Empowered Planning Blog

3 Steps To Saving More In 2021

Jan 26, 2021

Financial Wellness 2021: 3 Steps To Saving More This Year

Let’s face it. With technology connecting us to anyone anywhere at any time, it can be challenging to carve out time for ourselves. This behavior can heavily impact how we save for our future financial goals like retirement. Getting a head start on retirement savings in January will increase your financial confidence and you’ll get all the feels because you’re doing something meaningful for yourself! Check out these easy 3 steps to get going:

 Step 1: Review Your Lifestyle Guide aka Spending Plan

If you haven’t established a spending plan yet, check out my Lifestyle Guide. Having clarity on how much you’re spending and where you’re spending will open up your eyes and wallet. Determine how much you can set aside each month towards your retirement account. A golden rule is to save 15% of your pre-tax income towards retirement. Explore what you’re currently doing and make a note of...

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Bite-Sized Budgeting: Your 4 Week Plan

Jan 19, 2021
 

I am a huge advocate for making finances part of your overall lifestyle. It’s common for money and investing conversations to be uncomfortable and often accompanied by anxiety. In fact, in a recent survey from Capital One CreditWise, 73% of Americans rank their finances as their number 1 stressor in life!  Let’s buck this trend and start this year off from a place of financial empowerment!

So where do you start? Drumroll please…yup it’s examining your spending. I know I know. Budgeting, boo right? When most people hear the word budgeting, they think boring, restrictive and no thank you. When you know what you spend and where you are spending, you can go after what you truly want from life! What’s sexier than that?!

Going through each month blindly, you can feel out of control or at the mercy of money. Having transparency on where your money is going, you can be intentional about how you spend money and take back control.  A popular and easy...

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5 Ways To Find Financial Wellness in 2021

Jan 06, 2021
 

The global pandemic that hit in 2020 threw me into a whirlwind of emotion and I challenged myself to take a hard look at my relationships, overall lifestyle habits and my financial situation. I quickly found that I wasn’t alone in how I was re-examining my life, my value system and my overall approach to the future. The K-shaped recovery our economy is experiencing has some people high-fiving a fruitful 2020 and others scrambling to find new employment and even a new career altogether. Whatever your situation is, I want to share 5 easy ways to find financial wellness in 2021.

 #1- Raise your financial awareness

You can simply raise your financial awareness by reflecting on how your financial situation panned out in 2020.  You can dive deep into financial situation if that works for you or take a simpler approach, regardless of what you decide, it’s a great time to look at last year through a financial lens. We look to the past not to judge ourselves but to see...

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Debunking Your Credit Score

Aug 25, 2020

Have you ever dealt with a crazy relative? They complain you haven’t dropped by in a while so you stop by one day after work.  As soon as this crazy relative opens the door she is ranting and raving about how inconvenient this is and your timing is inconsiderate! You’re left feeling like, huh?! That same huh feeling tends to commonly apply to credit scores. There’s a lot of myths out there surrounding what makes up your credit score.  When you don’t know what’s working, it’s easy to be confused about what you should do more of and what you should stay away from. We’ve all heard it in passing, “You should close any credit card you don’t use” or “You should keep all your old credit cards open”. So what’s the right answer?

While there are many considerations when determining your credit score, a major factor is called credit utilization. Let me break this down for you. The credit bureaus are looking...

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3 Must Have's For Your Family

Aug 10, 2020

This is not a glamorous topic, but it is timely.  Covid Season has brought a lot of things front and center and as we gear up for re-entering this new normal, I want to highlight the importance of planning for some worst-case scenarios. Personal finances doesn’t only include you, it includes family or loved ones that would be impacted financially by your passing. This is emotional to consider but you should prepare for the unexpected.  I have included three must have when planning for your family in the event of an untimely death or health event. Use it as a checklist with your family!

1- Beneficiaries

All of your accounts should have beneficiaries named. A beneficiary is someone you declare on a legal document who will be entitled to the money in your accounts / assets upon your passing. You will have to fill out different forms online or by handwritten form, it depends where your accounts are being held.

Check that these are up to date. If you’re already one...

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3 Steps For Budgeting With Inconsistent Income

Jul 09, 2020

I am a big believe in having systems in place so you can begin to operate your financial life on auto-pilot and make it as simple as possible. But what happens when your income varies each month? Maybe you have a salary but a large portion of your income is bonus type pay or you are self-employed and do a lot of project work so you get paid in chunks throughout the year. The typical Empowered Planning Golden Rules can be difficult to put into practice and can be met with resistance if you are winging it every month.  Fluctuations in income can encourage you to use credit cards to float yourself to the next month and can result in unwanted debt.

The solution for this is to create your own consistency. You can do this by depositing the money you earn into one bank account and then set up bi-weekly transfers into a checking account.

You want to have money readily available as your bills come in each month.

Here’s 3 simple steps to win at this game by creating your...

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5 Things You Can Do To Take Control Of Your Finances

Jun 11, 2020

If you don’t already know me, I am a wife, mother of two little ones, and also the mom of a high maintenance but world’s best dog.  As a mom there’s so many things that happen that I can’t control and I’m always learning how to go with the flow because it doesn’t come naturally to me.

2020 has been a year of uncertainty and change. Covid-19 has changed the way we live and work, the Black Lives Matter movement has increased awareness from every community to do more and has hit pretty hard emotionally. Whatever plans you had for the year have been altered or you’ve been forced to pivot. You’re doing it but you don’t necessarily feel in total control. Many of us are doing things to contribute but change doesn’t happen overnight so there’s still a feeling of not being in control and it can create unnecessary anxiety. I want to share 5 things you can do to take control of your financial life to alleviate some of that...

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Employers Are Paying College Debt: Find Out How!

Jun 04, 2020

STUDENT LOAN REPAYMENT PLANS

Does Your Employer Offer Student Loan Repayment Plans? Start asking NOW!

Having a college degree today is a common requirement to get a job in today’s workforce, about 45 million people are on the hook for roughly $1.6 trillion in student loans. 70% of people experience stress around their finances. This stress pours over into our personal lives and affect our careers as well.

Companies are now offering Student loan repayment plans as a way to incentivize Millennials and Gen Z to work for their companies and also keep them there. About 8% of companies offer them today and even though at first glance that looks like a small percentage, it’s up from 4% last year with a new wave of companies adopting these plans later this year.  

The way that these programs work is similar to how a retirement savings plan like a 401(k) your employer will contribute a fixed amount like $50-100 per month, as long as you make your payments on...

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3 Quick Wins For A High Credit Score

May 29, 2020

I wanted to drop a Credit Score Knowledge Bomb in your lap today to help you get some quick wins. I talk a lot about building wealth and investing but those things take time and patience and doing. And patience has been on my mind a lot. You’re a go-getter and do-er and “waiting” isn’t your strong suit which is also why you’re so successful. That drive serves you in so many ways but building wealth isn’t a sprint. I hear you when you’re frustrated that you can’t achieve all of your money goals right now. I wanted to give you some wins you take in the meantime while you’re building your empire.

Let’s talk credit score. You want to have good credit because it affects how you can borrow money and a good or “prime” credit is considered to be anything above a 720. So check out these 3 quick credit wins you can get today!

#1 - Pay your bills on time and pay more than the minimums when you can, hopefully you’re...

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Why Waiting To Invest Is Costing You Thousands $$$

May 21, 2020

I want to debunk the thinking that you need to wait until you have more money to start investing. The reason you invest is to grow your money. Pretty straight forward right? You want to make money on your money. Don’t be shy about it, you want more money. It doesn’t make you a bad person. You know you need money to reach your goals and support the lifestyle you want. That just makes you smart, not greedy. There’s a HUGE difference.

Time is actually the most valuable asset you have when you want to grow your money. When you start making more money you start spending more money. It could be to upgrade certain things in your life for fun or to actually get some things you really needed but were waiting to have the money. So having more money doesn’t necessarily mean you’ll start saving more.

I’m not going to tell you that by skipping the latte or the avocado toast you’ll become rich but I do want you o follow me on this exercise. Don’t...

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