Posts Tagged ‘colorado’

5 Tips to Start Saving for the Holidays Now

A blog about making the most of the holiday season by being financially prepared.

While the holiday season should be a time of excitement and fun, for many it can turn into a source of contention. Anxiety surrounding holiday spending can put a real damper on your holiday festivities. So if you want to help your family be financially prepared this holiday season then start small and start early. These five easy tips will help you to start saving for the holidays right now, so you don’t puke when you open your credit card bill in January!

  1. Start thinking about a realistic budget WITHOUT using credit so it doesn’t follow you into the next year: Once you have some ideas of the gifts and activities you want to do this holiday season, start putting a simple budget around each item. It’s easy to get carried away, so do it before the emotions of the holiday season kick in, and you can make better financial decisions.
  2. Get your lists early:  Asking your family for their Christmas lists early can help you to get a head start. Find out what people want now, so you have time to shop around for the best price. You can even buy these items early when you find them on sale, or you can at least more easily space out your spending. Knowing what you’re buying in advance will help you to budget, and get a better snapshot of what you need to prepare for. Also, don’t get swept up in thinking you have to get everything someone else wants or puts on their list (especially children). Share those ideas with grandparents or others who want to get them a gift as well. 
  3. Shop during the pre-holiday sales: Stores are always having great sales around this time of year. Don’t wait until the madness of Black Friday or Cyber Monday hits to get a good deal. Shop the early sales now and get a great deal instead! 
  4. Buy a gift or two each paycheck: To take the burden off of your December paychecks, start buying a gift or two each week or every paycheck, starting now. This way you can spread out your spending, and you won’t have to charge it and pay it off later. 
  5. Start making holiday gift idea lists now: A little planning goes a long way. Instead of running around like a mad person in December buying anything you can get your hands on, start making your list now so you can plan and prepare. When we wait until the eleventh hour to shop for gifts,  our budget can go entirely out the window because we have no idea what to shop for. 
  6. Start thinking about a realistic budget: Once you have some ideas of the gifts and activities you want to do this holiday season, start putting a simple budget around each item. It’s easy to get carried away, so do it before the emotions of the holiday season kick in, and you can make better financial decisions.

Holiday shopping and spending doesn’t have to be stressful. With a little preparation, you can enjoy what the holiday season is really all about. 

Still feeling overwhelmed about your holiday budget? Check out my Planning For Peace This Holiday Season e-book. 

7 Simple Things You Can Do To Reset Your Finances This Fall

As we step into Fall, it feels like a reset of our lives and goals, personally and financially. It is almost a mini New Year’s!

A lot of us feel excited about the seasons ahead, and look to set new goals to make the rest of the year the best it can be. 

Making smart financial goals this Fall can help you to truly be successful in the months and years ahead. Check out my list below of seven simple things you can do to reset your finances this Fall.

7 Simple Things You Can Do To Reset Your Finances This Fall: 

  1. Start outlining your Fall and holiday spending now: Being proactive versus reactive is vitally important in terms of resetting your financial forecast. Whether through a spreadsheet, a whiteboard, or whatever other method feels right for you, having a clear financial picture will help to set you up for success moving forward. Planning ahead financially for Fall and holiday spending can provide you more wiggle room, so you’re not pinching pennies or struggling to catch up later.  
  2. Start saving for the holidays now: According to Investopedia, the average American spent $998 on gifts, holiday items, and other expenses last holiday season. Holiday spending seems to steadily increase every year, and the COVID-19 pandemic has resulted in prices going way up due to shortages and shipping delays. If you haven’t started putting away money for holiday expenditures, you should start now. 
  3. Start working on your 2022 budget: My favorite b-word is budget! Setting a budget helps you to limit your spending, allowing you to reach your financial goals. If you’re struggling to figure out a budget on your own, meet with me to prepare your next year’s spending plan.
  4. Reassess your current spending plan: The end of the year tends to really drain us financially, so ask yourself if there is anything you can cut back on now so that you have a little extra cushion.
  5. Curb any bad habits: Things like daily coffees and eating out tend to creep in during the summer months, so take the time now to reset any bad habits you may have picked up. 
  6. Reconnect with your money: Your prosperity is what gives you the freedom to live the lifestyle you want to. Financial stress can lead us to disconnect from the energy that is currency. Working on your relationship with your money can allow you to usher in more of it.
  7. Be thankful: Showing gratitude for the money you do have and for all that you get to do because of it, is such an important practice. Oftentimes we fall into a place of lack or poverty mentality due to current or past money issues, and it can push us into an ugly cycle that can be difficult to break. Some of this comes from the way we were raised, and our parents’ relationships and attitudes toward money. Try to adjust any negative feelings you may have toward your finances this Fall, and you will see money begin to flow more freely. 



Now is the perfect time to reset your financial story and adjust so you are prepared for the rest of the year and into the next! 

If you are seeking financial freedom and would benefit from financial coaching services, let’s schedule some time together by phone or video conference. This will allow us to get to know each other a bit, and to see if we are a good fit to work together. I’ll learn about your struggles and goals, and you’ll learn about my financial coaching program. You can schedule your 45 Minute Initial Discovery Session right now at https://pennywisecoaching.com/contact-pennywise-coaching/.

How To Have Easy Money Conversations With Kids At All Ages

I was thrilled to shoot this video with Tina, from the Widow’s Wallet. In our chat, we focused on how to talk to your kids about money, and how to instill great practices that will set them up for the future. As a Financial Coach, this is not only something I’ve experienced with my own two children, who are now young adults, but also with my coaching clients as well. Being intentional with how we spend our money is so vitally important, and can teach our kids how to think ahead in terms of spending. Here are the highlights in terms of how to show your children that you’re looking to bless them, not just for today, but for always.

Money As Motivation: Instilling a strong work ethic is step number one toward creating positive spending habits in our children. Having to work for the things they want instead of just being given those things can have a positive impact on their future. When kids realize that money doesn’t grow on trees, and that nothing comes for free, it can be the light bulb moment needed to make their money last. When it comes to kids and money, creating accountability is also huge. The concept of an allowance or chore charts can be really helpful in terms of structure and organization, while providing some powerful motivation toward making their own money. Showing your children that the more work they do, the more money they can make, is a great way to inspire them to work hard for their money, and to lose any expectations or entitlement.

Learning to exchange money for goods: Giving kids an understanding of what real world items cost can be truly helpful. Even something as simple as a trip to the grocery store can be a teachable moment for children in terms of what things cost. When the grocery bill comes to $200.00 and your child only has $20.00, it can be a powerful learning experience that will stick with them for life. Likewise, something like back-to-school shopping can also be great grounds for learning. You could spend $100.00 on a pair of Nike’s, or you could ditch the designer brand and let your money stretch further.

Compare And Contrast: The power of choice is not only empowering for children, but can help them to build better habits with their money. Educating your children on things like buying brand name items versus the generic option can help your children to make smarter spending habits. Likewise, looking at what’s on sale that week, and figuring out what gives you the most bang for your buck will be something they carry with them for life. Things like clipping coupons and planning your shopping trip ahead of time can also be helpful toward solid spending habits.

Cash Versus Electronic Funds: It’s generally much easier to stay in budget when you’re working with something tangible. If you give your child $20.00 in cash, it can make it much easier for them to make their money last. They cannot overspend with cash as you could with a debit or credit card and it’s easy to see what you have left. You just don’t FEEL it the same way when swiping a card, so encourage your children to work with cash, learn to count change, and build better habits for the long run. This also helps to discourage things like racking up credit card debt. I get the new reality of online shopping and people not taking cash. That’s why I’m a HUGE fan of the new digital spending app & bank called QUBE MONEY This is sort of the best of both worlds. You can set a specific amount of money in a “qube” (specific category) and when you swipe your Qube Money card it won’t allow you to spend any more than what is allotted in that particular category. They are developing a family account and each kid could have their own qube and card! The teens of families I’ve had using it already love being able to see just exactly how much money they have and it encourages saving for the things they want. Click the link and take a look at how it works or contact me for more information!

Those are just some highlights, but be sure to check out the video for all of my tidbits of advice on how to get your kids interested in money, in order to set them up for success for the future. No matter what your age, if you feel you would benefit from some personal financial coaching, let’s set up your 45-Minute Initial Discovery Session to see if we’re a good fit to work together. You can sign up for your virtual session here.

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