Fiscal Fitness - Money Strategies for the Fitness Obsessed

Episode 1: Are you a saver or a spender?

Thank you for listening.  First off, we apologize for the audio quality.  It will be corrected on episode 3.  

In our relationship, I (Michael) am the spender and Kelsa is the saver.  I was never good with money, keeping my checkbook balanced or really saving.  Kelsa has a finance degree, MBA and has 13 years of financial experience including Financial Advisor, corporate accountant and her current business: financial coach.  It's a match made in heaven... or is it?  Da...Da...Daahhhh

 

Are you a saver or a spender?  What about your significant other?  How do your different (or similar) money habits effect your relationship?  Most couples have one saver and one spender.  They speak very different languages and have different principles when it comes to money.  Money issues are the number one reason for divorce in America and maybe that is because savers and spenders need to learn how to communicate about money as well as understand what their partner needs and wants.  

 

It has take Kelsa and I almost 15 years to really figure out how we each deal with money and how to empathize with each other.  I still will go buy something not budgeted (although usually under $25 compared to hundreds of dollars a long time ago) and Kelsa is able to spend money on something she considers a "want" rather than a "need" where she used to think things were good enough and not necessary to spend any more money.  

 

Take the time to think about your relationship and your significant other.  Are you the saver or the spender?  What about your significant other?  How do they see the finances and do they know how you see finances?  What would it take to compromise?  

 

• Comment below
• Email us: michael@fiscalfitnessphx.com
• Connect on Twitter: @IamFiscallFit
• Call: (480) 788-4588
  
• Comment on our Facebook page
• You can find out more about Fiscal Fitness Phoenix financial coaching here
• You can find out more about Financial Coach Academy here

Episode 2: How to get out of debt

Thank you for listening.  First off, we apologize for the audio quality.  It will be corrected on episode 3.  

Debt is a problem a lot of people deal with.  It is also a very relative thing.  Some people are ok with thousands of dollars in debt and some people can't stand to have $50 on a store credit card.  When it comes down to it, if you are trying to get out of debt you are doing it right.  There are many different strategies for getting out of debt and not every strategy works for everyone, unlike some financial gurus say.  You have to take into account the payment amounts, interest rates, your motivation and how much stress each individual stress causes you.  

Not many people know that Kelsa and I were pretty far in debt when we moved to Arizona eight years ago.  We had some student loan debt, a car payment and some credit card debt.  We thought it was normal and were ok with it; until one day we weren't.  We decided that we were on very shaky ground if one of us lost a job/ income and the debt would engulf us.  What is your motivation to get out of debt?  If you don't have debt, what is your motivation to stay out of debt?  

• Comment below
• Email us: michael@fiscalfitnessphx.com
• Connect on Twitter: @IamFiscallFit
• Call: (480) 788-4588
  
• Comment on our Facebook page
• You can find out more about Fiscal Fitness Phoenix financial coaching here
• You can find out more about Financial Coach Academy here

Episode 3: Splurging or Sabotaging?

Splurging.  We all do it.  But when is it ok to splurge and when is it not?  What constitutes a splurge?  How can you splurge without sabotaging your budget, finances and goals?  Should you feel guilty after a splurge?  We will dive into those questions and more in this week's "The Saver and The Spender".

 

First of all a splurge shouldn't make you feel icky after you do it.  A splurge is something that is infrequent, budgeted and adds value to your life.  Some people like to buy Starbucks every couple of weeks or go on a cruise once a year.  

Buying Starbucks every day or buying a new Blueray every Tuesday is not a splurge because once you start buying something regularly it just becomes a recurring expense.  What are your splurges?  In today's podcast we will talk more in depth about splurging, how to do it correctly so you aren't sabotaging yourself and how to feel good about it. 

Every financial decision you make should be budgeted.  Whether it is one single cup of coffee or a vacation to Hawaii.  Doing otherwise puts you on a track to get fast and loose with your finances and start using debt to buy what you want.  

This week's topics:

• U.S. Olympic medal winners get taxed on prize money and value of medals!!
• Splurging without guilt and without sabotaging yourself
• Carmen's Corner: How to budget for your child's allowance
• Budget Brag: Erica pays for holiday gifts with cash by saving money every paycheck throughout the year
• And much more...

Want to get in touch?  We love hearing from listeners!

• Comment below
• Email us: michael@fiscalfitnessphx.com
• Connect on Twitter: @IamFiscallFit
• Call: (480) 788-4588
  
• Comment on our Facebook page
• You can find out more about Fiscal Fitness Phoenix financial coaching here
• You can find out more about Financial Coach Academy here

Episode 4: Sharing financial responsibilities

People need to know that it is ok to not be the financial savvy person of their relationship.  Most relationships have one person that does the bulk of the budgeting and planning and one person that doesn't.  

There are two things that can't happen.  First, the person that does not handle the finances cannot be a completely silent partner.  They need to provide input on what they feel is important and needs to be put in the budget, what goals they feel are priority and be able to give their input on anything else financial.  The need to be supportive of the financial person and understand that they need feedback and understanding of the big picture and current financial status.  They also need to understand the financial person is carrying a lot on their backs and need to be appreciated.  

Second, the person that is responsible for the brunt of the finances can't feel that their doing the majority of the budgeting is unfair.  They need to understand that the non-financial person probably gets bored the second you start talking about the budget.  The financial person can get frustrated when the non-financial person acts like they are disinterested or that money doesn't matter.  

 

There is a fairly simple and straight forward remedy to this situation: have weekly meetings.  They should take less than 10 minutes.  The non-financial person should be ready with anything they feel is important to them that should be included in the goals and budget.  They should be attentive and supportive.  The financial person should have what they want to cover bullet pointed and short and sweet.  As you get more in tune with each other and get in a rhythm you can change your meetings to every paycheck or bi-weekly.  

By doing this everyone's needs are met, everyone knows where the budget is at and what goals are being met and no one can say they didn't know what was going on.  

In this episode we will go into more detail about sharing responsibilities including how to prepare for the worst case scenario of the non-financial person being responsible for the finances after an unexpected death and other talking points and ways to get your financial needs met. 

 

This week's topics: 

• Best times to book for Thanksgiving and Christmas from CNBC
• We recommend Kayak, AirFareWatchdog, Costco (if you have a membership), google.com/flights.  
• Financial Rule of Dumb: Your emergency fund should equal 6 months worth of household expenses. 
• Listener Question from Dev: Recommended best practice for combining or separating bank accounts for newlyweds. 
• Sharing responsibilities when it comes to money
• Carmen's Corner: When to introduce a wallet or purse
• And much more....

Want to get in touch?  We love hearing from listeners!

• Comment below
• Email us: michael@fiscalfitnessphx.com
• Connect on Twitter: @IamFiscallFit
• Call: (480) 788-4588
  
• Comment on our Facebook page
• You can find out more about Fiscal Fitness Phoenix financial coaching here
• You can find out more about Financial Coach Academy here

Episode 5: Saving and Budgeting for Travel and Vacation

We have all had a vacation when you come back and you wish you had another vacation because you are so exhausted.  Or the kind where you are immediately stressed once you get back because now you have to figure out how you are going to pay for the supposed relaxing vacation you just took.  

 

Vacations should be relaxing and enjoyable.  The best way to do that financially is to budget all year long for your vacations and travel and pay with cash.  After you get back, it is so rewarding and you feel so accomplished knowing that you don't have to worry about coming up with the money as fast as possible to pay off your credit cards.  

Here is the step by step simple way to budget for all your vacation and travel.  (Side note: it doesn't have to be perfect)

1.  Make a list of all the vacation and travel you are planning in the next 12 months.  List all associated costs (flight, accommodations, excursions, food/ drinks budget, etc)
2. Total up your costs to one grand total and divide by 12.  This is how much you are going to need to budget and save every month.
3. Use an online bank like www.capitalone360.com or www.ally.com to create savings funds for each vacation.  These link directly to your checking account.
4. When it is time to plan your vacations, you can only use what is in the savings account.  
5. Bring cash with you and use it as much as possible.  If you are international and don't feel safe using cash you can use a card but you tend to spend more because you can't see the money in front of you.  
6. Come back relaxed and de-stressed, not having to worry about paying for your vacation after the fact

This week’s topics: 

• ITT Tech shutting down
• We recommend Kayak, AirFareWatchdog, Costco (if you have a membership), google.com/flights.  
• Financial Rule of Dumb: Your mortgage payment shouldn't be more than 25% of my take home pay
• Listener Question from Dev: Using credit cards to get the points and paying it off at the end of the month
• Saving and Budgeting for Vacations and Travel
• Carmen’s Corner: What to do when kids are gifted money for holidays and birthdays
• And much more….

 

• Comment below
• Email us: michael@fiscalfitnessphx.com
• Connect on Twitter: @IamFiscallFit
• Call: (480) 788-4588
  
• Comment on our Facebook page
• You can find out more about Fiscal Fitness Phoenix financial coaching here
• You can find out more about Financial Coach Academy here

Episode 6: Self talk and money

We are finally back after a few crazy busy weeks.  This is a quick and dirty episode about the thing that you may be unknowingly saying to yourself about money.  Sometimes these are good things but more often than not you are sabotaging yourself by justifying or making yourself believe something that is setting your budget back.  Learn the major ones that we hear clients say and how to get yourself out of that mindset.

• You can find out more about Fiscal Fitness Phoenix financial coaching here
• You can find out more about Financial Coach Academy here

Episode 7: Making Time to Budget

Do you find that it is difficult to find time to budget?  For most people budgeting isn't fun but necessary and if something isn't fun then why do it?  We want you to get out of that mindset.  Finding time to budget is just like finding time to work out.  You have to realize what your priorities, goals and values are and make time for them.  Budgeting doesn't have to be an everyday thing for the rest of your life.  If you are just starting out we do recommend that you spend about 5 minutes per day (first thing in the morning if you can) and once you get the hang of it make it every other day, then weekly if you can manage.  

It is also hard to find time to have regular budgeting meetings with your significant other but this is a must.  There are some people that are numbers people (savers) and some people that are not (spenders).  The numbers person should realize that the spender only wants the facts when you have a meeting and doesn't care about the numbers.  This is 100% ok.  Make a bullet pointed list of everything you want to bring up, the spender gives feedback and talks about upcoming expenses and the meeting is over.  The spender needs to also be willing to participate and give feedback.  Saying "You can handle all the money, I'm not interested," is not allowed.  You are a part of the relationship and your input and feedback is necessary.  If not you are not allowed to be mad when the saver makes all the financial decisions and your wants are not met.

This week’s topics: 

• What not to buy at Target and Walmart
• Financial Rule of Dumb: Lifestyle expenses should be 30% of your budget
• Listener Question: Should I switch from Wells Fargo to a Credit Union even if I have a credit card/ loan from them?
• How to find time to budget
• Carmen’s Corner: Should kids pay parents for phones, data and other expenses?
• And much more….

 

• Comment below
• Email us: michael@fiscalfitnessphx.com
• Connect on Twitter: @IamFiscallFit
• Call: (480) 788-4588
  
• Comment on our Facebook page
• You can find out more about Fiscal Fitness Phoenix financial coaching here
• You can find out more about Financial Coach Academy here

Here is the video I mentioned about Sen. Elizabeth Warren destroying the CEO of Wells Fargo.  

Here is the dollar sign pool.  I'm really hoping that Puff Daddy lives there!

Episode 8: It's January, are you ready for Christmas?

It's January of 2017 and there are a lot of things on our minds.  New years resolutions abound and for a lot of people taking control of their personal finances are top priority.  One thing you can do is start to plan the next year's worth of gifts and holidays by creating a gift budget.  We just went through Christmas, Hannukah and Thanksgiving so the costs are pretty fresh in your head.  Because of this you can get a list of holiday expenses down on paper pretty easily. Here is a link to our free printable gift giving budget!  This will help you budget for gifts and holidays for the entire year and help you think about all the little things that you may not think of or forget about.  No more surprises or over spending on gifts you didn't think about until it was too late.

Listen as we discuss how to budget for this year's holidays and talk about a bunch of other financial topics, tips and tricks!

 

This week's topics:

• Child care is really expensive!  How do you not spend an arm and a leg?
• How to budget for moving costs.
• Budget for Christmas and other 2017 holidays now!
• Carmen's Corner: How to talk to your high schooler about financial responsibility before they go to college
• Budget Brag: Learn how Matt and his family paid off a $25,000 family loan in one year!
• And much more...

Here is the gift giving budget guide we talk about in the podcast:

Gift Buying Budgeting Guide

Want to get in touch?  We love hearing from listeners!

• Comment below
• Email us: michael@fiscalfitnessphx.com
• Connect on Twitter: @IamFiscallFit
• Call: (480) 788-4588
  
• Comment on our Facebook page
• You can find out more about Fiscal Fitness Phoenix financial coaching here
• You can find out more about Financial Coach Academy here

Episode 9: Budgeting for your dream wedding

How many of you are planning your wedding right now?  What kind of budget are you using and how are you doing at sticking to it?  For those of you who have already gotten married how do you feel about your wedding budget?  Did you stick to it?  Was it easy to use and accessible?  Did you go over budget, under budget or come within your budget?

We know that planning your wedding is super stressful so we want to at least make the budget somewhat less stressful.  In this episode we talk a lot about the proper ways to budget for your wedding and some things that we wish we would have done.  Hindsight is 20/20 right?

First you need to ask yourself a few questions:

1. What are your top 3 most important purchases for your wedding? These are non-negotiables and are top priority.
2. What things do you NOT want to spend money on? What are not priorities and will not be pressured to add?
3. What number would totally make you sick to your stomach if you ended up spending this on your budget?
4. To whom can you delegate tasks that will help hold you budget-conscious?

There are a lot of great resources out there for budgeting for your wedding.  The Knot.com and Wedding Wire both not only have great online budgets but also will help you plan your wedding from start to finish.  After reviewing both of their budgets separately they are quite good.  We created a wedding budget that takes it a step further and has as many categories as we can think of (a few things that other budgets have missed) and added some mindset and accountability questions and nerded out to make a pretty cool functional spreadsheet.

 

You can click here to download our "Fiscal Fitness Ultimate Wedding Budget Worksheet" and the infographic that explains how to use it.

Or go here: http://fiscalfitnessphx.com/the-saver-and-the-spender-episode-9-budgeting-for-your-dream-wedding/

 Here is the link to the Milennial article: Millennials earn 20% less than Boomers did at same stage of lifeDownward mobility: Their student debt is drastically higher and "I think the opportunities have just been fading away."usatoday.com

This week's topics:

• Millenials aren't making as much as their boomer parents.
• My employer matches my 401k up to a certain percentage, should I max it out?
• Budgeting for your dream wedding
• Best practices for paying with cash
• Carmen's Corner: How to talk to your kids about borrowing money, specifically mortgages and the like
• Budget Brag: Tami used cash and actually had some left over!

 

Want to get in touch?  We love hearing from listeners!

• Comment below
• Email us: michael@fiscalfitnessphx.com
• Connect on Twitter: @IamFiscallFit
• Call: (480) 788-4588
  
• Comment on our Facebook page
• You can find out more about Fiscal Fitness Phoenix financial coaching here
• You can find out more about Financial Coach Academy here

Episode 10: Jen Casey and Angie Lee of The Wellpreneur Business Academy

Jen Casey and Angie Lee are the geniuses behind The Wellpreneur Business Academy, which is an exclusive 3 month program that teaches health coaches systems and strategies that will launch their brand and master live video, social media and branding.

Today we are chatting with them about how they coach wellness professionals to succeed.  Not only is this great information if you are a personal training or fitness and wellness professional but if you are a small business owner or entrepreneur that wants to make an online presence.  

Here are some of the ways to find more about Jen and Angie and the Wellpreneur Business Academy:

www.wellpreneurbusinessacademy.com

www.healthcoachesmakebank.com

www.facebook.com/angieleehttps://www.facebook.com/angie.lee.39

www.facebook.com/heyjencasey

Angie's podcast, "Hungry for More", can be found on Itunes here and on Stitcher here

Jen's podcast, "Entrepreneur Now Podcast", can be found on Itunes here and on Stitcher here.

• You can find out more about Fiscal Fitness Phoenix financial coaching here
• You can find out more about Financial Coach Academy here