Creating Financial Wellness & a Game Plan during a Job Transition or time of financial instability

Let’s see where you are at financially at this moment, so you know what your financial picture is before starting this journey:

What is your financial picture right now?

• Do you know what comes in and what goes out each month and if there is money left over or if you are in the negative?
• What is in savings?
• What is your additional backup plan for money? Other accounts?
  • If you don’t feel good or feel uncertain about your numbers, jump right to the “Treasure Hunting Your Own Treasure” exercise.
• Write all these numbers down and take a deep breath, you got this!

Where should I even begin?

• Create a game plan or list of ideas of things you can work on
  • This can be sticky notes to help you get each idea on paper
  • Categorize your sticky notes- you will see a pattern emerge: calls to make, processes to create, projects to do, rules to implement

Coming up with ideas to help your financial picture:

Treasure Hunt Your Own Treasure

• See where your money goes each month if you don’t already know and have a budget in place.
  • Look back so you can move forward:
    • Look back 3 months of statements from wherever money is spent (checking account/ debit card, credit cards)
    • Get out 6 highlighters and choose one color per category and go to town on your statements
      • Categories: Income, Restaurants/ Groceries, Entertainment & Misc., Fixed Expenses, Gas/ Car Expenses, and debt payments
      • Total each category up for each statement period or month (30 days) and divide by 3 or 2 (depending on how many months you went through) and this will tell you what on average you spend in these areas. This is the formation of a budget! Now you know where your money goes and where you want to make changes.
      • You can further drill down on categories to see where your opportunity is to cut back or shift dollars.
  • Finding “treasure” in my existing financial picture:
    • Cancel subscriptions/ services you no longer love and use regularly enough
    • Call your cable/ internet company and see if you can get a better rate- shop it out, threaten to quit
    • Call your cell phone provider and make sure you have the best plan and most value, shop it out to make sure.
    • Contest any strange charges you see- medical, debit card, credit cards, ect.
    • Call your CPA/ Accountant up and see if there are any other deductions you qualify for or things you can write off.
    • Have an Insurance Broker shop out your insurance policies- everything from life insurance, home, and auto
    • Bring any investment statements or paperwork to me and let me see if I can save you money as well as get your investment account more efficient for your timeline and risk profile. You would be surprised what hidden fees are here.

Processes to Create:

• Plan your expenses ahead, look to see what expenses you typically have each month so you don’t have any surprises and can plan for those expenses.
  • Here are a few ideas to get you rolling:
    • Annual shots and check-ups for your pets
    • Birthdays and birthday parties
    • Parties you like to host or big events you must dress-up for
    • Renewals for credit cards, Costco, registration fees
    • HOA dues
    • Insurance renewal
    • Annual landscaping treatments or pest control treatments
    • Holidays and all the festivities that come with them: outfits, baking, gifts, decorations
• Grocery shop with a list you created while meal planning
  • When you meal plan, choose your meals around what is on sale at the grocery store.
  • Make a little extra so you have leftovers- don’t waste them
  • Don’t waste anything, you might have some funky combinations of food, look at it as nourishment.
  • Go to the store early in the morning when it opens so you get the sales before they run out.
  • Have a backup plan- a frozen meal is a good filler here in case you are not wanting to cook and have eaten up your leftovers.
• Stay away from tempting situations that will cause you to overspend or eat up your snacks when you are just bored.
  • Put a copy of your schedule in the kitchen, each time you wander in there make sure you are scheduled to be there, if not, leave for your own good.
  • If you don’t need to be shopping, close out of the website.

Projects to do:

• Make a list of all the things you have been needing to do and wanting to do but you haven’t had time to do. Have fun with this!
  • Organize the pantry and the toiletries (it is imperative you know what you have since going to the store should happen as little as possible and Amazon purchases should be limited).
  • De-clutter- this will make you feel so much better and give you a little bit of feeling in control during a time of uncertainty.
  • Gather your retirement account statements and consolidate those old 401ks floating out there- I would love to get to help you with this and do the leg work for you. This will likely save you money on fees and help you optimize your investments.

Rules to Make:

• These are ones I use to help regulate my everyday spending:
  • Don’t pay full price for anything – unless it is an essential item such as milk and eggs (those are usually the cheapest at Aldi).
  • Coupon rule for the grocery store- if you need it, you have a coupon, and it is on sale then buy it- buy multiples of the item if it is within the budget (more of a non-pandemic rule).
  • When you do grocery shop- have a list and only buy what is on the list, noting extra.
  • No Spend Days- I know this is an easy one now but designate those days so you won’t shop online when you are bored.
  • Make a rule for online shopping- you can only buy things online on Tuesdays- this will cause you to really think about your purchases.
• Keep healthy:
  • Have an exercise routine
  • Schedule when you are going to go outside
  • Have a wake up and bedtime routine
  • Limit your treats
  • Stretch
  • Pet your Dog
• Positive Mindset
  • Limit your time watching TV or reading news articles- Fear makes money! Remember that!
  • Call a family member a day
  • Text your friends to joke and check in
  • Write down 5 things you are grateful for each day
  • Dance when you cook
  • Play a board game, do a puzzle, read a book, ect.