Cashology by FNBO

In this episode of the Cashology Podcast, Justin sits down with Esmé Ramos, a seasoned banking professional with 16 years of experience, to discuss effective strategies for managing student loan debt. Drawing from her expertise as a branch manager of one of FNBO's busiest locations, Esmé shares seven practical approaches to tackle not just student loans, but any type of loan debt.The conversation explores various debt management strategies, from making extra payments and refinancing for better terms to setting up automatic payments and implementing biweekly payment schedules. Esmé emphasizes the importance of prioritizing high-interest loans and maintaining regular financial check-ups with trusted advisors. The discussion also touches on creative ways to boost income for debt repayment while maintaining a healthy work-life balance.Throughout the episode, Esmé's passion for helping clients achieve their financial goals shines through, as she provides actionable advice that can be customized to individual situations and financial circumstances.Listen here and follow @CashologybyFNBO® on YouTube for more!

In this episode of the Cashology Podcast, Justin welcomes Keri Mallory, Branch Manager at FNBO, for an insightful discussion on a foundational financial concept: net worth. Keri breaks down what net worth is, why it's important, and how to calculate it by understanding your assets and liabilities. She also shares real-life examples to show how tracking your net worth can serve as a financial compass, helping you stay on course toward your goals.Learn how to assess your financial health, set achievable savings goals, and avoid common pitfalls like focusing too narrowly on one aspect of your finances. Whether you're looking to start your financial journey or refine your strategy, this episode offers practical advice to help you take control of your net worth and plan for the future.Listen here and follow @CashologybyFNBO® on YouTube for more!

In this episode of the Cashology Podcast, Justin sits down with Julia Conover, Branch Manager at FNBO, to discuss a simple yet powerful budgeting tool: the 80/20 rule. Julia walks us through how this method prioritizes 20% of your after-tax income for savings, while the remaining 80% covers everything else. This flexible approach to budgeting can be easier to follow than the more detailed 50/20/30 method and works well for individuals who prefer not to overthink spending.Learn practical ways to stay committed to saving by setting up multiple savings accounts, automating your savings contributions, and regularly reassessing your financial goals. Whether you're looking to build savings or just want a simpler approach to managing your budget, this episode might help you feel more in control of your financial future.Listen here and follow @CashologybyFNBO® on YouTube for more!

In this episode of the Cashology Podcast, Chris Turner, FNBO's Community Reinvestment Act officer, joins us. Chris shares her extensive background in banking and her passion for teaching financial literacy, driven by her experiences as a mother and professional. She discusses the concerning state of financial literacy in the U.S., highlighting a statistic that two-thirds of American adults can't pass a basic financial literacy test and more.Chris and Justin explore the importance of financial education starting at a young age, and discuss the proactive steps FNBO is taking to address this issue, including partnering with schools and organizations like Junior Achievement to teach real-life financial skills. Listen here and follow @CashologybyFNBO® on YouTube for more!In addition, you can refer to these sites for free financial education resources:Junior Achievement -  www.jausa.ja.orgAmerican Bankers Association's Teach Kids to Save - www.aba.com  Khan Academy -  https://www.khanacademy.org/FDIC's Money Smart - www.fdic.gov  

It's time to discuss meal planning with Elyse Lyons, the Savvy Sagittarius. Elyse, celebrated for her no-spend challenges, shares her expertise in meal planning, which she describes as a crucial step toward financial wellness. She explains how meal planning not only helps to reduce grocery bills—one of the most flexible parts of anyone's budget—but also significantly cuts down food waste and prevents impulse buying. Throughout the discussion, Elyse provides actionable tips, such as checking one's weekly schedule to align meal preparation with actual available time, and suggests practical tools like digital grocery lists to streamline the process. Learn about using meal planning to foster healthier eating habits, save money, and enjoy stress-free dinners at home. Whether you're a busy parent or merely wanting to be more budget-conscious, Elyse's strategies promise to transform how you approach mealtime and manage your finances.Listen here and follow @CashologybyFNBO® on YouTube for more! 

In this Cashology Podcast, Justin welcomes back Elyse Lyons, also known as The Savvy Sagittarius, to discuss the empowering concept of "No Spend Months." Elyse shares her unique approach to these financial challenges and discusses how no-spend months have not only boosted her savings but also enriched her life by encouraging more meaningful engagements with family and friends. Throughout the episode, Elyse provides practical tips for preparing and succeeding in no-spend challenges, such as closely examining past spending habits and making bulk purchases to cut down on non-essential expenses. This episode is packed with insights on turning financial limitations into opportunities for growth, making it a must-listen for anyone looking to take control of their spending and enhance their financial wellness.Listen here and follow @CashologybyFNBO® on YouTube for more!

In this episode of the Cashology® Podcast, Justin is joined by Elyse Lyons, also known as the "Queen of the No-Spend Months" and the creator behind The Savvy Sagittarius. Elyse shares her compelling debt-free journey, revealing how a simple need for a vehicle spiraled into $34,000 of debt, which she resolved through relentless dedication, including multiple jobs and side hustles. As a single mom and military veteran, Elyse's story is not only about overcoming financial burdens but also about the emotional and psychological aspects of managing money. This episode delves into effective strategies like the debt snowball method, the importance of realistic budgeting, and how understanding personal finance can be transformative. Elyse also touches on the challenges of financial education and offers practical tips for immediate financial improvement, making this a must-listen for anyone looking to enhance their financial literacy and gain control over their finances.Listen here and follow @CashologybyFNBO® on YouTube for more! 

You've heard of the five love languages: words of affirmation, physical touch, acts of service, quality time and gifts. We might use them all, but everyone has a dominant way they relate to others.Everyone has a dominant way they relate to MONEY, too. Their ‘money personality,' if you will. This could be learned from our parents or formed by our own life experiences. Learning about your money personality can help you discover more about yourself, and create a sound relationship between you and your finances.Listen here and follow @CashologybyFNBO® on YouTube for more! 

It's almost never too early to start teaching your kids about money. Some key lessons about saving can start as early as two years old. These lessons and the habits they develop will last a lifetime. More valuable than money itself, teaching them about money, and how to save it, can be invaluable. Do we start when they're two? Five? Thirteen?  Let's dive in and find out in this episode.Listen here and follow @CashologybyFNBO® on YouTube for more!

Are you into goal setting – but looking for something a little MORE inspirational than a written list?A financial vision board can be a creative way to identify and think through your goals. Usually a collage of images that represent your goals and aspirations, A financial vision board can help you focus on aligning your money with where you want to be in the future. And…it can be fun to put together.Listen here and follow @CashologybyFNBO® on YouTube for more!

Have you ever considered becoming a landlord? Maybe you've inherited a home. Maybe you have a starter home you're moving out of and instead of selling, you're thinking about renting it out. Whatever the reason, rental properties can be a good source of passive income. For savings or retirement. And a way to build your net worth.But there's a lot more to it than collecting a monthly check. It has to be approached with your eyes wide open.Listen here and follow @CashologybyFNBO® on YouTube for more!

The research shows it – older people manage to stay happier during tough times. Once you turn 50, your ability to cope with life and all its challenges is at its height. One of those challenges can be managing your money. Another might be keeping your retirement plan on track. It takes some discipline and some stick-to-itiveness. So today we're going to offer some helpful reminders to those in their 50s, still active and earning but on their way to retirement.This episode of the Cashology Podcast, covers tips and tricks about ‘Managing Money in Your 50's.” 

It's halftime. And we're not talking about football here. If you're in your 40's, you're halfway into your working life, into your career. You've got twenty-ish more years to go before retirement.So now is the perfect time to assess your financial situation. How is everything going? Are you where you want to be? Is your game plan on track to meet your future goals? Or do you need to make some halftime adjustments?This episode of the Cashology Podcast discusses what you should be thinking about when managing your money in your 40's.

So you're in your 30's now. It feels like all the fun is over. You're starting to go to bed on time. You don't know why, but part of you actually enjoys going for a run or a yoga class every day. And you're eating right…most of the time.But then there's the hard part of your 30's. Getting serious about money. And it's the perfect time, too. You're entering the prime years for building wealth and preparing for life after working. Sound financial decisions today, in your 30's, will pay off not just at retirement but all along the way.This episode shares the important things to consider when it comes to managing money in your 30's. 

Having a baby can be one of the most exciting and anxious times in your life. Exciting because you're growing your family and bringing a new life into the world. Anxious because parenthood brings with it a lot of unknowns.One unknown that often gets overlooked – how having a baby will impact your family financially? So let's talk about that in this episode and see if we can relieve at least some of the anxiety for prospective parents.This episode of the Cashology Podcast features Lisa Scheve, Director of Core Banking Risk Management. Lisa joins Justin and discusses what to plan for from before baby arrives, to just after. 

Buying a new home, especially for a first-timer, can be intimidating. Saving up for a down payment, finding a real estate agent who works with buyers – and then there's all the paperwork and documentation.There's a lot to consider and pull together. You might worry about making a mistake. But there are people ready to help all along the home loan journey, like your mortgage loan officer, who can walk you through all the steps, tasks and requirements and demystify the entire process. One such person is our guest today, Alex Drake, a Mortgage Loan Officer at FNBO.  In this installment of the Cashology Podcast, Juli and Alex help demystify, and hopefully take the fear out of a few aspects of this journey.

Banks play an important role in their communities. Yes, banks provide financial products & services for individuals for businesses, but what else do they do? When a bank is truly in tune with its customers, employees and community partners, they do a lot more than checking and savings accounts, mortgages and business loans.A bank that is fully-engaged impacts a community on multiple levels and helps individuals and businesses prosper and shine.  Today, our guest, Spencer Danner, VP or Corporate Responsibility, joins us to discuss making a successful community through our program, Impact by FNBO.

Seventy percent of Americans own a pet, according to the most recent survey from the American Pet Products Association. Not surprisingly, close to one in five households acquired a dog or a cat since the beginning of the pandemic.We think of our pets as family members, but they may be the only members of the family without health insurance. Jason Tellus joins our host Juli Wians for this episode on a topic near and dear to pet owners' hearts: Insuring Your Pet.

Times are changing, and people are finding new and inventive (or profitable?) ways to make a little side cash. Some are paid bridesmaids. One man in Japan gets paid to be a friend for a day (no word on if he springs for the check at lunch). If you're thinking about taking up a side hustle, you're not alone. Surveys show that nearly one in three Americans have a side hustle of some kind and a lot more people are considering it. But what's the trick to the perfect side hustle? Juli and guest Molly Diamond unlock some key insights that might just help you avoid common mistakes, save time and make money. USEFUL INFO / LINKSClean Cut Finance:  160+ Best Side Hustle Ideas​Shopify:24 Best Side Hustle IdeasEntrepreneur:  44 Profitable Ideas to Make Extra Money on the Side

Chances are you've noticed prices going up. At the gas pump, at the grocery store, everywhere. Whether you're shopping for clothes or for a new home, the price of everything seems to be going up. While experts predict the rate of inflation to eventually slow, that doesn't mean prices will ever come back down. So what are some smart ways of coping with inflation? We ask FNBO's Dustin Elkins, a veteran of the Cashology Podcast, that exact question.  From spending to saving—even car buying—there's ways to navigate this stressful time.For more featuring Dustin Elkins, give our August 2021 episode “Credit Card 101” a listen.

Ever feel like you just have too many bills? Like debt is stacked up and coming at you from all sides? If so, then this might be the episode for you. We're going to talk about consolidating your debt: taking all your outstanding debt and rolling it up into a single payment every month. A lot of people do it and they save some money in the process. Join our host, Juli Wians, and guest Kelley Hill as they cover what to look (and watch out) for when consolidating your debt. No judgement, just savvy Cashology® wisdom.

Great, big, small — we're the bank that has your back.

Let's say someone decides to make charitable gifting a new year's resolution. What makes this resolution easier to keep than others?Most resolutions are about reducing negative behaviors.Eating too much, spending too much, watching too much Netflix.It's tough when you go about changing or eliminating a negative behavior.But when you focus your resolution on increasing positive behaviors, such as community involvement or charitable gifting, your success rate will be higher.You'll feel great about it and, with charitable gifting, there can be some significant financial advantages, too.How can someone get started on this and know it's right for them?Getting started is easy.Think about non-profits you like to give to.What causes are you passionate about?And think about how much you want to give and how often.And if you want to do it individually or have your family involved.Once you've thought about these basics, then a chat with your wealth management advisor can help you figure out a strategy for gifting.There are a lot of different approaches to charitable gifting? What are some of the most common ways?Let's talk about two of the simplest ways.One, of course, is giving cash gifts to organizations you support.You can make a resolution to make regular donations or a one-time donation.And if it's a qualified charitable organization then you're entitled to a tax deduction against your income taxes.And you can easily check to see if a charitable organization is qualified or not.There's a website charitynavigator.org can tell you if your donation will be tax deductible or not.The second easiest way, after cash gifts, is to make qualified distributions from a retirement account directly to your charitable organization.If you have an IRA, for example, and are at least 70 and a half years old, you can contribute some or all of your IRA to charity.The upside – at 70 and a half you're required to take distributions anyway and the donation will not be taxed.So you get to take your required distribution without realizing any tax burden.What about Donor Advised Funds? Those are set up just for charitable purposes, right? That's right.A Donor Advised Fund is an account that's like an investment account but set up for charitable purposes.The big advantage here is there are no rules on how much you give or which organizations you give to, as long as it's charitable.And your gifts earn you an immediate tax deduction.But it's not for everyone. Your wealth management advisor can tell you more, but a DAF is best for someone if you have an event – such as selling a business – that creates a large tax obligation.If that's the case, you can set up a DAF to receive the funds and distribute them to charity for a larger and immediate tax deduction.With a DAF you want to work with your wealth management advisor and really let your advisor manage the account under your direction.And then that leads us to things like Charitable Trusts and Foundations and taking more of a family approach to charitable giving.Yes, both of those approaches take a longer term “family legacy” approach to charitable gifting.There are a lot of different types of charitable trusts and you need to carefully select a type, with your advisor's help, that matches your goals.A charitable remainder trust is a very common type.With it, you set money aside in your lifetime and when you pass away the remaining money is gifted to one or more charitable organizations.The trust can create a stream of income for yourself during your lifetime, give you a partial tax deduction – based on the anticipated eventual gift – and reduce estate taxes when you pass away.A private foundation takes things a step further.On the upside, with a private foundation, there are expanded giving opportunities.You can make grants to individuals or non-charitable organizations.Giving becomes more strategic and more focused on a cause or ways to make an impact.But the time commitment, regulatory requirements and costs associated with a private foundation often steer people back to a Donor Advised Fund.Which can be created and managed much more easily.And that sounds like a key for keeping a New Year's Resolution.Without a doubt.That and picking a cause or charity that's close to your heart.Useful info/linksFNBO: https://www.fnbo.com/insights/wealth/make-charitable-giving-your-new-years-resolution/index.htmlHow Stuff Works: https://money.howstuffworks.com/economics/volunteer/starting-a-charity/charitable-trust.htmNational Charitable Endowment: https://nationalcharitable.org/donor-advised-funds-basics/

Where do we start in protecting ourselves from identity theft? What do we need to do?Start with the passwords you use for your online accounts.Make sure you create new and unique passwords regularly, every three months or so.Make sure you use a different password for each of your online accounts.And don't use easy to remember things like birthdates or pet names.More than 40% of internet users use the same password for every account.And once someone gets or figures out that password they have access to everything.So that's tip number one – new and unique passwords every 90 days.And it's okay to write them down to keep track of them. Just make sure you keep the list in a safe place at home.Don't keep them on your computer. Keep them on a piece of paper or in a notebook. That piece of paper you keep in a drawer can't be hacked.Beyond that, password protect your home Wi-Fi and keep that password safe, too.You always want to be using a secure connection.What about social media accounts? Do those make us vulnerable too?Good question and one not a lot of us think about.Whether your social media accounts are private or not, never place any personal information online.And especially don't show pictures of things like credit cards and checks.Fraudsters can get account numbers from the pictures.And don't give out personal information in surveys and contests.Information like you name, birthdate, children's names, mother's maiden name, high school mascot, make of your first car.Those things are often used as passwords.So when you give up that information you're giving people a way to guess your passwords.What about offline activities, when we're just out and about in the world?We need to be careful then, too.Don't leave your purse or your wallet in the car.You can end up closing bank accounts, disputing fraudulent charges and stopping payments.All because someone to their hands on your driver's license, checkbook or credit or debit cards.Keep those safe with you all the time. Don't leave them in your car.And don't carry your social security card or birth certificate in your purse or wallet.Keep those things in a safe place at home.Even a safe deposit box can be a good idea for those documents.And what about on the phone? What can we do to protect ourselves while on the phone?It's common for a fraudster to call up and to pretend to be someone from you bank.So you've got to be careful.Because you can't trust Caller ID.Caller ID displays can be manipulated.They call and say they need to update their files.And ask you to give up personal info.Don't do it. Just hang up. And then call your bank on a number you're familiar with and are sure it belongs to your bank.Same thing goes for emails, text messages or pop-up messages on your computer.Ignore them. And then just call your bank to see if they really need to talk to you or not.How do so many people get fooled by these calls and emails and texts?A lot of times you'll get a call or email saying you just won a sweepstakes.Or that a loved one is in trouble and needs money quickly.Then you're asked to wire money to a specific account.Only later you find out it wasn't legit.So if you get one of those messages and it doesn't feel right or it's too good to be true, you can be pretty confident in ignoring it.Or you can take some time to verify the organization or caller's information.Whatever you do, don't wire money to another account without talking to your bank first.You'll need your bank's help to wire money so tell them how the request came to you and get their input. They'll help you protect your accounts.We've always have to be on guard these days.That's true. Beyond what I've already mentioned, another way to protect yourself is to pay your bills online. Fraudsters look for chances to intercept mail, especially bill payments. If they can intercept a bill payment, they'll get all the information they need off your check and bill statement.Like account numbers and even signatures.And monitor your credit regularly and watch for transactions or purchases you don't recognize.Call your bank if you see something out of the ordinary.Signing up for Alerts on your accounts can be a good way to protect yourself.You can arrange to get alerts for withdraws or transactions.You can also sign up for free scam alerts with the federal trade commission at ftc.gove/scams and clicking on Get Mail Updates.

So our ‘hypothetical future Jeff Bezos' is ready to launch off on the small business journey. Risk versus reward? Thoughts?There is nothing like starting your own business. It has its advantages, such as control over decisions, future financial upside, and the pursuit of a dream creating a business around a product or service you truly believe in. There is also the challenge side: the owner is on the hook for any shortfall or miscalculation.  So having a plan and a viable offering are very important. Let's hit the former one first.  The business plan. How important is this, and will a new business owner really need it, or can a powerful idea overcome?Great ideas can be transcendent and lucrative, but a solid business plan is the vehicle that takes you there. This is also the point where you realize whether your new business idea is sound, or has some obstacles to overcome.  Don't wait until your bank or prospective investors put you on the spot for it. This is the framework, the line drawing that happens before the Sistine Chapel is painted.  Outline your masterpiece first. Be realistic. Be ready for best/worst case scenarios.Once it's done, it's not actually done.  Be ready to go back to your business plan down the road and adjust as things in your industry space change. Now, we arrive at viability.  There have to be some criteria to make sure you have something promising in the works, right?Does your business fill a need? What value does this business bring to your prospective customers?What differentiates your business.  If you say ‘customer service', that's not a bad answer, but it's not a differentiator. (our guest clarifies this more in their own words)Can you monetize the business and be profitable? Understanding what customers will pay for your wares will help you to clear a path to success.Is it sustainable?  That is, can your business adapt to the possibility of competition duplicating a process? Or, dare we say it, a pandemic?  That's a major event that really can adjust sustainability. (guest can also clarify here)You all knew we'd get here, considering the source of the podcast, but…where does funding fit in this process? Is it better to seek funding from those closer to you? Go a formal loan route? Investors?Having a detailed understanding of how much money you will need to start your business and where it will come from is another critical consideration. Make sure your list of expenses is realistic.  Plan for the unexpected.Thinking through where you plan to get the funding for your business is also critical. Think of funding sources as a continuum. On one end, you have options like your own money and money from friends and family. While these may not always be an option, these sources are generally more open to risk. Your friends' and family's expectations for repayment and any potential return on their investments will vary. In the middle, you may have options like partners and investors. These two are generally more open to risk as well, but have a much higher return expectation – including ownership in the business. On the other end, you have options like Small Business Administration loans from your bank. These funds come with less tolerance for risk, but have a much lower return expectation in the form of interest.Useful info/linksSBA has a template for those getting started on their business plan here https://www.sba.gov/business-guide/plan-your-business/write-your-business-planhttps://www.fnbo.com/insights/small-business/https://www.grants.gov/ is a place for business to find and apply for federal grants that might be applicable for your industry.

Divide your car buying process up into two partsResearchDeal makingStep one -- researchFigure out the specific car you want to buyPlay around on auto websites and “build your car”Learn what it costs, base model and trim levels and extrasUse car sites like Edmunds and Kelly Blue BookYou can learn what others are paying and what's a good priceThis info can keep you from overpayingSearch dealers for incentives like cash back or low-interest financingMake sure they apply to the car you wantMore researchLocate the car you want to buy onlineSearch dealer inventoriesWrite down the stock number and vehicle identification numberCheck your credit score, tooThe better your credit score, the better your termsUse an auto loan calculator to calculate your monthly paymentsGet pre-approved on your financing before going to the dealerAnd then see if the dealer can beat itThey often canGoing to the dealer, bring your preapproved info, driver's license, proof of insurance and a funds for your down paymentOne last thing – if you want a trade in, know what it's worthResearch your trade-in online before goingStep two -- Deal MakingOne good way to haggle is via emailDealers will give you a quote via emailYou can get a lot of the haggling out of the way that wayAnd without having to look someone in the eyeAnd email keeps you from sitting around a sales office all dayTest drive the car – make sure it's the one you wantAsk for the dealer's best priceIf they won't name a price, start at least $1,000 below what your research saysIf they want to talk to their manager, fineBut let them know you're expected somewhere and have to leave soonKeep making counteroffersOnly raise your price $250 at a time until they meet itAsk them about fees and extras – don't get surprisedSee what they can kick in for freeWatch out for upsells, extended warranties, service packages and the likeThe better price you negotiated, the harder they'll try to make it back on an upsellLeave with a freshly washed car, a full tank of gas and a payment you can affordBuying vs. LeasingYou need to research and haggle whether you're leasing or buyingThere are benefits of leasing a carLower monthly payments, always having the latest technology, always being under warranty, saving some money on sales taxBut you don't own the vehicle, you always have a car payment, there's a mileage limit, you can't customize the car, there's no trade-in value, for most you have to go to the dealership for repairsA lease can be complicated and its costs can catch consumers by surpriseWhen you buy, you own the car, you can drive it as much as you want, it will have some trade-in value, you can make it your own, when the loan is paid off the payments endThe main temptation to lease – you can get more car than you can afford to buy, because the monthly payments are lowerThe main attraction of buying is ownership and control and an eventual end to your paymentsFinancially, for most people, it makes more sense to buyUseful info/linksNerdWallet: https://www.nerdwallet.com/article/loans/auto-loans/the-car-buyers-checklistConsumer Reports: https://www.consumerreports.org/buying-a-car/leasing-vs-buying-a-new-car/The Balance: https://www.thebalance.com/pros-and-cons-of-leasing-vs-buying-a-car-527145

Help us understand the “pay yourself first” approach to budgetingPaying yourself first changes how you do budgetingNormally, we take care of our needs and wants firstAnd then whatever's left over goes to savingsAnd a lot of times nothing's left overInstead pay yourself firstDecide how much to save, set that aside firstThen budget properly to live off the remainderBut how do you figure out how much to save?Follow the 50/20/30 ruleWith after tax incomeSet aside 20% for savings50% for needs – living expenses, housing, utilities, food, healthcare30% for wants – discretionary spendingThe key is to set aside that 20% firstAnd leave it aloneWhat are some ways to make setting aside that 20% easier?Make it automaticRight from your paycheckDirect depositSend the savings to your retirement accountOr into a savings accountA lot of companies let you direct deposit your paycheckAnd a lot of them let you split the direct deposit between multiple accountsSet it up to be automaticIt doesn't all have to go into retirement savings or regular savingsSplit it up the way you wantBut save 20% of your take home pay automaticallyWhat if you don't have enough left over to pay your expenses?With pay yourself first, savings is your top priorityYou may have to adjust your lifestyleFind ways to cut expensesReduce your expenses until you can save 20% of your take home pay and still cover your expenses with the restSounds good but what if you just can't do it?You can start with an easier formula50/40/10But only for a whileWork toward 50/20/30Cut expenses until you can make that workEarlier you touched on where to put the savings. Can you expand on that?Build up your emergency fund first6 months of living expenses in an emergency fund is the place to startSaving for a house is a good way to set aside that 20%Not so much for a car or vacationThe house becomes an assetA car or vacation just an expenseRetirement savings – your 401-k is an ideal spot or an IRAYou save and get immediate and long-term tax benefitsWhat about a budgeting tool or software program?You don't have to get fancyPaper and pen workOr an Excel spreadsheetAnd there are some free budgeting apps tooI like apps or software because they'll remind me of all the things I need to budget for and trackAnd they make it easy to adjust and make changesJust Google “free budget worksheet” to get startedOr “budget template”Some are real friendly and make it feel like you're dividing your household budget up into “envelopes”Others can be much more complex and involvedFind a way to do it for freeThat's the ticketUseful info/linksFNBO: https://www.fnbo.com/insights/personal-finance/pay-yourself-first/NerdWallet: https://www.nerdwallet.com/blog/finance/pay-yourself-first-reverse-budgeting-explained/Investopedia: https://www.investopedia.com/ask/answers/12/pay-yourself.asp

If someone wants to be their own financial quarterback, where should they start?Sticking with the sports analogy for a moment, they need a good game plan.And when it comes to your finances that means a financial plan.So step one, really, is to develop a financial plan.And you don't have to be a financial expert to do this.A financial plan is just a picture of your current finances.And it identifies what your financial goals are.What does a good financial plan include?The plan needs to have all the details.Your income and cash flow.Your savings.Your debt.Any investments you might have.Information on your insurance plans.And just about anything else having to do with your money.It's not a one-time thing but an ongoing process.You put a plan together and then revisit it.Looking at it and checking your progress once a month is a good habit.Dealing with finances can be stressful.And a good financial plan helps take away a good deal of that stress.Plus a financial plan is not just for the wealthy.Everyone should have a financial plan and take charge of it, like a good quarterback.Tell us about what goes into a financial plan.Start with your goals.And those goals might be to save up a down payment for a house, build your retirement savings or to pay down debt.Paying down debt is a common short-term goal.Saving for retirement is a typical long-term goal.Make sure you know what you want to achieve with you plan.Make your plan serve your goals.Ask yourself where do you want to be financially in five or ten years.What type of retirement do you want to have?Start with your goals.The more they inspire you, the more likely you are to put together a good plan and to execute that plan over time.What do they need to get into that plan to achieve those goals? What are some of the more concrete elements of a good financial plan?Track your money.Write down all your sources of income and how much monthly income you get from each.Write down all your expenses and how much they are every month.This way you can get a sense of your cash flow.And you can watch out for living beyond your means.Seeing where your money comes from and where it goes gives you the picture you need of your finances.See if you can put 50% of your incomes toward needs – mortgage or rent, utilities, transportation and other recurring expenses.See if you can put no more than 30% of your income toward wants – entertainment, clothing, discretionary spending.Then put at least 20% toward savings and/or debt repaymentUse this picture to see if your income is being directed toward achieving your goals.If it is, stick with it.If it's not, look for some ways to make some changes.What else would a good financial quarterback do?Take advantage of every source of income.If your employer offers a 401-k and they offer an employer match, make sure you're taking advantage of it. A lot of employers will match, for example, your contributions up to 3% or so of your salary.It can be a good way to build retirement savings.Make sure you have an emergency fund to cover unexpected expenses.A good rule of thumb is to have three to six months of living expenses socked away in an emergency fund.Get rid of high-interest debt, like credit card debt.Build your savings, that's kind of obvious.But also build your retirement savings with your 401-k, a traditional or Roth IRA and, if you have kids, the 529 college savings plans.Being a good quarterback is all about planning and preparation.Planning, preparation and execution.Don't feel like every play has to score a touchdown.Just keep gaining yards, making first downs and you'll soon achieve your goals.Useful info/linksClever Girl Finance: https://www.clevergirlfinance.com/blog/ten-steps-to-creating-a-solid-financial-plan/Money Under 30:https://www.moneyunder30.com/how-to-create-a-financial-plan-without-paying-for-an-advisorSmart Asset: https://smartasset.com/financial-advisor/what-is-a-financial-plan 

TALKING POINTSEverybody understands what a credit card is, right? It doesn't' hurt to start there.A credit card lets you access a line of credit offered by the bank that issued the card.So every time you use it to pay for something you're borrowing money from the card issuer to cover the purchase.And then you have to pay that money back when your statement comes, either in full or over time.And if you choose to make partial payments then the card issuer charges you interest.So paying just the minimum every month turns into the most expensive option, since it will cost you the most in interest.Credit cards can help you build your credit score pretty quickly, though.Yes, that's true.Either a good credit score, if you're paying on time.Or a bad credit score, if you're not.Your payment history on a credit card will account for about 35% of your credit score.Which is a calculation of how risky it would be to lend you money.You really want a good credit score if you hope to get an auto loan or mortgage loan someday.Is the same true for using a debit card?Nope. A debit card is different.With a debit card, when you use it, it pays for purchase by pulling money out of your checking or savings account.It has no impact on your credit score.Because it doesn't involve borrowing money.Are all credit cards the same? Does it really matter which one you get?It depends on what you want.There's usually a trade off. Rewards cards usually have higher interest rates.Low interest rate cards usually have no rewards.Cash back cards give you money back, which you can use to reduce your balance or you can have the cash back deposited into a bank account.Airline and hotel credit cards give you miles or points you can redeem for free flights or hotel stays.General travel cards give you points that you can use to pay for any travel expense.But keep in mind you only get reward points for using the card to make purchases.If you pay your balance off in full each month, a rewards card can be the way to go.You'll avoid interest and get the reward points.So if you pay off your balance in full each month, think rewards card. And if you make partial payments, think low-interest card?That's right.If you opt for a low interest card, something to watch for is a low introductory rate – which then reverts to a higher rate after the introductory period is over.So you might start with 0% interest but after three or six months that introductory offer will expire and you'll be paying interest.The secret is – know what the interest rate will be after the introductory offer is over. You don't want to be surprised.What about perks and special offers? What are some of the better ones we can get? A sign-up bonus is a good one. You could set aside the bonus to start a savings account or emergency fund.Ongoing rewards and points. It's a way to get back some of the money you spend.A 0% introductory rate. So you can avoid interest on purchases you make during an introductory period.But the main benefits, I think, are being able to build your credit history.Along with the flexibility that lets you pay things off over time, if you have a major or unexpected expense.And what about the costs of carrying a card? What should we watch out for? Interest payments, for starters.Purchases and cash advances, if you don't pay your balance in full everything, you're going to pay some interest.Annual fees. Some cards charge them, some don't. If you're earning a lot of rewards with your card, then a $20 to $50 annual fee might be okay.But otherwise you should try to avoid annual fees.Late payment fees. That's another charge.Just pay on time and you can avoid those.Balance transfer fees. Those can be 3% to 5% of any balance you transfer.Sometimes those fees are waived during a promotion.Foreign transaction fees. That can be 1% to 3% on purchases made with non-U.S. merchants.Not every card charges for balance transfers and foreign transactions but you should check out the card before signing up.Any final advice?It's good to have a credit card. Just make sure you manage it well.Pay your bill on time and, if you can, in full every month.Keep you balance below 30% of your credit limit. That's another good rule of thumb.Don't apply for a bunch of cards.One is usually enough for most people.Check your account online regularly to track spending and protect yourself against fraud.And, if you need to build a credit score, use your card once in a while and pay the bill in full.Useful info/linksNerdwallet: https://www.nerdwallet.com/article/credit-cards/credit-cards-101MoneyWise: https://moneywise.com/a/credit-cards-101SmartWallet: https://thesmartwallet.com/credit-cards-101/?articleid=12183

TALKING POINTSHabit 1 – controlling spending always seems to come first. The foundation for financial healthLet's talk about the 50/20/30 ruleWe're talking about after tax incomeBudget 50% on necessitiesBudget 20% for savingsBudget 30% for wantsTrack your expenses against this formulaAre you spending too much on anything?Not saving enough?One bad habit can cost you, especially over timeAnd check impulse buysAre you buying things based on emotion?Habit 2 – saving regularly. How do we make this a habit?Direct deposit can be your ally when it comes to savingHave part of your paycheck direct deposited into savingsOr into your retirement accountThere are three ways to think about savingsOne, setting money aside into an emergency fundTry to have six months of living expenses saved upProtection against emergenciesSecond, setting money aside for a goal, like buying a houseIt can take time to save up a down paymentThird, setting money aside for retirementA 401-k gives you immediate and long term tax benefits, tooDirect deposit can help you achieve these goals automaticallyYou don't have to think about it every paycheckHabit 3 – building credit. How do we get a good credit score?Don't overlook your credit score.A good credit score can make it easier to get loansAnd at a lower interest rateIt can make life easier and save you moneyCar loans, home loansLandlords use credit checks on renters, tooTo get started, open a secured credit cardOr get a credit-builder loanYou build your credit score by making your payments on timeMost in their 20s barely have fair or average creditSpend within your meansKeep you revolving debt manageablePay your bills on timeSet up automatic payments to help with thatHabit 4 – saving for retirement. This is a real opportunity to build wealth.Might not seem urgent in your 20sDecades awayParticipate in your employer's retirement planThose decades of time mean growth for your moneySimplest terms, compounded interestReal opportunity, growth in investmentsExample: $100 a month for five years, starting at 20Assuming 7% annual rate of returnBy 67, you'd have $118,000After only contributing $6,000If you wait until you're older, the return shrinksAnd you have to put more away to have the same eventual totalIf your company offers a 401-k, contribute with every paycheckIf they offer an employer match, contribute enough to qualifyGet that match, it's free moneyIt's so hard when we're in our 20s.We think about getting a jobFinding a place to liveBuying a car, getting married, maybe travelingThinking about the future is hardAnd suddenly thinking like our parents is harderSaving for a houseSaving for retirementBeing prepared for emergenciesWhen maybe we're just learning to do laundryOr to scramble some eggsBut you don't want to live like you're in your 20sWhen you're in your 40sAnd these money habits are the key to getting readyUseful info/linksKiplinger: https://www.kiplinger.com/article/saving/t063-c006-s001-10-financial-commandments-for-your-20s.htmlThe Balance: https://www.thebalance.com/financial-skills-twenties-2386029NerdWallet: https://www.nerdwallet.com/article/finance/manage-money-20s

TALKING POINTSWhat's the first thing we need to do to make the most out of our money?Managing your money well takes some persistency. You've got to have an approach and stick to it.And the first thing I always tell people is to pay off debt, especially high interest debt like credit cards.Pay off credit cards.Pay off auto loans.Pay off student loans.Don't know which one to start with? Tackle the one that's charging you the most interest.Devote some extra money to it, pay that balance off and then tackle the next one.What about mortgage loans? Where do they fit in this mix?I like to call mortgage debt good debt.Because it's actually returning money to you.Paying off your mortgage builds equity in your home and gives you tax benefits.And these days mortgage loans have very low interest rates compared to other types of loans.So, you could use an extra paycheck to pay down your principal.But for most people it's smarter, overall, to use extra funds to pay down credit cards and auto loans.What's the next step in this smart plan to make the most out of our money?After paying off debt, living below your means tops the list.Think about it. If you're living below your means, then you're not accumulating debt and you're saving a part of your income.Nearly 50% of Americans live beyond their means, which means their income won't cover their expenses.You can try to increase your income.But a quicker solution is to cut your expenses.The best solution of course is to do both.Start by creating a monthly budget and sticking to it.Subtract your bills from your income.Anything left over – or most of it – should go into savings.Start asking yourself, “Just because I can afford it, should I buy it?”Ask that of major expenses and minor expenses.Saving $20 a week on minor expenses can add up and help you live below your means.We've talked a lot about paying off debit and cutting expenses. What about the other side of the equation? How can we make the money we have work hard?First, make sure your checking account or savings account is paying you interest.A money market account or certificate of deposit are also good options and can often pay a bit higher interest than a standard checking or savings account.Whatever you're doing, start saving more now.Whether you're 25 or 45, compounding interest on these types of accounts help you build wealth. The sooner you start saving, the more money you'll have when look to buy a home or when you retire.Try saving 5% to 15% of your monthly salary.And review your spending every month and try to find ways to move more to savings.Small sacrifices can help you increase your wealth.When it comes to savings, what type of savings account should people build first?If you don't already have one, build an emergency savings fund.We all need one of those, and lots of people haven't even started one. I say this because an emergency savings fund helps you cover unexpected expenses without using a credit card.If you can use your emergency savings instead of a credit card, it will keep you out of a financial hole that can take time to climb out of. Having three to six months of living expenses in an emergency savings fund is what I recommend.What about retirement accounts? Where do they fit in?If your employer offers a 401-k plan, sign up, participate, and if you can max out the annual contribution limits, by all means, do it.The 401-k is the primary vehicle for retirement savings these days.And employers will match your contributions up to a certain percentage of your salary.Make sure you have all the information from your employer on that and at the very least contribute enough to get all the matching dollars offered.A typical match is about 3% of your salary. So imagine getting a 3% raise just for contributing to your 401-k. Pretty good.If your employer doesn't offer a 401-k, you still have options.You can talk to your bank or investment advisor about Individual Retirement Accounts, including Roth IRAs and “solo” 401-ks.Any of them can help you build wealth and most come with tax advantages.You don't have to be making a ton of money to open these accounts. But it's important to get started and seek out the advice of your banker or investment advisor on which one may be right for you.Spend less, save more, take advantage of the retirement accounts available to you.You've got it. And start today. The sooner you start the sooner you can see your wealth grow.

TALKING POINTSSome home improvement projects return the investment better than others, right?That's right.The ones you can really count on are remodeling a kitchen or adding a bathroom, like we just said.But others that help you get your money back at time of sale – reinventing a room, such as finishing a basement, adding energy efficient windows or insulation, adding a deck, and just keeping the basics in order. Money is almost always well spent on these projects.Are there others that don't make the same return on investment?Oh, sure.Homeowners can really value and enjoy these things, but they don't show the same return on investment.Things like swimming pools and whirlpool baths.I'd add sunrooms and expensive landscaping to this list, too.These things bring a lot of enjoyment so I wouldn't shy away from them if that's what you want.Just realize that not everyone values them as much as you might.What if you want to make these improvements but feel you don't have the savings to cover it? What are some of the options homeowners have?Well I want to talk about home equity loans and home equity lines of credit.Those are the two options that most homeowners have.Both let the homeowner borrow against the equity they have in their home.And equity is the difference between how much principal you still owe on your home loan and the current value of your home.So let's say the current value of your home is $250,000.And you owe $150,000 in principal (not counting interest) on your loan.That gives you $100,000 in equity in your home.And you can borrow against that equity to pay for your home improvement project?You can borrow against it to pay for anything, really, it doesn't have to be a home improvement project.But the advantage of using it for a home improvement project is that the interest is then tax deductible.Which is nice.So if you've got $100,000 in home equity you may be able to borrow up to $80,000 or $90,000 in a home equity loan or line of credit.And the difference between the loan and line of credit?With the loan, you're borrowing a fixed sum at a fixed interest rate and on a fixed payment schedule.So it's more of a one-time loan which you pay back on a schedule.With the line of credit, you're setting up a revolving account that gives you access to a specified loan amount, home equity that you can call on anytime.And you can access that account whenever you need it by writing checks.You get monthly statements showing what you've borrowed and you make payments against what you've borrowed.A lot of people prefer the line of credit, because it revolves and they don't have to go back to the bank every time they have a home improvement project or other need.And the interest is tax deductible with either the loan or line of credit?Under the current tax law, it's only deductible if you're using the money to buy, build or improve a home. It's not tax deductible for anything else.But of course I'd encourage everyone to consult their tax advisor on tax questions and issues.Any other thoughts for homeowners dreaming of a home improvement?You know, talking with your mortgage lender or tax advisor can help you decide what's best for youWe have these types of conversations every day.You don't have to have your mind made up before you call us. Just give us a call. We'll be happy to hear from you.Useful info/linksMoney Crashers: https://www.moneycrashers.com/7-home-improvements-to-increase-its-value/Investopedia: https://www.investopedia.com/mortgage/heloc/home-equity-vs-heloc/FNBO: https://www.fnbo.com/insights/mortgage/dreaming-of-home-improvement/index.html 

How important is having a strong password – whether we’re talking about your account at Amazon or your online bank accounts?This seems like real obvious advice but your password either makes things easy or hard for hackers.Some of the most common mistakes are using your name, address or date of birth.Short passwords or common words or simple number combinations are also bad ideas.And you don’t want to use the same password for multiple accounts, which a lot of people do. You want to have a different user name and password for every online account.And you want to update them regularly, about every three months.A rule of thumb – a password that’s easy to remember is easy to hack.Try using longer phrases, using upper and lower case letters, including numbers and special characters.What about two-factor or multi-factor authentication? How does that help?It’s an extra step, after you enter your user name and password.And it really steps up the security of your account.For example, you may need to enter a special code that gets texted to you, verify your account through an automated phone call or identify a pre-selected image.More people are using this. They enter their user name and password and then a special code gets texted to them on their mobile device. They enter the code and then access their account.This makes your account a lot safer. The special code is one-time use only and sent only to your device.So every time you want to access your account you go through that process.What other steps can we take?I tell everyone I talk to – avoid using public Wi-Fi, especially when you’re shopping or banking on your device.You can’t count on public Wi-Fi to be secure.Say you’re at the local coffee shop – nearby hackers via public Wi-Fi can easily eavesdrop on your online activity and get your information.Stay away from public Wi-Fi or any kind of public hotspot for any kind of financial transaction.What if you’re traveling or out in public and there are simply no other options?If you have to use it, there are a few things you can do to keep yourself safe.Disable public file sharing on your device.And only visit sites that are encrypted.An easy way to check for encryption is to look for the “https” in the site’s URL.You’ll see a padlock icon to the left of the URL in your browser.And be sure to sign up for bank alerts.Bank alerts are one of the easiest ways to stay on top of your financial information.They’ll come in a text or email and let you know about new transactions or login attempts.And if you get an alert about a login or transaction you don’t recognize – call you bank.We hear a lot about Phishing scams, Phishing emails these days, too. What can we do to protect ourselves from giving up our personal data to one of these scams?Phishing scams are often email scams. Sometimes they’re phone calls.The email will give you a link or login to what looks like a legit site, but it’s really a dummy website. They’re trying to capture your login information or other personal data.Another type of phishing email invites you to click on a link. Don’t do that.These links can automatically download malware onto your device that then tracks your keystrokes and identifies things that look like user names and passwords.If you’re worried about whether an email is legit or not, the easiest thing to do is call your bank.Call and verify the email is legit if you’re even the slightest bit worried.All the same rules for our credit card and debit card accounts?That’s right. We access those accounts online, too, checking transactions and balances.We’ve got these Be Kind Debit Cards now and my motto is be kind to your money and keep it safe.Just follow these same guidelines for your cards. 

Is it time to start thinking about purchasing your first home? While it may seem like the only thing you need to make that dream a reality is money (a great, big pile of it), there’s a bit more to it. Buying a house is no small feat. The more you can do to prepare, the better. Here are a few tips to prepare yourself financially and mentally, well in advance of the closing date.

Assessing your desired lifestyleIt seems like a no-brainer, but to reach the finish line and retire how you would like, you have to determine your target amount. According to an FNBO ‘Retirement in America’ study, 69 percent of those who have yet to retire hadn’t calculated how much they needed to do so. In order to know that target amount, you have to take into consideration what your life looks like and how much you want it to adjust. The last thing you want to do is guess, or just improvise until you are too close to retirement to make any adjustment or plan.Typically, you want to save enough to live on 75% to 85% of your pre-retirement income.  That varies based on how much you want to adjust in comparison to your pre-retirement lifestyle.  Some folks stay very active or have bucket list items they want to check off.  Maybe the house becomes a smaller one, health costs change….It all factors in.Barbara goes into a basic formula for calculating necessary retirement savings amounts ( Subtract your projected expenses in retirement from any guaranteed sources of retirement income (Social Security retirement benefit, pension, annuity payments). This is the amount of annual expenses you must fund with savings. Multiply this amount by the number of years you expect to spend in retirement.) How early should we start saving?Simple answer: as soon as you can. A lot of Americans aren’t doing that, however.  According to the survey we mentioned earlier, 19 percent of retirees were older than 50 when they started saving for retirement. 16 percent were between 41 and 50.You want to avoid starting that late, but if that’s where you are, an advisor can help. Bottom line, the answer to this is start saving yesterday. Talk about compound interest helping those who save earlier, and use $250 per month as an example amount, comparing totals starting at age 25, 35 and 45. What kind of hurdles does the normal person face when trying to stay on track? Well, this figures into your budget no matter what stage in life, but…DEBT.  You’ve got the average household owing over $15k in debt. The interest and principal payments on heavy debt like this will severely hamper your ability to put money away for the future.  Every day budgeting helps with this. Another item: the unexpected. Many folks working toward retirement and saving tend to look at the situation in a vacuum.  They calculate (or, without an advisor, they guess) and decide, “hey, based on a percentage of my pre-retirement income, I’m going to save this much continuously all the way up until I retire, then this number will be the rock-solid, be-all-end-all yearly number and I am good.  What they don’t plan for, however, is health coverage.  You want to keep that on your radar. Employer sponsored coverage will stop, and you’ll have an adjustment to plan for there. Medicare helps, but all things considered, you want to look close at what is bound to happen—a shift in health care and healthcare coverage costs.  We don’t want you surprised when it comes to that. Also, don’t touch!  Your retirement savings is for just that—retirement.  Obviously in absolute dire emergencies you can look at using it, but it’s best not to.  There could be penalties involved in withdrawing early. Quick Facts“There's never enough time to do all the nothing you want.” – Bill Waterson, Calvin & Hobbes“The best time to start thinking about your retirement is before the boss does.” – Author UnknownOnly 58% of Americans are actively saving for retirement Only 36% of Americans strongly agree or agree that they know how much money they’ll need to retire.The average debt load for Millennials is $30,580, and the average household income is $55,200.A majority of Americans are learning about retirement by word of mouth.

What’s so hard about managing finances in a marriage? Why is it such a challenge?You’re looking at money from a combined position now.Combined income, spending habits, debt, credit scores, goals,First thing you really need to do is get a picture of your combined financial position.You really need to get everything out on the table.Incomes, savings, retirement savings, debt, credit scores, insurance policies.Get all of your assets and liabilities listed out and see where you stand.This comes first. And it isn’t easy. We’re still very private about money, even with our spouses.In business, they say information is power. And sharing information is sharing power. That’s kind of true in a marriage, too.It takes a lot of trust.Let’s say they get through this first step, they share everything, what comes next?Talk about priorities.And make sure you agree on priorities.Whether it’s paying down debt, saving for a home, buying a new car, planning for children.Everything about marriage has a financial side to it.Eating in or dining out, taking a vacation or going to a concert.Talk it out, as much as possible.And be specific – for example, when it’s okay to use a credit card to make a purchase.You don’t have to agree on everything 100% but it helps to have a common understanding of how you’re going to manage money.Let’s say you agree you’re going to save for a home and pay down student loans. Those are your priorities. And of course to have an emergency savings fund, a savings account that buffers you against the unexpected.Then it’s time to set specific savings and payment goals.How detailed do we need to get on these goals?Very detailed.Make a budget that identifies all your income sources, savings goals and spending limits.Know how much you’re going to set aside with each paycheck saving for a down payment on a house or paying of a student loan.Be detailed. This can be challenging but making that budget and sticking to it will give you some peace of mind about your finances.And it gives you a way to measure how you’re doing each month.Will this approach work for everyone? And do they have to decide who’s in charge of their money?It gives everyone a starting point. But another important aspect of managing finances in a marriage is defining responsibilities.Who does what?Who pays the bills, who pays for miscellaneous expenses, who manages the accounts.And will there be joint accounts or individual accounts?Don’t leave these things for time to decide. Talk about them. You can always change roles and responsibilities later if you want.That’s a reassuring idea, I think, that it’s not a one-time discussion or decision. It’s ongoing and something that can always be discussed and changed around.Absolutely.Couples should always be talking about their finances and adjusting their goals and budget as needed.Incomes change, goals change. Keep the conversation current. Keep the communication going.And track your progress. Whether it’s once a month or once every three months or so. Sit down together and take a look at how you’re doing.Communication is the key.You’ve got it. Useful info/linksFNBO: https://www.fnbo.com/insights/personal-finance/how-to-manage-finances-in-a-marriage/index.htmlMoney Crashers: https://www.moneycrashers.com/money-management-newly-married-couples/Simple: https://www.simple.com/blog/how-to-manage-money-as-a-couple

What is a financial advisor exactly? What do they do? And should you be working with one? Those are some of the questions we’ll be tackling in this episode. Keep in mind, there’s a financial advisor available for every budget and financial situation. You don’t have to have a ton of money to be working with one. Tune in now!

Let’s talk CREDIT SCORES.

Put on those holiday sweaters, festive socks, and have some hot chocolate by the fire, because today we're talking about holiday spending and saving.

Is it expensive to adopt or purchase a pet? Juli asks about all that’s involved with pets and mentions how quickly a home can be taken over by all the crazy accessories. We jump back on task with the expense discussion…tune in now. Some steps to building a budget before bringing home a pet 1. Think about if you want to adopt or purchase a pet and find out costs for each 2. Research food costs 3. What accessories would you like your pet to have 4. What are the medical costs for the first year? Subsequent Years? 5. How can you adjust your current lifestyle to save for an unexpected vet visit?

In this episode you will learn what the 50/20/30 rule is and why it is important to keep to these percentages. Following this rule helps you stick to your budget and reach your goals. It gets you mentally prepared for the month so you don’t have any surprises in your spending. Tune in now!

What is Mortgage Refinancing, and When is the Right Time? You’re throwing your money away! (Do we have your attention now?) Well, you could be–if you haven’t looked at refinancing your mortgage in a looooooong time. This episode will walk you through refinancing, and some things to consider or ask your lender when that time comes.

Let’s learn a little something about saving today, shall we?GUESTAdam Heng. TALKING POINTSWhat defines a financial emergency?Why is it important to have these funds set aside?Is there a ‘magic formula’ for what number is necessary?The ‘Extras’QUOTESDo not save what is left after spending, but spend what is left after saving –Warren BuffettHe who buys what he does not need, steals from himself –Swedish ProverbToo many people spend money they haven’t earned, to buy things they don’t want, to impress people that they don’t like. — Will RogersYou must gain control over your money or the lack of it will forever control you. — Dave RamseyIt’s amazing how fast later comes when you ‘buy now.’ –Milton BerleThank you for listening. Don’t forget to subscribe and keep an eye out for more Cashology® coming your way soon. SUBSCRIBE: Cashology on YouTube: https://www.youtube.com/channel/UCQvLFYVGVatKkqsOolBIhrg/?sub_confirmation=1 Connect with FNBO: http://www.youtube.com/c/fnbovideos?sub_confirmation=1! Cashology Facebook Group: https://www.facebook.com/groups/cashologybyfnbo/ Facebook: https://www.facebook.com/fnboTwitter: https://www.twitter.com/fnbo Learn more: https://www.fnbo.com/insights