Finance$ with a Female Focu$ "it’s NEVER just about money!” Brought to You by money management Counselors/FI$C a non-profit Serving door & Kewaunee counties since 1994 |
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Greetings to some awesome women! Welcome to “Finances with a Female Focus” Newsletter #8 Wow! Where is summer going? This question is similar to what some of my clients say: “Where is my money going??” Plus, the holidays are coming in less than 6 months. Yes, I know – summer and holidays??? I just did a Money Management Mondays radio show with Nick Freimuth on July 23 about holiday planning starting now. Sorry!! LOL (you can find the recording of this show on our website). So, in this newsletter we are focusing on all KINDS of ways to gain control of your finances – no matter what your age or income level. Find a goal that works for you; that motivates and inspires you to reach it. Maybe it’s better holiday planning, maybe it’s saving for a vacation or to be able to attend a family member’s wedding. Maybe it’s just tracking your spending so you KNOW where your money goes. We have a lot of fun and simple articles, apps and book suggestions to help get you jump-started. There’s even info about helping your kids learn to manage money. And, because it is such an important financial time, we have some tips about navigating finances during divorce. Like I always say, it’s more like “til debt do we part”. Please review this article if you are going through a divorce. And remember, call us to set an appointment if you’d like 1-1 confidential, non-judgmental assistance moving through any financial transition. The choices are always yours to make! |
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In This Issue How to stop your emotions from clouding your financial judgement, What kind of financial personality are you? Financial sage or spendthrift? Our quiz will reveal your style with money , Great Apps that helps parents teach money management to their kids, A Great Book for women-which will help you learn how to financially navigate thru a divorce, a great article on How to spend less, save more, and clean up your (financial) act, and many more great tips for women to take control of thier money. |
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What Kind of Financial Personality Are You? In an exclusive survey, Glamour asked women all over the country how they spend, how they save, and what they think about their dollars. By Christopher Murray May 24th, 2018 "All of us look at spending and saving differently. Some of that's due to the way we were raised, but the rest is based on our personalities. We made a fun little quiz to reveal your financial personality! "-A quote from the article | | |
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Suggested Book Money & Divorce: The Essential Roadmap to Mastering Financial Decisions by Lili A. Vasifeff Most people head straight into divorce without preparing themselves for the journey that lies ahead. Whether or not the divorce is of your choosing, you need the necessary guidance and useful information. Financial planning for the future is an essential part of every divorce settlement. Separating couples often face a significant financial transformation. The bottom line is that two households must now survive on the dollars that formerly supported one. Transition is a critical time when you need the most help to understand the pros and cons of your financial options, how to set priorities, and when to reach a settlement with confidence. Money and Divorce: The Essential Roadmap to Mastering Financial Decisions will help you make informed and intelligent choices concerning financial issues in divorce. The book explains the fundamentals―illustrating how to set goals, deal with finances, navigate the legal process, and protect against unforeseen events. (Amazon) | | |
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Nerdwallet: How to Untangle Your Finances in a Divorce By Bev O'Shea "Financial decisions get complicated amid the emotional upheaval of a split. “So many people say, ‘Oh, it’s going to be an amicable divorce,’ and three months later, they are keying each other’s cars,” says Kitty Bressington, a certified divorce financial planner in Rochester, N.Y. Don’t let your emotions derail your economic well-being. Here are three major areas where you’ll need to make clearheaded decisions — sometimes well before anyone visits a lawyer."-Excerpt from Article by By Bev O'Shea | | |
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| | Suggested App Bankaroo is a virtual bank for kids, helping them manage their allowance, gifts, and chore money.
Created in 2011 by 11-year-old Dani, Bankaroo is helping hundreds of thousands of kids around the world manage their funds and become money-smart.
Using gamification and a simple, bright interface, Bankaroo helps parents teach their kids the value of money. Both parents and kids have access to the kids’ accounts, where kids can save up for goals and earn badges and parents can track where their kids’ money is invested. Kids can even earn interest on their savings!
Bankaroo Plus (available as a one-time in-app purchase for $4.99) adds features like checking, savings, and charity accounts and gives you the ability to transfer money between siblings and between accounts.
Key features for kids:
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- Get an account where you can make sure your parents routinely give you allowance
- Record every expense you made, and always know how much you have.
- Save up for more expensive goals like games and toys. You’ll get a cool badge when you reach your goal!
- Set recurring payments for things like online memberships.
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| | Key features for parents:
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- Get your kids a recurring allowance or add funds to their account manually.
- Your kids will know if they have enough in their account for the things they want to purchase.
- Deduct their purchases from their account, or better yet – have them deduct their purchases so they can understand the implication of spending money.
- You can use Bankaroo as a point system to encourage good behavior
Bankaroo is used by schools nationwide as part of their curriculum to educate kids about money and its value. Use this mobile app to: = Sign up and login to the bankaroo service
= Create and manage kids accounts
= Add funds to kids accounts
= Set kids’ allowance
= Log usage of funds
= Set and manage saving goals
= Add cool icons to goals
= Review goals and saving status
= Earn cool badges
= Review upcoming activities
= Review past activities
= Teach our kids about money and making smart financial decisions
= Facebook integration – post updates to your wall | | |
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How to stop your emotions from clouding your financial judgement By Jean Chatzky "You had a bad day at work. Or maybe a fight with your significant other. Or perhaps you got on the scale this morning and it registered two pounds heavier… even though you did not eat any of the French fries that came along with last night’s dinner. And now -- even though it wasn’t in your plans – you just spent 30 minutes at your favorite online boutique dropping $250 in the process. What happened? Emotion, that’s what. Negative events still lingering from earlier in the day took hold. They started messing with your mind and your priorities, imploring you to do something that would make yourself feel better. So you shopped. It happens all the time. The big problem is not that emotions, in and of themselves, are bad, but that emotions can cloud our judgment, explains Dr. Linda Henman, business coach and founder of the Henman Performance Group. When we are emotional, we are more focused on how we feel, not on what we think, says Henman. “We make decisions that we sense will bring about an improved condition, even though we don’t have the facts to back up that conclusion. ”Research also shows that women experience emotions – particularly negative ones -- more deeply than men do. Now add the fact that money-related exchanges can also be more emotion-provoking than many other topics, and you get a sense of the problem: It’s very, very difficult to separate how you’re feeling from how you react financially. It’s also very, very important that you try. But how?" A quote from the article Read the article to discover the steps to prevent your emotions from clouding your financial judgement. | | |
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| | Featured App Yuggler One of the best apps for families and winner of the Parents’ Choice® Approved Award, Yuggler is all about kids activities. Helping to ease the insanity that comes with constantly juggling family time, Yuggler lists and maps activities for kids in your area within seconds of your search. You’ll find photos, hours and pricing. And you can read reviews from other parents. Yuggler also offers up hand-selected savings on kid activities in your area. | | |
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| | SAVE MONEY: Save up to 70% with Deals Hand-Selected Deals for Kids Activities Discover hand-selected, quality assured deals for your most favorite kids activities and save up to 70%. Yuggler also helps parents ORGANIZE fun places and things to do for kids with bookmarks (to do for the future), favorites (your past experiences that you would like to repeat) and reminders. We make planning so easy for the next family fun weekend or even a full itinerary for the next trip or vacation. And Yuggler makes sure that you will NEVER MISS THE ACTION with user-configured notifications. Get notified about new kids activities based on your personal preferences for location, type, gender, season, weather and age-group to stay informed about what’s happening in your local neighborhood or future travel destination. Available for iPhone, iPod, iPad devices. | | |
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How to spend less, save more, and clean up your (financial) act By Farnoosh Torabi "If you’re determined to make 2018 the year you finally achieve the goals you’ve been focused on for so long (#adulting), you’re going to want to detoxify your spending habits—just like you’d cut back on sugar or alcohol after a month filled with cookie baking and boozy holiday parties. Yes, it’s hard work up front, but if you’re looking to tackle a major life change—whether that’s buying a house, or getting out of debt, or going to grad school—you need money to make it happen." Excerpt from article. | | |
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How to Create an Early Holiday Shopping Budget "It's the perfect time to plan your gift list and save money this season." By Jon Lal "Halloween may be the next major holiday, but smart shoppers are already planning for the year's biggest spending days in November and December. If thinking about starting your holiday shopping has you rolling your eyes and reaching for another piece of snack-sized Halloween candy, hold it right there. Taking just a little time now (even just an hour) can save you a lot of stress, money and time later on when you'd rather enjoy the holiday season. If that gets your attention, keep reading for a few easy, important tips to get organized now for a successful shopping season later." A quote from the article | | |
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