3 Tips to Creating a Successful Spending Plan

Aug 22, 2017 | Finance

Nearly two out of three Americans do not have spending plan or some means of tracking their monthly expenditures, according to a Gallup report. That’s nearly 70% which is eerily close to the percent of American families who do not have at least $1,000 saved. See the correlation? It’s difficult to save for a rainy day, get ahead on bills, pay off debt, or even invest in your future when there is no plan in place. Zig Ziglar even states, “When you aim at nothing, you hit it every time.”

[featured-image]

I know this statement to be true in my own life. When I do not have an exercise plan, it is so easy for me to gain weight. Why? Because I do not have any parameters surrounding my eating habits or physical activities. The same rings true for our finances! When we go through our financial life haphazardly, it is so easy to end up in a place we never expected; thereby, failing to plan only leads to planning to fail.

So, in order to have financial success, we all must create a strategy—a financial strategy. We need to “tell our money where to go, instead of wondering where it went” (Dave Ramsey). So here are three tips to follow that will help you create a successful spending plan.

(more…)

Back to the Basics Financial Series

Aug 11, 2017 | Finance

I am elated that I am living in an era when there is an “App” for nearly everything. Having an app that will allow me to check off my “To Do’s” for the day, to having an app that reminds me to transfer money into my savings, it is mind boggling to determine what we would do without our gadgets. Although, I am grateful for all of the ingenious tech tools that help me manage my life easier, I marvel at how our parents and grandparents held “life” together with just a simple pen, paper and basic common sense.

[featured-image]

Over the next few weeks, we are going “Back to the Basics” in our household finances. We are going to delve into topics such as spending, saving, budgeting and using our gifts to bring in additional income and we are doing it the old fashion way. Our grandparents did not have credit cards to use to get new tires when they went flat . They either used the money they already had tucked in between their mattresses or took the bus until they saved up enough money to buy new tires. And guess what, their way of spending (and saving) worked! Although they made much less than we make, they managed their money well and as a result, they were better off financially than our generation. Why? If they could not use cash to make a purchase, they did not make a purchase.

So, this month, we will discuss how to work our way towards Financial Freedom, so we can live the life of our dreams. We are going “Back to the Basics”! So, follow us on Facebook, Instagram and Twitter because we will have some Free Giveaways each week!

And to ensure you do not miss any of the Giveaways, subscribe to our blog below and as a bonus, you can download our FREE CHEAT SHEET, “7 Steps to Building a Financial Legacy”.

4 Simple Money Habits that will lead you to your Financial Goals

Jul 25, 2017 | Finance

I love the quote “our lives are just the sum of all of the decisions we have made up until this point.” Whether it was conscious or subconscious decision, our lives are a reflection of what we have determined to be necessary or unnecessary in respect to relationships, education, family, faith and even finances. What is interesting, however, is many of our decisions are merely a result of the habits we have formed, particularly when it comes to money.

[featured-image]

For example, when I was trying to look into my spending patterns years ago, I realized that I am an extremist. I can either buy nothing for months or buy everything in one month; hence the reason why I do not go “window shopping”. It is darn near impossible for me to walk into a store “walk” around and not come out with a bag or five. So, in my attempt to break the habit of having to get everything, I now only go to the mall (or other shopping stores) when I have planned to purchase something (it’s in the budget). Why? Because I know my natural spending habits. If I see the dress, I am going to want the dress, plus the shoes, the earrings and the lipstick to match; therefore, if I do not budget money to spend on a new wardrobe, I cannot put myself in a situation where I KNOW I will be inclined to purchase a new wardrobe (which is also the reason why I put myself on an Amazon budget…the struggle is so real).

(more…)

Update: How we paid off over $40,000 worth of debt in 21 months

Nov 30, 2016 | Finance

Tallying up debt, creating an emergency savings or just developing a spending plan can all seem like daunting and unattainable tasks. But we can attest, not only is creating a plan to get out of debt attainable, working the plan IS ACHIEVABLE! How do I know? Because we are currently on our journey of paying off all of our debt. Within the last 21 months, we have paid off over $40,000 worth of debt. Although we still have a ways to go, we can see the light at the end of the tunnel. I was honored to be a guest podcaster America’s Leading Money Couple’s website–His and Her Money. Click here to listen to the podcast and learn what we have done and continue to do to eliminate debt. Click here to listen to podcast.

[featured-image]

To hear more of how we are digging our away out of debt, subscribe to our blog below. And as a bonus, you can download our FREE CHEAT SHEET, “7 Steps to Building a Financial Legacy”.

Guest Post: How You Can Defeat Your Debt With Spare Change

Sep 11, 2016 | Finance

Debt. It’s not fun for anyone. It’s always in the back of your mind. How much do I still have to pay? It’s going to take how long?

Most people have debt in one form or another. Student loans, credit cards, mortgages, car loans, and more. And most people also follow the same pattern; make the minimum payments required and spend years paying off something that is holding them back from being financially free. Finding money in your budget to pay off your debt early isn’t easy.

We decided to create another way. When Christian graduated college, he felt the pressure of his upcoming student loan payments. He was fortunate enough to land a great job immediately, but he realized that not every recent graduate was able to do the same. The idea of having to pay for the cost of his education well into his 30s did not appeal to him at all. He used a few apps that took spare change from his checking account and moved the money into a savings account, but why couldn’t he use his change pay off his debt instead? The idea of Qoins was born.

[featured-image]

Qoins Founders

I came into the picture two months later. As someone who also has a ton of debt from student loan, a car loan and more, I could definitely relate to the problem. Together, we’ve built something special.

Qoins, pronounced like “coins”, allows you to pay off your debt early without even thinking about it. We use the “spare change” from your checking account transactions and directly apply it towards your loans. For example, spending $5.35 on a sandwich would send $0.65 towards your loan. With this method, you can finish paying off balances months or years early, without changing your spending habits.

Getting started is super easy. Link your bank account securely in seconds, then just tell us who to pay and we’ll take care of the rest. We’ll automatically send one lump sum payment each month of all the spare change you’ve saved. You’ll be surprised how quickly your spare change can add up, and how much of a dent you can put in your debt. You can even pause the service at any time, to fit your financial needs.

Our goal is to do what we can to reduce the $2 trillion+ debt problem, starting with student loans and credit cards. Here are some additional tips to help you manage your debt:

(more…)