Money Personalities Archives - The Money Couple

The New “F Words” You Need To Know

December 12, 2017 by The Money Couple

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

How do Your Money Personalities Impact Your Debt?

October 30, 2017 by The Money Couple

Money Personalities affect not just how you approach money, but how you feel about it. No one loves debt, but some Money Personalities worry about it more than others. If you are a primary Saver or Security Seeker debt may follow you around like a gloomy rain cloud while Spenders, Flyers, and Risk Takers don’t seem to notice.

We know that mounds and mounds of credit card debt can be a huge weight on your shoulders – we get it, we have been there and crawled out of it and had a big sigh of relief. But honestly, I (Bethany) didn’t “sigh” like Scott did. Here is why: I am a Spender/Risk Taker – I don’t get as stressed about it when we have debt and I don’t get quite as excited about getting out of debt either. See, my Money Personalities aren’t as affected by debt as Scott’s are.

He is a Spender/Security Seeker and that Security Seeker is pretty darn upset by it. I remember when we got out of debt. Scott was about ready to bring all of our friends over to celebrate. I was amazed by how excited he was and I thought maybe there was something wrong with me because I couldn’t quite get as excited about getting out of debt as he was. I seriously thought there was something wrong with me. Then, I took a step back, and asked myself, “Do my 2 Money Personalities have anything to do with why I am not as excited as Scott?” Of course they do. My Spender/Risk Taker combination isn’t going to be as stressed about getting into debt and my Spender/Risk Taker combination isn’t going to be as excited to get out of debt either.

Can you relate? Do you have Spender, Risk Taker or Flyer as one of your Money Personalities? Do you not fret about debt as much as others? Did you think there was something wrong with you? We are here to tell you that having mounds and mounds of credit card debt can be painful, but understand that there may be a reason why you aren’t as stressed as you Saver or Security Seeker friends. Let us know if you can relate – we love to see comments below :-).

3 Unexpected Gifts My Breast Cancer Gave Our Family

October 6, 2017 by The Money Couple

October is a huge month for our family. Raising awareness and celebrating the survivors of breast cancer throughout this month is near and dear to our heart.

I (Bethany) am a Stage 3 HER2-positive breast cancer survivor, enduring six surgeries and ALL the side affections possible – including tubes in my eyeballs for tear duct surgery.

HER2 (human epidermal growth factor receptor 2) breast cancer occurs when the HER2 gene mutates and causes an uncontrolled increase in production of HER2 what is normally a necessary process that promotes cell growth. HER2-positive breast cancers tend to grow faster and are more likely to spread than other breast cancers.

Susan G. Komen and other research teams combined their brilliant minds to combat this fast-growing cancer and developed several drugs just a decade before my diagnosis that saved my life.

On the one hand, we wouldn’t wish cancer on anyone, and yet we wouldn’t erase cancer from our story because our family was changed for the better.

Social media can make it look like everyone is always happy, always beautiful, and the kids are always smiling—never fighting. When you live through a trauma, you know for certain that is not true.

Everyone is carrying some type of burden. The almost five year journey it took for me to feel better after my cancer battle made us all more aware of that than ever before.

And we are now convinced that we received 3 unexpected gifts from cancer:

The Most Common Mistakes To Avoid Based On The 5 Money Personalities

April 26, 2017 by The Money Couple

Laura Vanderkam, Verily contributor and author of All the Money in the World: What the Happiest People Know About Wealth, wrote an incredible article about the 5 Money Personalities! Here it is! Enjoy!

Everyone has his or her own unique way of thinking about and dealing with money. The Money Couple, Bethany and Scott Palmer, financial advisors and authors of The 5 Money Personalities: Speaking the Same Love and Money Language, say these ideas are what make up one’s Money Personality (they have a 15-minute quiz on their site to identify your primary and secondary personalities, which are both at play in how you approach your finances).

But even without taking the quiz, it’s helpful to know how our attitude toward money can help—and more importantly, hinder—our long-term financial goals. Here’s how to avoid the financial faux pas you’re most likely to make based on your Money Personalities.

THE SAVER

Savers get a rush from a deal and take pride in spending less than someone else for what they want. That doesn’t necessarily mean that they’re cheapskates—they just like knowing that they didn’t pay full price for the same trendy handbag. Your friend who only shops the sales, or your aunt who clips coupons like it’s her job? They’re probably Savers.

That impulse to save means that savers usually don’t spend impulsively—although a good deal might incentivize them—and since they’re conscientious about their spending they’re usually trustworthy with their cash. That doesn’t mean that Savers are always making great holistic decisions though. Their love of a deal can still lead to unnecessary spending (I mean, who hasn’t regretted an impulse “cheap” sale purchase?), and they may seek overly safe investments rather than focusing on growth when they should.

The biggest issue for a Saver is likely in their interpersonal relationships. Since they’re a little more anxious about money, that eye toward being responsible can also mean that Savers can be obsessed with their financial goals—at the expense of living their life, and even to the point of being cheap. If the Saver is in a relationship with someone whose love language is gift giving, they may be making their partner’s love tank run on empty.

THE SPENDER

A Spender’s orientation is geared towards making great memories and living in the moment. They get a thrill from buying something new, and if a problem arises, a trip to the store is just what they need to fix it. On the plus side, they love to show others they care through physical tokens, and love to treat others. They’re your friend who always buys the group a round or comes home with something that made them think of you. That thoughtfulness and generosity make spenders wonderful to be around, and very loving!

Of course, there are downsides. That willingness to buy something to meet every desire, or the snap decision to grab the tab, is also at the heart of over-spending. What’s worse, because spenders often aren’t aware of their tendencies they may be surprised to see their credit card bill at the end of the month. If they don’t want to face their spending, they could find themselves deep in debt, and worse, becoming defensive and lying to their partner. That doesn’t mean Spenders are doomed to a life of debt or have to be on a tight leash, but if you’re a Spender you likely will have to pause before whipping out you credit card to cover the bill again, or be intentional about picking and choosing your social life to avoid (expensive) temptations.

THE RISK TAKER

Risk Takers get excited about new ideas and possibilities. They’re your friend who’s always up to try something new, whether it’s a far-flung vacation or the weirdest dish on the menu. They’re entrepreneurs and visionaries. They listen to their gut and trust their intuition, and thus can move fast on seemingly good opportunities when they arise.

That excitement for the new and unknown can also be a bit of a liability. They can be blind to the red flags in a new investment scheme because they’re so excited by the possible upside, and their impulsive drive for adventure can lead to spending problems if not checked with planning and adherence to a budget. Risk Takers also tend to be impatient and insensitive—they might make impulsive decisions without consulting others or disregard others’ perspectives—which risks resentment by their friends and family.

THE SECURITY SEEKER

Security Seekers are what you’d imagine of the name: careful planners who are all about feeling safe and settled. They find that security in making sure they leave no stone unturned. Your Security Seeker friend is the one who loves to research every option thoroughly before making a decision, and won’t put down their credit card until they know they’ve already saved up enough to cover the expense. Don’t confuse their preference for the known as being boring, though. They’re up for an adventure so long as they can put a line on the budget for it!

The Achilles heel of the Security Seeker is giving in to their financial fears. The preference for research and planning means the Security Seeker can fall prey to researching without ever making a decision. They can also allow the what ifs of life to lead to an overly pessimistic view of their needs, stifling their sense of adventure and creativity—and their partner’s as well.

THE FLYER

The Money Couple writes that Flyers are unusual because, “they don’t think much about money—at all. They’re not anxious about it, they’re not consumed by it, they have absolutely no emotional response to money.” Flyers, tend to prioritize relationships over money, they aren’t motivated by financial incentives, and they’re generally happy with their lives. So long as they can pay their bills, they’re not all that concerned with their retirement balance.

While that laid-back attitude is probably good for their blood pressure, it doesn’t necessarily mean that Flyers are un-materialistic. If a Flyer’s other money personality is one of the more impulsive personalities, their disinterest in finances can cause big issues. Since flyers don’t worry about money, when issues come up they tend to be in reaction mode rather than being proactive. And since they just don’t really care that much, it can be a struggle to get organized to take action— and then actually follow through. This can result in lost tax returns, unpaid bills, and neglected retirement savings.

Laura Vanderkam, Verily contributor and author of All the Money in the World: What the Happiest People Know About Wealth, says, “Money is a tool to build the life you want.” Your Money Personalities affect every aspect of your life, from your relationships with your parents, friends, and significant other to which school you attend, what job you choose, how you dress, and where you live. Knowing your Money Personalities and being aware of their common challenges is an investment worth making today.

To read this article from Verily themselves click here!

Accumulate Rainy-Day Cash to Fight Sudden Debt Attacks by Andy Masaki

February 15, 2017 by The Money Couple

Life is full of unforeseen twists and turns. You plan for something, and the exact opposite happens to you.

Money problems can arise at any time. Sometimes when you least expect it. Expenses like school tuition, groceries, credit card, and utility bills are foreseeable. However, unfortunate events like storm damage to house, an accident, a serious health issue, or getting laid off from job can pounce upon you rather unexpectedly, and you get caught in debt trap if you lack any backup.

This is where the concept of an emergency fund comes in…

An emergency fund is something that is essential to all of us, but unfortunately, many of us don’t possess it.

And even if we do, many of us have no idea about the right figure.

Today I’m going to share the necessity of an emergency fund, how much you actually need, and how an emergency fund can help your financial vehicle run steady.

PS: The suggestions may not work for everyone.

There are two types of people when it comes to saving money – one those who save, another who don’t.

If you fall in the second group, or somewhere in between, don’t worry. You’re not alone. There are millions like you, and I can totally relate.

I wasn’t focused towards saving a few years back. I was living from paycheck-to-paycheck and used to splurge a lot. I never gave saving a priority, lived under the wrong notion that I was making enough, and hoped everything would be just fine.

My credit card, student loan, and other debt levels had reached such a height that it became impossible for me to fight back. And that resulted in filing bankruptcy for a fresh start in 2013.

After that, I vowed that I’d never get in trouble with unprecedented debt burdens again. Also, I made saving a priority, and when I started, I realized I too could.

But I had no figure in mind as in what would be a substantial emergency fund. But I was not alone.

Let me give you some shocking figures. 63% of Americans don’t have enough savings to cover a $500 emergency, and 66 million Americans have no emergency savings.

According to another study by Neighbor Works America, one in four people would run out of money within 30 days if the paychecks stop coming in.

Do you fall in any of these categories ?

Why is an emergency fund necessary?

If you fall in any of these categories, then it’s certain that you don’t have an emergency fund.

Technically, if you have an emergency fund, it means you’ve got some substantial amount as spare money to cover any shocking expense that comes by. And if I’m calling it spare money, it means that it’s sitting someplace safe and you’re not touching it – unless a crisis turns up. Also, you’re meeting all your daily needs (including your debt payments) using another pot of money.

Having an emergency fund in place always helps you go ahead with your financial plans and prevents setbacks from taking place.

Also, it gives you a sense of security. You can live in peace if you know that you’ve got some kind of defenses for the unforeseen.

If your car breaks down, or you break your leg while coming downstairs, you won’t have trouble paying for the deductible either. Just imagine the satisfaction you get when you fight such a situation without a credit card.

If you have never had any savings before, then it’s high time for you to have some. Even if you’re able to put aside $100, I’m sure it’s going to boost your morale and help you sleep better at nights knowing that at least you got something.

How much do you actually need?

Trust me, there is no hard and fast rule as in how much emergency fund is sufficient. It all depends on your income, expenses, lifestyle, needs, and stuff like that.

The bigger you got, the better position you’re in.

Industry experts suggest that you keep aside at least 3-6 months living expenses as an emergency funds. And I believe it’s pretty decent as if life throws the ugliest surprises (such as a job loss), you’ll be better prepared to deal with those.

But if you’ve been a non-saver so far, snowballing such a figure seems to be quite intimidating.

Let’s say your monthly living expenses are $5,000. If we multiply this figure with 3 or 6, we get $15,000 and $30,000.

That’s a lot, right? Especially, when you’re starting from ZERO.

If you’re trying to dig your way out of debt, an emergency fund might the best possible alternative you’ve got.

You’re the best person to decide the amount suitable for the purpose. Though most financial experts would recommend something about $1,000, I would suggest that you try to amass anything beyond that, and if possible a figure close to $5,000.

And if you’re a saver, I’m sure you’ve already got that amount. So what do you do now? You keep on building the fund.

Since my bankruptcy filing in 2013, I’ve built up my savings to $32,000. At times, we wanted to use some of the money to pay off few debts. But we didn’t find it right to taking it below $5,000.

To recap…

If you’ve never had any savings, start small, but start today. And eventually, build from there. Make sure you don’t touch it for smaller hurdles.

Once you grow it to a reasonable level and pay-off all your unsecured debt, keep on building it and don’t stop until it reaches three to six months of expenses.

Now I’d love to hear from you. Let me know your thoughts on this.

Author Bio:

Andy Masaki is a blogger at Penny Less Dad and financial writer associated with the Oak View Law Group. He is a debt expert and a member of several online forums where he shares his advice as well as tips to lead a financially independent life.

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

February 14, 2017 by The Money Couple

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

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!!

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.
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.
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!
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.
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!!
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”!
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.
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).
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.
Defend each other – We all need to know our spouse “has our back”. Defend with love and honor.
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!
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.
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
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.
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

February 10, 2017 by The Money Couple

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.

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.

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

January 31, 2017 by The Money Couple

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!

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.

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.

New Year, New Money You Challenge: Review Last Year

January 24, 2017 by The Money Couple

Congratulations! You are remarkable!

Not everyone makes it to Challenge #3.

You take the time to make a better life.

Not a perfect life. A better life.

You’re ready for Challenge #3.

Most people let their finances boss them around like a grouchy toddler on a sugar high. But you are taking steps to improve your finances and your relationships.

Our New Year, New Money You Challenge #3 is perfect for someone like you. It’s not flashy or earth shattering, but it’s important.

Challenge #3 is to “get real with what’s real”.

Take a little time to evaluate last year.

To make this challenge a little easier, here is a checklist:

Savings for current needs – Did you get off course? What caused you to get off course? Your rainy day fund?
Savings for your future – Did you add some to a 401(k)? College savings? Or retirement savings?
Debt – Did your debt decrease? Increase? By how much?
Spending – Are you an “oober saver”? – Did you make a “spending goal”?
Memories – Did you make some great memories?
Charity/Church – Did you feel good about the contributions you made to your church and/or charity last year? What is going to be different this year?

Take some dedicated time to evaluate the progress you made and note any rabbit trails or not-so-great facets of your last year’s finances.

Celebrate—your steps toward a better life.

Recalibrate—your missteps for a better year, this year.

Need to catch up on Challenges #1 and #2?

#1 – Get a money app to help with the boring details

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

The steps you take, no matter how big, matter.

Make it Happen!

Scott & Bethany Palmer

The Money Couple

Invest In Yourself This New Year (New Year New Money You Challenge #2)

January 24, 2017 by The Money Couple

Challenge #2. The Next Steps to Investing in Your Best Year Ever.

Are you having an “APPy New Year”?

Remember Challenge #1? – Start the New Year off with a new money app.

We want you to be APPy!

Most apps are free and help you create a hassle-free budget, track travel expenses, send money, or manage your household finances.

You can catch up on Challenge #1 and jump right into Challenge #2 …. welcome to the best Money You Year Ever!

CHALLENGE #2: INVESTING (it’s easier than you think.)

Do you have a “Negative Nelly” in your life?

Someone who always seems to have something negative to share?

Our Negative Nelly stopped us in the neighborhood the other day and said, “New Year’s a-coming! Another year older! Not getting any younger!”

The guy should work for Hallmark.

But when we got home, Bethany said, “You know, I hate to admit it, but he’s right. We won’t live this year again, and we aren’t getting any younger.”

Now, Bethany mentioned the passing of the year with a twinkle in her eye because that’s who she is. She’s eternally positive, and she doesn’t like to waste a minute! She sees the passing year as a challenge, a reminder that we what do with this day matters.

So challenge #2 of the New Year, “New Money You” challenge is: invest.

Invest today—right now– for a better future.

Pick one of these areas to invest in:

Your Future
Your Education
Your Savings for something BIG

Here are some tips:

Your Future

If you have a retirement plan at work – run to your HR department and get the forms to increase your contribution at least to the match. Do it!
Start an automatic savings plan – start with as little or a lot each month and have it automatically swept into your savings
Try and app like Qapital – every time you purchase something it will take the “round up” to the nearest dollar and stick that in savings

Your Education

Look into a section 529 savings plan – a good option to grow your college savings tax free.
Sign up for an online class today – If you want an education you have got to go get it. My (Bethany’s) grandmother, “Grams” use to say, “Education can never be taken away from you”.
Make sure you and your spouse agree on how much you will contribute towards your children’s college or agree on if you will at all.

Your Savings for something BIG!

You often say, “If only I could get…..” – not this year! Start imagining that something special in your life and start saving for it today.
Chunk the cost down into bite-sized pieces and get to work.
You can do this. This is your year!!!

Don’t forget about investing in your local church and/or charity. Giving is such a great way to make your year great too!

Remember…..you don’t need a million dollars to get started. The popular app, Stash, let’s you start investing with only $5.

Invest today. Start your nest egg growing – today.

You will feel better and you’ll have something positive to share with Negative Nelly next time you pass.

Make it Happen,

Scott & Bethany Palmer

The Money Couple

Discover the 3 F’s

THE SAVER

There are two types of people when it comes to saving money – one those who save, another who don’t.

To recap…

Author Bio:

Andy Masaki is a blogger at Penny Less Dad and financial writer associated with the Oak View Law Group. He is a debt expert and a member of several online forums where he shares his advice as well as tips to lead a financially independent life.

Go Deeper:

Originally appeared in Your Tango

Challenge #1 Use a Money App

Challenge #2 Invest

Invest in Your Future

Invest in Your Education

Invest in Yourself

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

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

Challenge #3 is to “get real with what’s real”.

To make this challenge a little easier, here is a checklist:

Need to catch up on Challenges #1 and #2?

Make it Happen!

CHALLENGE #2: INVESTING (it’s easier than you think.)

Do you have a “Negative Nelly” in your life?

Here are some tips:

Your Future

Your Education

Your Savings for something BIG!

Invest today. Start your nest egg growing – today.

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