True Love & BudgetsFiscal Fitness Clubs of America
Ah, Valentine’s Day is past and we showed our loved ones how much we care!
Now we just have to show them the bill! Did you know that the number one listed reason for divorce and family conflict is money conflicts? The Business Insider had some statistics on love and money for newlyweds: “In both the first and third years of marriage, money was most often reported as a topic of marital disagreement. It beat out tensions about leisure, each spouse’s family or origin, children and religion.” What is really stunning is that although 91% agree that it is important to discuss financial history before marriage, 26% of married couples admit that they tend to avoid talking about finances and had no discussions about it before walking down the isle. An American Express survey reported that 1/3 of couples reported finances to be the most stressful facet of their relationship. Another study showed that satisfaction with marriage decreases in proportion with debt level! Go figure! So, what better way to show your love and improve your marriage & family life than to tackle the budget….together?
***Invitation: All of our members and non-members are invited to the FREE webinar coming up on “The Psychology of Money”, March 8th at 5 p.m. MST/ 7p.m. EST , which is a great place for couples to get a better understanding of why there are differences in views of money and decision making. Follow that with the “Couples and Money” FREE webinar on March 31st and outlining ways to increase relationship understanding and satisfaction. For our club members, if you haven’t reviewed the “Taking Stock: Annual Review” class, be sure to check it out, since it goes through the budgeting process.***
The Goal: To develop a spending pattern that gets you what you want after you have identified what expenditures need to change.
The Benefit: At the end of the year, you will be closer to your goal and more satisfied with your money. There will be less stress and conflict and more financial peace in your relationships.
Here are the steps:
• Review your goals, so you remember what you REALLY want from your money!
• Go into Guide Financial (or any expense tracking tool you use) and look through last year’s expenditures and identify what you wish you had redirected to those goals. Figure out how much further you would be if you had! (That’s motivation!) Let your partner identify what they wish they had done different! If the expense was a joint one, it’s okay to comment on that one. Share your observations about what you wish you had done differently with hindsight.
• Build a monthly & annual projection budget, so you can see what anticipated NON-routine expenses may occur this year and put them in your monthly budget. (Remember: If it doesn’t work on paper, it won’t work in real life!) If you are a club member, be sure to contact your coach if you need help. Bring your budget to the class or club, if you want a second opinion and great suggestions for saving $$$. Club members will find a form for this in their Fiscal Fitness Playbook and the Taking Stock class will cover all of it.
• Discuss what might be a roadblock that needs new patterns (eating out, shopping, cable, etc.). See if you can identify a path to success. If not, club members, write your coach or ask a friend to give you suggestions. We are good with these types of challenges, so give us a try!
• Commit to the new plan and a strategy and help each other stick to the plan.
• Celebrate!! (Low budget of course!)
You can sign up online at our website, email your coach, or email us at info@fiscalfitnessclubs letting us know you’d like to join the “Psychology of Money” class on Tuesday, March 8th @ 5 p.m. MST/7 p.m. EST!