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11/03/2014

Cash Corner w/ Connie- Part III

By now, I’m pretty sure most of my Facebook friends are aware of my goal to be debt free. Consequently, I have had many individuals inquire about what I am doing to get there. This past Monday, I had 10 ladies join me for my 3rd installment of ‘Cash Corner with Connie’. I implemented this event to share my experience throughout my Project Money journey. This group has also evolved into a support group of sorts for individuals that are on the road to financial freedom or trying to figure out where to start. (Read my past Cash Corner blog here).

This event was extra special because we had a few Summit Credit Union leaders attend, including my financial coach, Emily, who presented on the topic of budgets. In light of the upcoming holidays, she touched on the ways that would make this time of year less stressful regarding finances. Additionally, Attendees also had the opportunity to ask any personal questions and share their own tips and tricks with the group. Emily followed up via email with the group and shared a holiday budget sheet and personal inventory document used for estate planning.

Here were a few takeaways from our discussion:

  1. Plan for holiday expenses throughout the year, by setting aside $20, $50 or whatever amount you desire, each pay period to appropriately plan for the many expenses you would anticipate during the latter part of the year.
  2. Have the tough conversations regarding will and estate management in order to plan in advance for any unexpected life events; share passwords and “hiding places” that may need to be accessed. (Read how Louise and Dave have started that process here)
  3. Pay your credit card balance off each month; think of it as cash versus using it as “life line”. If you can’t pay for it in cash that month--then you shouldn’t be buying. Emergencies are the exception. Those new pair of shoes that are on sale at Nordstom Rack is NOT an emergency.

 

The subject of budgeting was befitting as Emily and I have implemented my bi-weekly budget with adjusting allotted amounts being directly deposited into their respective accounts. Emily’s motto of “every dollar should have a home”--is one that can help avoid any scrambling when life’s unexpected events happen. At least this will allow you to be somewhat prepare.

A very special shoutout to my neighbors, Jen and Paul at Oasis Cafe for allowing me to utilize their space. Much, much appreciated! Thank you Emily, Lisa and Amy for supporting the event and providing the goodies and Summit swag--everyone seemed to have really enjoyed themselves!

The last Cash Corner w/ Connie will occur in December where it will be part educational and part celebration for completing the journey! See you there...

Comments

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We never kept track of holiday spending until last year. I was amazed at how much you could spend - and we spend very little. Now Troyer and I have about a $30 to spend on each. We spend about $100 per kid (2 kids) and really, that's plenty. We've also decided to forgo gift giving with Troy's brother and his wife and decided to spend the weekend at a water park together in January. That weekends memories will last a lot longer than the 2 seconds to rip off the gift wrap!

Connie, I love hearing how you are sharing your progress and tools with friends via your Cash Corners. Budgets, holiday shopping and estate planning -- you guys are hitting all the highlights.

Could you send the holiday budget sheet to me? I'm interested in seeing it!

Yes, Katie--I will forward that to you!

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