| Flourish Financially with Kathy Longo
Did you know that 31% of Americans say they have lied to their spouse about money? Or that 80% of couples spend secret money?
Whether it's due to a change in income or simply a decision to prioritize savings goals, we all need to tighten our budget belts sometimes and the new year is a perfect time to get started.
One of the most effective ways to come out financially on top after a difficult life transition is to keep emotion out of your decision making. Of course, that’s easier said than done! While it may be an uphill battle, though, there are things you can do try to keep your emotions separate from your financial decisions.
Welcome to your weekly opportunity to take a few minutes to set a small goal that can help you achieve your larger aspirations. This week I will be talking about DIvorce & Your FInances.
To find success in managing your household finances, it’s crucial to lay a foundation built on the fundamentals.
Taking the time to get on the same page as your spouse with household finances is always a positive step – and one that I encourage all married couples to take, even if they’re far past the newlywed stage.
If you are dealing with financial uncertainty, as many of us are during this pandemic, this challenge is for you.
In the midst of transition, self-reflection helps you identify your main sources of challenge and worry. So, this week’s challenge is to jump-start your self-reflection process and gain greater clarity in your goals.
One of the frustrating parts of financial planning is that your plan is never permanent. Unexpected financial setbacks happen to all of us, and each time they do we must reevaluate our plans. After the initial shock of a financial setback, resilient people choose how to respond, and they focus on the positive. Using this mindset allows you to see your situation in a different way and to thoughtfully reevaluate a financial plan that no longer accomplishes your desired goals.
Right now in the world, so many people are going through transitions, many of which were unexpected. This is difficult. It’s painful. And it’s easy to feel like a victim of circumstance. But when we choose to own the moment – that is, to take charge of how we act and react in the face of a difficult transition – we can use our energy to accept what is, while also planning for what will come next.
Mindset is often the biggest obstacle we need to overcome in order to create a financial plan that will help us meet our goals. In particular, the belief that our goals are simply too big to achieve holds us back from making progress. But, I want to let you in on a little secret: big goals don’t require big steps. They can be reached with a series of small, steady steps over time, and this week’s episode will help you get started.
It can be difficult to get excited about your finances, particularly if you feel burdened by debt, lack the income you desire or feel your financial goals are unattainable. If you’re feeling stuck and less-than-excited about your current financial outlook, you can break your cash flow down into smaller components that let you take more control of your finances - and help you get excited about achieving your goals.
Do you find money topics to be confusing? Do you lack confidence in your ability to understand financial concepts? If so, you may be suffering from numerophobia - and you’re not alone. This inevitably leads to a reactive approach to money management, but taking a proactive interest in your money is the best way to meet your goals and create a meaningful life for yourself and your family. So, if fear of numbers is getting in the way of your financial success, my challenge to you this week is to stop making it about the numbers.
Do you know YOUR number? Your credit score paints a picture of your current financial status and acts as an indicator of your financial health for potential lenders. It takes into account your amount owed, credit, length of credit history, credit mix, and payment history.
For this week’s challenge, I’m going to encourage you to wade through something that many people avoid, but which is necessary if you really want to take charge of your money – financial jargon. Learning to “speak finance” is a lot like learning a foreign language. Yes, many financial terms are confusing, but with a little time and patience, the terminology becomes approachable.
