budget

Is it Worth It? (Spender vs Saver)

Sara — Mon, 14 Jan 2019 17:02:14 +0000

Is it Worth It? (Spender vs Saver)

Sara Mon, 01/14/2019 - 11:02

Jan 14, 2019

Everyday people from many different cultural and social backgrounds and with different personalities come together to form one family. And it's a beautiful thing. But, what happens when there's a clash in values, particularly in the way you value money? Let's talk about it.

A value is a force within you that will influence your life. Your attitudes about money will affect how you relate to it, to yourself and to others. Not all of us have strong financial values. And not all of us have the grace needed to deal with the partner in a relationship who has weak ones. Most commonly in a relationship, there is a spender and a saver. Each one pulling the financial rope in opposite directions. The spender wants to enjoy a high quality of life with all the comforts of the here and now, while the saver wants to feel financially secure, sacrificing comfort for financial security.
This dance can quickly turn into a tug of war because their different views of money can cause hostility between them.

Some couples quickly realize that if they want their homes to be peaceful, they must learn how to compromise, learn and make it work. Understanding all the while that it's never easy, but with work and cooperation, they can pull through. Other couples never catch on to the pitfalls of financial disagreements and allow these arguments over money to become frequent and endless because, in the end, it’s not about the expense itself but about what money means to each of them.

These fights instead of solving the problem, merely widen the distance between the couple. They continue to argue incessantly, and the more a couple bickers about money, especially if more than once a week, the higher the possibility that they will end up divorced. Not even diverging political views can cause havoc in a relationship the way different views of money can.

There comes a critical moment in which couples that disagree with how to handle their finances must decide if they are going to continue fighting or if they are going to establish parameters in these areas of their lives and be amicable as they work through their differences.

What can you do when you become stuck in the vortex of financial disagreements?

When an argument about money arises, don’t allow your disagreements to turn into a deadly battle, where one loses and the other wins. On the contrary, acknowledge that the argument the other person is making has as much validity as yours does. Give their case the same consideration and respect that you give your own.

Establish firm boundaries with the help of a third person, if necessary, and commit to trying to understand what that need to spend or save means for the person you love.

If you are the spender, grow your character by learning to delay instant gratification. If you are the saver, be more flexible in the things you are willing to spend money on for the sake of the relationship. Can't come to an agreement? Here are some tips on how to tell if something's worth buying.

In the end, your relationship is worth more than gold and no disagreement is worth the emotional toll that all the fighting brings. Learn to value each other above all.

by Eva Fleming

budget

finances

Language English

The Only 2 Budgeting Tips You’ll Ever Need!

Sara — Tue, 01 Jan 2019 17:36:20 +0000

The Only 2 Budgeting Tips You’ll Ever Need!

Sara Tue, 01/01/2019 - 11:36

Jan 1, 2019

Adulting sucks. You wake up, go to work, go home, sleep, eat and repeat. And then that glorious day comes where you get paid and you’re all like, “hallelujah, I’m about to make it rain.” Only to have the rug pulled from under you by those things called bills. And do you know why? Because 5-10-15-20 years ago you were sitting in your parent’s house thinking, one day I’m going to be my own boss, make my own rules and do whatever I want. Yeah. Congratulations. You got what you wished for. You’re an adult and there’s no turning back no matter how hard you try.

But it’s ok. Cause you’re a pretty fantastic adult. You go to work and maybe even have a family that you love and are nice to. You do a good deed every now and again, you give some money to charity and you call your mom once a week (BTW - did you call your mom this week? Get on it. She’s probably worried sick about you; it doesn’t matter that you’re 30 or 50 for that matter. Remember, family first.) Where was I? Oh yeah - you’re pretty good at this adulting thing.

And now, you’re thinking to yourself, It’s New Years. It’s that time of year where I’m going to make changes. Good changes. Changes that will make me a better person. And you wrote those down. You made some amazing resolutions. Didn’t you? Resolutions that you’re going to stick to...for real this time. And of course on top of that list is…(drum roll please)... making a budget and sticking to it. Because on top of being an amazing adult, you’re also a responsible adult. Bam! Plus, like your abuelita always said “a pobre viene, quien gasta más de lo que tiene.” (You’ll end up poor if you spend more than you have. Except it rhymes in Spanish and sounds way wiser and abuelita-like.)

Anyway, enough about your grandma. So, what are those two budgeting tips? Brace yourselves; they're life-changing…

Step 1: Make a Budget

Step 2: Stick to It!

Tada. So easy. We’re done here.

Seriously. Why do we need to make adulting so hard on ourselves? Life is hard enough. But fine. If you want more on how to make a budget, or on how to save money, check out this blog and use this budget sheet. Otherwise just follow the budgeting tips I so generously gave you. They totally work.

Like I said, easy peasy. Tell your abuelita I said hi and “bendición”.

by Sarah Pichardo

budget

finances

Language English

Where Did all the Money Go? Making a Budget

Sara — Tue, 01 Jan 2019 00:01:35 +0000

Where Did all the Money Go? Making a Budget

Sara Mon, 12/31/2018 - 18:01

Dec 31, 2018

A budget is just a plan for your money. But as simple as this definition might be, the actual task of creating a budget might be daunting for some, yet necessary if we want to be able to go on vacation, pay off our debts or save for retirement.

When I don’t keep track of something as simple as my grocery bill, my budget is shot, and life unravels! I don’t know what it is about that section of gourmet cheeses in the grocery store that makes me lose all common sense and run up my bill mercilessly.

So, before you put pen to paper to start jotting down your income vs. expenses and making your budget plan for the year or the month, ask yourself: What is your motivation to spend less than you make? Why are you putting yourself through this rigorous exercise of self-control? Once you understand your reasons, walk in your mind to the end of the road called Budgeting and imagine where you have ended up. Then ask yourself, “how does having a few extra dollars in my savings account feel like because I stuck to my budget?” If you like the thought of freedom, then commit to make a budget and stick to it.

If you are a not a saver by nature, budgeting will not be easy for you. Those of us who like nice things and the comforts life has to offer can hardly be blamed when we run out and get the things we want or upgrade everything we have every opportunity we get. After all, we are living in a society that is continually pushing their wares on us. “What can I say? I like shoes. What is a girl to do if TJ Max has a sale on shoes?” But just like an alcoholic take it one day at a time, you too need to take it one day at a time when living on a budget. Don’t go shopping unless you need to. Don’t spend that extra money on another pair of shoes unless you have accounted for it in your budget. Find something fulfilling and productive to do instead of shopping or overspending money on leisure.

In my journey to budgeting, my husband and I have had to give up cable TV. That was hard because I really like Outlander and Better Call Saul. But I don’t think that ten years from now those shows are going to make a difference in my life, so we’ve sacrificed and found something more productive with which to fill our time. I have taken up running and volunteering at my kids’ school. I can testify that both activities are more satisfying than any show cable TV has to offer. Our family is much more united than ever. And because we're not looking at the TV, but rather at each other, my spouse and I have rekindled the spark in our marriage.

There are many budgeting tools on the Internet you can get to help you. Your bank also most likely has a budgeting feature they offer to you for free. Family Bridges teaches workshops that can help you budget wisely.

But before you download your favorite budgeting tool, think about your long-term goals, then write down your weaknesses and account for each of them in your plans. And finally, make your budget and put it on a visible spot in the house where all can see it.

A detailed plan for your income and expenses in a given period is right to have. Here's a budget sheet you can use. Don’t be scared to tell your money where to go. You got this!

by Eva Fleming

budget

finances

Language English

The Sky is the Limit! Learning to Live Debt Free

Sara — Thu, 05 Jan 2017 23:04:36 +0000

The Sky is the Limit! Learning to Live Debt Free

Sara Thu, 01/05/2017 - 17:04

Jan 5, 2017

Bills, bills, and more bills kept coming with no money to pay them. My husband was barely making minimum wage and hardly spoke any English. I was pregnant with my first child and was not working at the time. We lived in a tiny studio apartment, and our kitchen was the size of a closet. I often didn’t know whether we would have enough money to buy groceries or even some milk. Those were some really tough times.

Things eventually started to look up for us, I found a good job, and my husband was doing great at his job. Both of us were making good money. However, our family kept growing, and so did their needs. To keep up with the growing demands, we used credit cards. We would use one credit card, then pay it off with another credit card that offered 0% interest for a period of time. It became a vicious cycle, and instead of having any financial freedom, we were over our heads in debt. We were working two to three jobs to make ends meet and help put our kids through college. This debt burden caused sleepless nights, worry, anxiety, stress, fear, and health issues.

One day we decided to finally get our finances in order. I admit it was hard and required a lot of discipline. We made a plan, created a budget, and started to tell our money where to go. We began to get a grip on our finances until, little by little, we finally became debt free. It took some time to get out of the mess we had gotten ourselves into. Yet, we were determined to climb out of the hole we had dug ourselves into.

This process required both my husband and me to work together. We started being more careful about how we spent money and what we spent it on. Any purchases we made had to align with our budget and financial goals. We only made purchases with cash, and we saved for vacations and major expenses. We didn’t spend what we didn’t have. We are now in a situation where we have financial stability and get to do things we have always wanted to do. The best part is that we have been able to increase our contributions to others and organizations that make a difference.

My husband and I are more connected today than we have been before and know that we can make our dreams become a reality when we work together. What did I learn from this experience? It started with a simple decision…I wanted to be debt-free. Then together with my husband, we began a budget and a plan.

Don’t get discouraged during the challenging first months. Trust me; it does get better. Do not give up when you get frustrated because changing old habits and behaviors takes time. Allow some room for growth, and do not expect things to change overnight. Here are a few financial tips I have learned.

Create a budget (include all your expenses).
Balance your checkbook.
Stop using credit cards… cut them up. Save for big purchases and pay in cash.
Have an emergency savings fund… this will help with those unexpected expenses that normally we would go to a credit card for. If you have the money saved, you don’t need the credit card.

Of course, there are many more tips, but this is a good start. Remember, a little hard work and discipline will get you where you want to be - financially free!!!!

by Omaira Gonzalez

Language English