to guess what’s there.  They also throw things down the stairs and they hit our door – it is just so funny to walk outside of our bedroom door and see a sea of socks, shirts and a myriad of other things.  We also pick names and then, in addition to our other gifts, we buy that person a $10 gift and write a poem to the person.  It is so much fun.  What are some of your traditions?  We would love to hear.

#3  Fights

I can’t leave you without mentioning this one.  Christmas time can be one of the most expensive and stressful times of year….and Money Fights come as fast as Santa does. If you are Saver/Security Seeker or a Security Seeker/Saver, you are often miserable because there is so much money flying out of the door.  All of the other combinations of Money Personalities don’t get quite as stressed but may often feel a sense of remorse after the holidays.  After all of the decorations are put away and the bills start coming, Yikes.  This year make sure you stick to your plan and don’t argue with your spouse about the money.  No more Money Fights.  You can always apply our “stop, drop, and roll method” if you feel a fight coming on.

We would love to hear your traditions and any suggestions you would like to add to stop the Money Fights this season.

Merry Christmas to you and your family!

 

Make it Happen,

Scott & Bethany Palmer

The Money Couple

Is There Science Behind Kids Who LOVE Gifts and Those Who Don’t?

by

Why do some kids get soooo excited about receiving gifts and some aren’t quite as enthused?  Have you ever noticed that?  Do an experiment, if you will.  As you approach the gift-giving season watch the people around you.  Watch their reaction, watch how they get excited (or not), watch how they engage with the whole gift-giving extravaganza.

Let’s look at siblings, Mindy and Josh:

Mindy’s reaction to “present time” goes something like this:

Before she even opens her present she is clenching her fists because she can’t even wait to open it.  She tears the paper off the present and can’t believe that it is exactly what she wanted, a brand new Barbie set. She quickly sets it aside because she knows there are more presents to come and she can’t wait to dive into those too.

Josh’s reaction to “present time”:

Mom,“Come on Josh, finish your breakfast, it’s time to open presents”.  

“Oh, okay mom.” He mumbles as he finishes up and moseys on over.  

Dad smiles with anticipation. “Here is your gift, Josh.”  

Josh smiles. Slowly and meticulously he opens his gift, making sure not to tear the paper. When he finally opens the box, sure enough, it is the new remote controlled car he mentioned months ago.  His reaction– “Oh, thanks, Mom. Thanks, Dad. It’s nice.” He starts freeing the car from the package so he can play with it. But Mom’s voice interrupts his thoughts, “Wait, Josh, we have more presents to open”. He says–yep, you guessed it–“Oh, okay mom.”

How could a brother and sister have such different reactions to gifts?  Let me unwrap (yes, pun intended) the science behind it.

You see, Mindy’s Money Personalities are Primary: Spender, Secondary: Risk Taker. How can you tell? Well Spenders LOOOOVE gifts and Risk Takers LOVE lots of new adventures or, in this case, lots of different gifts.  

Josh’s Money Personalities, on the other hand, are Primary: Security Seeker and Secondary: Saver. You can identify his Security Seeker by his handling of the wrapping paper and his Saver is evident when he wasn’t expecting more presents.

Why is this important?  Everyone has 2 Money Personalities. Kids and adults. And they are hard-wired into your DNA just like your height or the color of your eyes. Your children and their Money Personalities are both very different and critical for how they will feel about and use money in their future.  

You may be able to see your child’s 2 Money Personality combination in the way they open their gifts this holiday season. (Want to be sure? Have them take our free, confidential, Money Personality Assessment.)

Keep their preferences in mind and your expectations too when you select gifts for them this year.  To learn about ways to handle a Spenders’ “gimme’s” and how to help a Saver splurge once in awhile, check out our book The 5 Money Conversations To Have With Your Kids at Every Age and Stage – from ages 5-25 and learn how to speak to them about gifts and money in a way they can hear you.

We would love to hear about your gift-giving discoveries in the comments below.

Enjoy this Christmas season!  We have so much to be thankful for!

Make it Happen,

Scott & Bethany Palmer

The Money Couple

Avoid The 3 Biggest Gift-Giving Mistakes

by

gift-givingWhen you think of gift-giving how does it make you feel?

Excited? Nervous? Stressed-out? Broke?

We all have different reactions when it comes to buying gifts for family, friends, or our significant other.

Some people really love the scheming, shopping, surprising, and the hunt for the perfect gift. Other people are totally stressed out by the thought. That doesn’t make them one Santa and one Scrooge it just means the financial worries tend to naturally rank higher for one than the other.

But there is a way to find joy for everyone in the gift-giving process this year if you avoid these three gift-giving mistakes:

 

Mistake #1: You give the kind of gift YOU want.

First, figure out whether the person you are giving a gift to is a simple or an extravagant person. Are they a “go big or go home” kind of person or a “practice practicality” individual?

Set your preferences aside. What are THEY like?

If you they are a simple person don’t give an extravagant gift. If they are an extravagant person don’t give a simple gift. I (Bethany) like more of the extravagant stuff, which makes it a little more expensive, but some people would prefer something simple. In fact, a simple person won’t enjoy an extravagant gift no matter how much you like “spoiling” them in that manner. If that doesn’t fit the person, the “spoiling” will just smell rotten.

Give the kind of gift THEY want.

 

Mistake #2: You totally blow the budget because “it’s a gift”!

The second mistake to avoid: destroying your budget because “it’s the holidays” or “it’s a gift”.

Don’t be a “budget destroyer” this holiday season. The logic that since “it’s a gift” so it is okay to blow the budget you both worked hard to put in place is a great way to destroy the special occasion and your finances.

We just went through an expensive year. We remodeled our house. We moved to a new office space, and so we are determined to stick to the shopping budget that we set.

Communicate often. It is important that you keep in contact with one another.  If one of you goes to the mall and the other person is not there you have got to keep the lines of communication open.

The spending might be fun in the moment, but when February arrives and the bills start rolling in the bad feelings that roll in could last until next Christmas.

A pile of debt is not a good gift. (And you can’t exchange it.)

 

Mistake #3: You wrap up “fun” when they’d enjoy “practical”.

Before the holiday music, the pretty displays, and the rush of the crowd sweeps you off of your feet, you have to stop and remind yourself of the person on your list. What type of gift would they appreciate the most?

Are they going to be more pleased by a practical gift or a fun gift?

For me (Scott), I am practical. I like practical gifts. Beth will ask me what I want and I will say a new pair of running shoes. She thinks, “How boring!” Beth is all about fun and variety. But she knows I’m not, so she sets aside her impulse to run the opposite direction from my gift suggestion. Even though she thinks my idea is boring, she is shopping for me (and my practicality), not for what she thinks is fun.

I need to do the same for her. I don’t set out to find Bethany any practical items. She needs a good surprise–a thoughtful, unexpected gift. So, for instance at Brookstone last year I got her a towel warmer. It seemed kind of random and “out there” for me, but she uses it every single day. And loves it. That surprise element is important to her and it’s a huge part of who she is!

You (and your spouse) will be so much happier this year if keep in mind who you are giving to and what pleases them. You don’t have to break the bank or the budget, just show them you are catering to what they want.

Keep in mind the reason you’re giving a gift. They are special to you. Your life would be different without them. Honor who they are and honor your hard-earned finances when you avoid these gift-giving mistakes.

 

Happy shopping!

 

Scott & Bethany Palmer

The Money Couple

 

Other resources for you:

Blog: 3 Ways To Stay Out of Debt This Holiday

Video: Morning Show: 3 Biggest Gift-Giving Mistakes

Think Before You Donate: 3 Steps For Smart Charitable Giving

by

givingGiving is not just a holiday “to do” for a list. With natural disasters, local community needs, and a multitude of worthy causes across our world there are opportunities for giving all year long.

We highly encourage giving. But remember–Get before you give. What? Get information before you give!

Do some research first and know if your money will be put to good use. It won’t take much time and it will ensure your donation is going to worthy organization. There are often several different organizations working toward a similar end, support the one who is reputable and efficiently using funds.

Consider these 3 steps for smart charitable giving:

1. Only text small amounts.
Should you text a donation? Yes and no.

We think it is great to see technology used for good. Making it easier for someone to give a small donation to a worthy cause the minute they feel compelled to do so is powerful.

Our caution here is: fees often apply. Check out the fine print or do a quick online search before texting the donation number. If your gift is over $25 it is best to donate through their website.

2. Get the facts before you give.
You worked hard for the money you want to share. Take a few more minutes to make sure that money will be put to good use. Get the facts before you give.

Use an online vetting agency for charities like Charity Watch or Charity Navigator.

CharityNavigator.com ranks organizations on their financial health, accountability, and transparency. Over the last fifteen years, they have rated over 9,000 charities and they have over 10 million annual visitors to their site.

If you haven’t decided exactly where to give yet, Charity Navigator has some great top 10 lists:

• Top 10 Charities Everyone’s Heard Of
• Top 10 Celebrity-related Charities
• Top 10 Super-sized Charities
• Top 10 Worth Watching
• Top 10 Expanding in a Hurry
• Top 10 Overpaying for Their For-profit Fundraisers

That last “top 10” highlights one of the reasons we encourage people to get info before you give. That list shows 10 charities that are not living up to their missions. Each charity on that list spends more than 50% of its budget paying for-profit fundraising professionals to solicit donors’ hard-earned money. As a result, very little of the charity’s spending is directed towards its programs and services.

Charity Watch is another great site for a fast check on organizations you are considering. They rate each organization with a letter grade based on their overhead vs. funds applied to the program. They also show you the organization’s cost to raise $100. You can quickly check who’s making the grade and avoid those who are failing or barely getting by.

Donate a little bit of your time, by checking out these great websites before you give.

3. Pick a new charity this year.
Most charities rely on the generous donations of repeat givers, so we aren’t suggesting you abandon a cause you support, but it might be fun to add another one to your list. Or maybe your children are ready to find a charity they’d like to donate to.

Charity Navigator makes it easy and fun to find new charities to honor with your funds.

For example, the fastest growing charity right now is the Toby Keith Foundation. This country superstar’s foundation encourages the health and happiness of pediatric cancer patients and lodging for their families in Oklahoma. (Similar to the Ronald McDonald House charities.) So the country music fan in your household might enjoy giving to his benevolent efforts.

The next fastest growing charity listed is The Fred Rogers Company. Yes, neighbor, THE Mister Rogers. He started a non-profit in 1971, but this group is honoring Mr. Rogers “…building on Fred’s legacy in innovative ways through a wide variety of media, and engaging new generations of children and families with his timeless wisdom. They appear to be a very good neighbor using almost 95% of every dollar for program expenses, continuing his mission to care for the social and emotional well being of children.

We share those two foundations to inspire you to take another look at the variety of groups doing good who need your help.

We wouldn’t dream of telling you where to give it’s such a personal choice. We just encourage you to do it! And be wise with your hard-earned money.

Remember to take the time to educate yourself before giving:
1. Be proactive
2. Do your research
3. Consider one-time or regular giving possibilities
4. Follow up

There are lots of people who need your help. And lots of ways to research before you give. Please do both.

Scott & Bethany Palmer

The Money Couple

Related Topics:

[Blog] 6 Benefits of Giving: For Your Relationships and Your Money

[Video] 2 Money Challenges To Kick Start Your Finances

6 Benefits of Giving: For Your Relationships and Your Money

by

giving

This time of year money can feel tight. Anticipating the holidays, potential travel, gifts to buy, big dinners to cook, and another year where you didn’t save as much as you’d hoped.

 

BUT this season helps to remind us that there are good reasons to shift the focus off of our own finances and commitments to share what we have with others.

 

Our mission at The Money Couple is not to just improve your finances, but your relationships too. What good is your money if you fight about it all the time and the thought of discussing dollars and cents makes you queasy?

 

So we talk a lot about Love & Money. That’s why we’ve identified 3 “love” benefits to sharing and 3 “money” reasons why it’s good to give.

 

6 Good Reasons to Give:

 

3 For the Love of It:

1.Less stress. Better health.

Helping another, helps you. Call it karma, call it blessings, or get fancy and quote John F. Kennedy, “The rising tide lifts all boats.”

Helping others improves their life, and helps everyone. When one person’s life is improved that positively affects the next person, and the next, and the next …

Researchers at Johns Hopkins University and the University of Tennessee found that charitable givers experience reduced rates of stress and lower blood pressure compared to those who do not give.

 

2.Your children learn to give.

Teach your children that life is not about amassing as much money as you can. Show them it pays to be considerate and helpful to your fellow man. Imagine the freedom you give your child if they learn early on, that money isn’t everything.

 

3.Serving together improves your marriage.

Ever feel you’re stuck in the same rut or you’ve had the same fight ten times? It helps to take your eyes off of your “problems” and focus on someone else.

 

Serve with your spouse to help others out. In the process you: a. spend time together, b. get to see your spouse in a new way, and c. you both might see that your “huge” issue isn’t so “huge”.

Ideas:

  • buy grocery gift cards and hand them out to folks in need,
  • prepare toiletries and snack bags and drive around town giving to others,
  • have fun buying balloon bouquets and flowers together to drop off at the hospital with directions to give to patients who haven’t had visitors.
  • volunteer together – clean hiking trails, hold babies, visit elderly folks, etc.

 

3 Financial Perks to Giving

1.Write off donations.

Even our government thinks giving is a good thing. They encourage us to give by offering us a tax break when we donate to qualifying organizations. You can write off some donations on your taxes.

Kathy Pickering, executive director of H&R Block’s Tax Institute. “In order to get the deduction come next April, keep a receipt of the donation, a note of the organization’s name, and the date and fair market value of all non cash goods.”

 

2.Avoid taxes on stock gains by donating.

If you’re considering a big gift and have sizable capital gains on winning stocks you’ve held for at least a year, get a double benefit by donating them instead of selling. Claim a full deduction for their current market value, pay the capital-gains tax and then donate only the diminished proceeds.

However, you can only deduct such stock gifts up to 30% of your adjusted gross income, even if they’re made to a public charity. (To read more see, “Can I donate stock to charity?”)

 

3.Advance a cause you believe in.

Lots and lots of people could use our help. There are many worthy causes that need our financial assistance to carry out their mission.

Improved services for mental health patients, a political issue, research for a cancer cure, advances in fighting a rare disease, education for women in third world countries. What organization needs your help?

During this season of giving thanks, please remember to help share with others. Your heart, your family, our world, and your finances benefit from your generosity.

We are thankful for you. (And thankful for comments, leave them below!)

 

Scott & Bethany Palmer

The Money Couple

 

Other resources:

[Video] 3 Tips To Avoid Fighting About Money This Holiday

[Blog] ABC’s of Successful Holiday Spending

How Your Vacation Can Teach Your Kids About Money

by

Vacation is an amazing time to teach your kids about money. The good, the bad and the ugly all comes out when you are spending time with your family. Maybe it’s the close quarters, maybe it’s because mom and dad see that they are spending WAY MORE than quarters, but whatever it is take a deep breath and then take this opportunity to help your kids understand money a little better.

#1 Let Your Kids Pick An Adventure!

First, they research vacation options, which they will probably do on their phone.  Then they  is make sure it is applicable for the whole family.  So, don’t do something mom or dad will hate.  And the third thing is, they do the research on how much it costs.  It is not like they are paying for it, but the hope is they will appreciate the experience a bit more when they actually know what they are spending.

We did this with our oldest last year.  He said, “Dad I did the research.  It costs $75.  It’s going to be great.  It’s this inflatable ball thing where we roll down a hill.”  So we drive through this trailer park in the back woods of Missouri and we get to this barn where this guy has dug out a huge ditch all the way down this hill with a tractor.  So we squeeze through this tiny hole to get into this inflatable ball (Beth and I did it together), we clamp each other in and the guy just literally kicks the ball down the hill.  You could just hear my sons laughing hysterically.  I was horrified.  We got to the bottom, alive, but with our hearts racing a mile a minute.  It was a great memory and our son got to own that.  

#2 Money Up Front For Extras

So what is an extra.  You know when you are on a road trip and you stop at a convenience store for fuel and next thing you know everyone grabs chips and a soda?  That is an extra.  Or, you know when you are at an amusement park and you want to get a souvenir? You came for the experience not the stuffed animal, so that is an extra.  So up front you explain to your children how much money you will give them for extras each week.  Explain the total amount and then…let it go. Say, “This is your money for extras.  If you spend it all in your first two days, oh well!”  So, it teaches the kids how to make their money go farther.  And, here is the opposite side to that.  Some kids are afraid to spend money so you tell them, “This is your vacation money, you have to spend this money this week.”  If they don’t spend it they have to give it back to you.  So we want to make sure we teach both the Spenders and the Savers.  

#3 Describe Your Money Anxiousness Before The Trip

Often times there is one parent who is really anxious about spending money so they talk about it the whole time and spoil the trip.  Things like, “Oh my gosh!  I can’t believe we are going to do that it costs so much money.”  It ruins the trip for everybody.  And what that teaches your child is that the trip is all about money, but the trip is really about memories, fun, and family.  So talk about your money anxiousness before the trip because that teaches your child that it is okay to have money anxiousness but you need to talk about it, get it out, set it aside, and then go have your fun vacation.  

As we age, we’ll never say, “I’m sure glad we never took any vacations with the kids.”

Yes, trips take some work to plan and it takes money, but memories are truly priceless. Every moment won’t be filled with smiles and rainbows and thankful kids, but some moments will be. And those moments will make it all worthwhile. Involve them in the planning, give them an opportunity to budget some funds, and share how you feel about money and you’ve made a memory and helped your son or daughter take steps toward a positive financial future.

Now that’s worth it!

Scott & Bethany Palmer

 

15 Ways To Have Valentine’s Day Every. Single. Day.

by

Keep your love alive (and chocolate on hand) all year long.

stories

Valentine’s day is only 24 hours, once a year – so how do you keep the love growing in your relationship year round? It takes some work and it’s not always easy especially when you are tired and had a busy day. But imagine a relationship where real connection, chocolate, and love notes are common, not the exception.

Here are the top 15 ways to keep your love alive and make it even better after Valentine’s Day:

We would love to hear other great ideas so jot them in the comments section below….let’s make our relationships great this year!!

  1. Don’t pet your dog first – How many times do you walk in the house and your dog gets a kiss and smooch before your spouse does? Be sure to greet your loved one first, before the kids, before the dog or before you get a snack.
  2. Get rid of the mess – who likes to come home to a messy home? No one! Taking a few extra minutes to make things nice and tidy for your spouse. Doing this oozes with “I am ready for you to be home”. And this works for him or for her.
  3. Flowers aren’t just for special occasions – Not everyone loves flowers but most do and we don’t know a guy who wouldn’t love a balloon bouquet with a love note attached!
  4. Surprise, Surprise – Keep the element of surprise alive. A new place for dinner, a surprise camping trip, a room cleaned out, a garage newly organized, taking the kids for an hour or two of “free time”, a back massage. Keep the element of surprise alive in your relationship.40257477 - happy young woman sitting at breakfast tablet holding cup of coffee getting a shoulder massage from her boyfriend. young couple in morning with boyfriend rubbing girlfriends shoulders in kitchen.
  5. Consistent date nights – We can not express enough how important this is. Even when Bethany went through her cancer journey we still took one time a week where we went out, just the two of us. Once a week – that’s right, keep it consistent. (Or as consistent as you can.) Your kids need to see your love grow and the only way for love to grow is if you spend time together. Believe it or not it makes your kids feel safe, knowing that mom and dad love to spend time together!!
  6. Love notes – Make it a goal to send at least 1 love note a week. Either through a text, note on the mirror or letter on their steering wheel. Try a theme to the notes like, “52 wonderful memories I have with you”, or “52 reasons I love you”!
  7. Invest in your relationship – Don’t let this year go by without going to a marriage seminar, class, or retreat. These programs are designed to bring you closer together.
  8. Get a Ph.D. on your spouse – Make it a goal to learn everything there is to know about your spouse. Be inquisitive. Know their love languages, their favorite color, their favorite candy and of course their 2 Money Personalities . (click here for access to the free Money Personality Assessment).
  9. No more “yes dear” – Don’t pacify your spouse. It isn’t nice and it doesn’t help with your connection. If you don’t understand where your spouse is coming from–ask questions. If you can’t finish a job for your spouse then tell him/her you can’t and when you do plan to finish it.
  10. Defend each other – We all need to know our spouse “has our back”. Defend with love and honor.
  11. Brag about your spouse – Once a week, either to a friend or colleague be sure to brag about your spouse. It will come back to your spouse and boy does that feel good!
  12. Refuse comparisons – The grass is always greener on the other side – another person may have shinier hair, or longer legs or a thinner waistline. Make a conscious decision not to compare. You found the love of your life, don’t forget it.
  13. Great eye contact – Nothing says, “I care” more then great eye contact. Nothing says, “You don’t matter” more then wondering eyes. When your spouse speaks, listen, and give the gift of great eye contact.

    29832493 - attractive teenage girl and boy looking at each other smiling

    29832493 – attractive teenage girl and boy looking at each other smiling

  14. Start and end each day holding hands – Ahhhh, how sweet is that? Be one of those couples that you see who really love each other after 50 years of marriage – take each others hands and say, “I love you” or “thank you for doing the dishes” or if appropriate….hold hands and pray together.
  15. Don’t raise your voice – Who likes to be yelled at? No one. Just don’t do it. The dog doesn’t like it, and neither does your partner. Shelve the shouting.

Have a Happy Valentine’s Day, all year long.

Scott & Bethany Palmer, The Money Couple, are financial planners, authors, and speakers who help couples tackle money issues in their relationship. Grab a copy of “The 5 Money Personalities: Speaking the Same Love and Money Language,” and take the FREE online Money Personality Assessment.

Originally appeared in Your Tango

2 New Year Challenges for a Healthier, Wealthier Life

by

Did you know that about one third of New Year’s resolutions are about finances?
And we all know the sad statistics for how often resolutions are kept. Hardly ever.

So this year we decided to create some New Year, New Money You challenges to make your money management more exciting and more successful.

Are you up for the challenge?

Challenge #1 Use a Money App

There are lots of apps out there and most of them are free. One we really love is called Qapital! If you purchase something for $2.50 it will round up to $3 and take that difference and stick it in a savings account for you! The average savings is about $44 a month. If you do that for a full year you will have saved about $550, which could be your whole Christmas budget, and it didn’t even hurt!

Some other great apps are MINT and Quick Books! Check those out for personal budgets, and small business management.

pexels-photo

Challenge #2 Invest

Invest in your future, yourself, and your education. Pick one or all three — investing in you is a sure bet!

Invest in Your Future

This is something we are usually really bad at, but the easiest way to do that is using a 401(k) or 403(b) through your employer. Nine out of ten of those have a matching plan so GO DO IT! I was a stay at home dad for seven years so Beth used the 403(b) at our organization while I was at home. Now we both use ours. It is great because it is 100% return on your money. Most companies will match a percentage: 3, 4, 5, or even as high as 6%.

If you can put in 3% and get another 3%, why wouldn’t you do that? I have been in investment advisory for 20 years and I can’t find an investment out there that provides 100% return, so USE IT! If you don’t have one of those use an IRA or a Roth. Just put $50 away a month. It doesn’t have to be this huge amount, just start.

apple-iphone-books-desk

Invest in Your Education

One of the things we are horrible at is continuing to keep ourselves educated. For me as a financial advisor, I have to take continuing education courses, but not every occupation requires it. So you need a little extra nudge. So jump into a community college class or find something online!

How about a class from the world-renown Massachusetts Institute of Technology? They offer all kinds of FREE classes through their MIT OpenCourseWare site – just sign up. Plus you can tell your friends you’re “going to MIT”. Go, invest in your education!

Invest in Yourself

Again, just pick somewhere to start! Get that gym membership, start a home brewing system, take a class, explore the time savings of a virtual assistant or maid, upgrade your look with a new wardrobe or hairstyle, take a floral arranging class, or find a knowledgeable counselor to help you get to that next level this year. Do something that you can really enjoy in 2017.

From the famous “philosopher” Ferris Bueller, “Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.”

Start the year off right by challenging yourself to have a healthier, wealthier year.

Make it Happen.

Scott & Bethany Palmer
The Money Couple

Other resources:

[Blog] 6 Benefits of Giving for Your Money and Your Relationships

New Year, New Money You Challenge #5: Give to Others

by

You would think that after you faithfully arrive at #5 of the New Year New Money You challenges (catch up links to other challenges listed below) that it would be a fanfare all about you. And we are proud of you, for sure, but the 5th challenge is actually a reminder that–it’s not all about you. If you are fortunate enough to have money, we encourage you to find ways to “share the wealth”. Give to others.

Congrats. You made it all the way to the New Year, New “Money You” Challenge #5!

shutterstock_567089275

Challenge #5 Consider: Who can you help this year?

How can you share the monetary resources you have? A little or a lot. Who needs your help?

After a rough year financially, when you can only donate a little, is it better to wait until next year when, maybe, you can give a lot?

Not really.

We would challenge you to find some portion of your finances to give to a worthy cause, this year. Your final New Year, New Money You Challenge is to choose a charity and donate to help their good work. Does this mean you have to write some crazy, big check? No. Although, we are sure they would accept it. Just give generously and from your heart.

untitled-design-3

Imagine someone in need, opening your financial gift as if they discovered it wrapped with a big bow and note just for them. Explain to your children how this gift, and the sacrifice you make in giving it, will help others in need.

You are diligent in taking steps to improve your money and your relationships. And now that effort will extend beyond the walls of your home.

Thank you! And well done!

Congratulations on the challenges you conquered to make this year, the best year ever.

Need to catch up?

Challenge #1 – Get a money app

Challenge #2 – Invest in your future – a little grows a long way

Challenge #3 – Review last year’s financial wins and losses

Challenge #4 – Pick your top 3 dreams for 2017

“Then give to the world the best you have. And the best will come back to you.” Madeline Bridges

Keep up the good work!

Make it Happen!

Scott & Bethany Palmer

The Money Couple

P.S. Did you skip a challenge? No worries. Take some time today to make it happen.