Jeremy Fulton, Financial Wellness Coach

Category: Misc

  • How to save money every day the way I do

    How to save money every day the way I do

    Here at the Fulton’s we are always looking for legitimate ways to save money.  Especially when it comes to every day expenses.  Some of these you probably already do, others will seem extreme, and the rest you will want to start doing today!

    Everything I’m about to talk about is something we currently do, use, buy, own, or have previously done, used, bought, or owned.

    • Ting mobile phone service.  Ting is a pay-per-use service, so you can control your bill!  Our bill, for two smart phones, went from about $150 on Verizon to about $35 with Ting!  Ting uses the Sprint network, so it’s reliable.  They will even credit you up to $75 to get out of your current contract!  Click here to see how much you can save.
    • Menu Planning.  My wife plans out two weeks of meals at a time, then generates the shopping list based off of this.  Between having a plan for what to cook/eat and shopping with a list, we cut our grocery bill by 25%!!!  My wife uses this App/service; it’s not perfect, but works for us (let me know what you use)
    • GasBuddy.com.  If you want to compare gas prices before you head out the door, this site is great!  Prices are reported by users of the site and app (yes, there is an app that you can use!).  Don’t waste your time/fuel driving around to find the best deal!
    • Lower the thermostat.  In the winter, we keep the thermostat pretty low (55F!) and wear warm clothes inside, and blankets while sitting on the couch.  We both work in the same room/office, so we use a small oil-filled space heater to keep that room at a reasonable temp.  In the summer we use fans, except when it’s too hot for that.
    • TV.  I cut the cord years ago, “giving up” traditional satellite TV service.  We will check out movies (and TV series) from the local library (they can get movies from other libraries if it’s one not in stock),  or use Redbox.com for a new release (pro tip: reserve online or w/ the app to ensure the movie you want is at the kiosk closest to you).  Also, now there is the option of streaming content from the internet; devices such as a Roku, AppleTV, ChromeCast, or Fire TV allow you to stream free content or inexpensive subscription programs such as NetFlix, Amazon Prime, or Hulu+.
    • Cloth napkins.  And no paper towels.  Not only do cloth napkins add some ‘class’ to your meals, they don’t cost anything to re-use (they will fit in your normal laundry load)!  We use old hand-towels instead of paper towels.  Again, they don’t add measurably to the laundry (and are tougher/more absorbent than paper, anyway!).
    • Cloth diapers.  With Baby-J on the way, we wanted to find out how to keep costs as low as possible.  We calculate that we will save several thousand dollars over the course of two children; this includes the cost of buying quality diapers, extra laundry loads, and our time.
    • Amazon Wish List.  This may seem counter intuitive, but hear me out.  I’m a spender.  So I’ll put stuff I want or think I need on the list instead of buying it right away (even if it’s in budget).  I’ll take some time to price shop and to just let it sit.  Many times I’ve removed something from the list, either because I realized I didn’t really want it that bad, or I found a better option.
    • Buy used.  Craigslist, eBay, etc are all great  places to find used, quality goods (80% of my furniture, and my last 4 cars were found on Craigslist).
    • Buy quality.  When it counts.  Some things, like baby clothes, don’t matter, but with many things, buying it once, for a little more, if better than buying it many times.  Or the usability factor can make it worth while to buy the better model.
    • Cash Flow Planning.  This is the single BEST way to reduce your spending and save money.  It forces you to be intentional about your spending.  It is how we ensure we only spend on what is important to us.  It reigns in the impulse spending and prevents overdraft fees.  We use You Need A Budget (YNAB for short) as our budgeting software.  It is super easy to use, has a free mobile app, great resources, forums, FB group, and even has a good looking interface!  I’ll be writing a formal review on it, soon.  But for now, download the free trial here.  If you want to buy it, save $6 by using this link.

    What money saving tips would you like to share?

     

    Disclosure: some of the links provided are for referral programs.  By clicking those links, I will receive an account credit or money.  You may also receive a credit from those same links.

  • 10 things you need to know about money right now!

    10 things you need to know about money right now!

    There are many things you can learn about money.  Some are cool facts and trivia that you can use for small talk at parties.  Some things will make you feel better about yourself.  And others have the potential to change your life!

    So, without further ado, here they are:

    1. The amount of money is not fixed.
      There is no “pie” that you have a slice of.  If I increase my wealth, it does not mean that I prevented someone else from increasing theirs by that much.
    2. Money is created by work.
      As we work and create and build we create value which is how we get paid.  That is why the GDP of the world is always increasing!
    3. Giving 10% of your income to a cause you care about helps you succeed financially.
      Giving causes us to become more outward focused and generous.  People who are not self-focused are more likely to get the promotion, raise, and be presented opportunities.
    4. If you have money problems, your children will most likely have money problems.
      You know that your kids are impressionable.  They will see how you handle money and mimic your habits, good or bad.  If you don’t teach them proper money management, Visa will gladly do it for you!
    5. There is no such thing as “good debt.”
      How excited do you get about making payments?  This includes Student Loans.  Can you be 100% sure that you (or your child) will land a job you love that pays enough to cover the payments and your desired lifestyle as soon as you graduate from school?  If the student is a woman, what happens if she gets married, has a child, and wants to stay at home?  Can her family support the loss of income with the debt payment?  There isn’t anything that can’t be saved up for!
    6. Rich people avoid debt; they didn’t get rich using debt.
      80% of America’s millionaires are self-made millionaires, and they say the number one key to building wealth is avoiding debt!  When you don’t have debt, you can invest in the market or your own business much more!
    7. Money ≠ evil
      Money is amoral.  It’s like a brick.  A brick is not good or bad. I can throw it through a window or build an orphanage.  Money is the same way; in the hands of good people, a lot of good can be done.  Bad people will just do more bad.
    8. Your retirement fund is more important than your kids’ college fund.
      You will retire one day, either by choice or necessity.  Not everyone goes to college.  Also, do you want to rely on your children to take care of you when you are older and be a burden to them?
    9. Budgeting gives you freedom!
      I know that the word ‘budget’ is used to imply cheap, low-rent, inferior, etc.  But that doesn’t mean that living on a budget means you can’t spend money on things you want.  All a budget is a plan on how you WANT to spend YOUR money.  You plan out your spending for the next month, deciding what you want to spend the money you worked so hard for one, and then actually following through with the plan!  You are allowed to budget money for eating out, buying ‘toys’, and hitting the local Starbucks!  The biggest result to budgeting?  You will feel like you got a raise!
    10. Investing in a financial coach will pay off bigger than any stock!

    Yes, I know it seems self-serving to tell you to hire me, but to be honest, had I hired a financial coach way back when, I would have ended up with thousands more in my retirement fund, way more in my savings, and have not wasted so much money over those years!  A coach can help you pick the proper types/amounts of insurance (saving you on payments and loss), set and reach financial goals, find areas where you can save money in day-to-day expenses, help you beat debt (how much of your income goes to payments each month?), and even help you and your spouse agree on money issues (how expensive is a divorce?)!

    Maybe you have all the answers already and are doing pretty good; good for you!  If not, what are you waiting for?  Give me a call and set up a no-cost, no-obligation consultation to see if what I’m saying is true.  What do you have to lose?

    I can be reached at 860-469-2274 and jeremy.fulton@me.com

  • Giving Thanks

    Giving Thanks

    Tomorrow is the Thanksgiving holiday here in the US. Many like to take a moment and reflect on all that they are grateful for. Some see it as a 4-day weekend that they can pig out during. Others see it as the day before Black Friday, where they can fight crowds for a super deal on low quality electronics.

    I have to admit that in the past I’ve done more of the latter two than the first. But things have changed in my life in the past couple years that have caused me to change how I see the world and my life. Just over a year ago I left singleness for good and married the most amazing woman I’ve ever met, and now we are expecting our first child, due in May!! Between those two major events I’ve become more outward focused and less selfish. I’ve learned how fulfilling it is to serve my wife as a husband; more so than anything I did while single.

    I won’t bore you with an exhaustive list of every good thing in my life, but I do want to express my gratitude for a few things I’m most grateful for, things I thank my Creator for often.
    – My relationship with Jesus Christ, and the grace and mercy He’s granted to me
    – My wife; I waited a LONG time to find her, and my life is so much the richer due to her love
    – Our child; I’ve waited a long time to be a dad, and an so excited to be one!
    – Having family close enough to spend holidays with; I’ve lived for so long thousands of miles from my family that having my in-laws close has been a blessing
    – My career as a Personal Financial Coach; I get so much joy and fulfillment helping others change their lives! It’s amazing to have a job that I love so much!

    I hope you take some time and reflect on what you are thankful for, and remember those that are less fortunate. Your life may be tough, difficult, and painful, but there is always a silver lining to the cloud if you just look hard enough.

    What are you most thankful for? Please share with us in the comments section 🙂

  • The Envelope System, or How To Stick To The Budget

    The Envelope System, or How To Stick To The Budget

    A little while ago I wrote about using Cash, in a post titled Cash Is King! (Sorry Elvis); and in that article I mentioned using the Envelope System as a way to control your spending and avoiding some budget busters.  I very briefly described how we use that system, but I’m not convinced that I taught you enough to fully implement that system with your own budget.

    Long before the invention of debit cards, people would pay for many things with physical cash.  They actually had physical money in their possession, esp. if they didn’t trust the banks (think post-depression).  One method people would use to control their spending would be to allocate their pay into separate envelopes, so they would have enough money for the rent, utility bills, and to save up for large purchases (most people didn’t borrow for ANY purchase, even home!).  As the check book, then plastic became more popular, the envelope system faded into history.

    Now, many financial gurus, such as Dave Ramsey (and myself), recommend using this old system to remove the risk of overspending certain categories of your budget.  I personally recommend (and use) envelopes for 3 categories.  I think that you should use at least these three, but feel free to add others that you have a history of overspending on:
    – Groceries
    – Eating out
    – Blow money (separate envelopes for me and the Mrs.)

    Using the Envelope System is VERY easy!  In fact, it’s easier than not using it when budgeting!  Here are the steps:

    1. Complete your monthly budget, determining how much from each pay check goes to which category.
    2. Have your budget committee meeting and come to an agreed upon budget.
    3. After the first paycheck is deposited, withdraw the amount for each envelope category from an ATM.
    4. Put the cash in the envelopes.
    5. Only spend on each category from that category’s envelope.
    6. Once that envelope is empty, you are done spending on that category.

    Simple, right?

    Don’t worry if it takes a few months to get it right; that’s normal!  Like any new skill, this takes some practice.  If you have any questions or need help, please ask in the comments or shoot me an email!

    Objections I’ve heard:

    • I might get robbed if I carry cash!
      • no one knows you carry cash, so why would you be any more of a target than if you didn’t?
    • What if I loose my envelope?
      • I don’t carry envelopes around unless I plan on wanting to shop in that category.  The amount of cash carried is minimized.  Also, be careful, as you would with your debit card.
    • It’s a hassel to pull out money every week/2 weeks!
      • It’s worse to overspend at a restaurant and overdraft on the electric payment!  Most banks have a drive-up ATM/teller; we don’t think it’s a hassle to hit the Starbucks drive through!
    • I might run out of money and not be able to buy what I want at the grocery store!
      • That’s the point! Put back the ice cream and sugar cereal and buy pop-corn and oatmeal instead; next time you will plan out how you spend your grocery money better.

    What other objections do you have?  Post in the comments below

    If you are ready to start, you can buy a nice envelope system here, or check out the web for ideas on making one that fits your style and needs!

     

     

  • The Reluctant Spouse, or “He keeps messing up my budget!”

    The Reluctant Spouse, or “He keeps messing up my budget!”

    If you are reading this, you are probably the money nerd of your family.  You like to know where your money goes.  You like to watch your nest egg grow each month (or cringe when the market is down).  You know the value and power of budgeting.  You probably even enjoy working in Excel (I know I do!).

    Then there is your spouse.

    •  He won’t join you for your monthly Budget Committee Meeting
    • She says, “Whatever you say, dear!” and then comes home with several bags from the mall.
    • Believes that budgets are a punishment.
    • Isn’t willing to give up her lattes or his green fees because she/he “works hard and deserves it.”

    You’ve begged, pleaded, nagged, and maybe even raised your voice, but to no avail.  You can’t seem to convince your spouse that you need to cut back, pay off the debt, and start putting money aside for “a rainy day.”  You are tired of trying your best only to have your hard work wasted by the arrival of a large package from Amazon.

    It would be hard to NOT to be frustrated with him or her for the lack of willingness to participate in this part of family responsibility.  But may I risk pointing out that you may have some fault in this??

    Hold on a minute!  Put down the pitch forks & torches and give me a second to explain!!

    I’m not excusing their behavior, but suggesting that your approach in bringing your spouse alongside needs some adjustment.

    Ask yourself these questions:

    • Am I nagging my spouse?
    • Does my spouse see the budget as a restriction?
    • Do I constantly talk about “what” she needs to do?
    • Have I used the phrase, “Dave Ramsey says. . .”?
    • Has my spouse ever been ‘abused’ by budgets in the past?
    • What is it about budgeting that causes my spouse to disconnect?

    I’ll give you a minute.

    Your intentions were good and noble, there is no doubt!  And since we can’t change the past, lets talk about today and your future.  Lets look at an approach that will help your spouse truly come onboard; let’s help him understand and embrace the why!

    You know the why; you instantly saw in your mind what life will be like when you have no debt, a huge emergency fund, and have a plan to accomplish your family goals.

    Your spouse doesn’t.

    You need to help her see and embrace a why of their own.

    Here is one strategy that should work for just about any reluctant spouse.

    Step 1: Forget the past, both their misbehavior and any nagging/mistakes you’ve made.

    Step 2: If you were harsh on your spouse, ask for forgiveness for how you approached the subject.  As hard as it is, it can be a crucial step in getting your spouse’s attention.  You can say something like, “Honey, I need to ask your forgiveness.  I’ve been harsh with you about our family’s spending habits and I’m sorry.  I don’t want money to come between us.  I want us to work together as a team in this marriage; not me as your boss.  Will you forgive me?”  Feel free to adapt that to your style, but be sincere!

    Step 3: Dream Date.  It’s not what you think; it’s better!  Hire a sitter (or barter kid watching time w/ another parent), if you have kids, and have a nice dinner date.  If you are staying in for this date, set the atmosphere by turing off all phones & the TV, put on some soft music, light candles, etc.  With your spouse’s full attention, start dreaming together.  Ask, “if money was no issue, where would you like to go/what would you like to do?” “What does the ideal retirement look like to you?”  “Where would you want to live/work if money didn’t matter?”  Get the idea?  Make sure you share you own version, too!  Once you have spend some time dreaming, and your spouse is sharing, express that these dreams are reachable, that you two can work together to get to a place, financially, to make them come true!  He or she may not believe you at first, but the next step will help.

    Step 4: Express to your spouse that as a team, you can do anything.  You don’t expect him or her to handle the day-to-day finances or even craft the monthly budget; just that he give his input, come to an agreement (yes, your spouse gets an EQUAL say in the budget!), and stick to the agreement!  Ask him or her to try it for a couple months; if budgeting ends up not helping to accomplish goals, then you can quit! (Hint, it’s a trick: budgeting always works!)

    Step 5: Time for some work for you.  Craft a workable budget, calculate how long it will take to reach some goals/dreams, and present it in a simple format.  I would discourage you from using your 5 sheet, cross-linked spreadsheet for the next step; instead, use this form (or similar).  But fill it out in pencil, not pen.

    Step 6: Budget Committee Meeting.  You sit down with your spouse, eliminate all distractions (put the kids to bed, turn off TV/phones, etc), and slide the budget, along with a pencil and eraser, across the table.  Insist your spouse change at least one item! (Hint: this is how you get him/her to take ownership and not feel dictated to).  Now be silent and let him look and make some changes.  Once both of you agree on it, sign the bottom as a contract (if you feel inclined).

    Step 7: Show lots of gratitude and respect for his/her participation (back rub, do the dishes, etc).

    So, what are you waiting for?  Start tonight!

    Please let me know how this works for you, or how you handled your reluctant spouse in the comments below.  Or, if you were the reluctant spouse, what did it take to get you onboard?

  • The Artist Within

    The Artist Within

    Just a heads up about this post: it’s not about money!  Or is it??

    Before I went full-time as a Financial Coach, I was an engineer.  I sat in front of a computer, wrote emails, made phone calls, and tracked the status of my projects.  My job required zero creativity and when I tried to be creative, it went against the grain of “that’s how we always do it” mentality.

    I had to find a way to let my creativity out or I would have probably had a mental break down (well, that’s a bit of an exaggeration, I know).

    Creating art in the medium of photography is my outlet.

    I believe that each and every one of us is hardwired to need an outlet for the creativity that we are created with.  I wonder how much of the depression, crime, suicide, drug use, and other social ills would be eliminated if each person discovered their creative potential and exercised their creative gifts would remain?  hmmm….

    I know that letting my creative side out helped me reduce stress, sleep better, engage with friends better, meet new friends, and generally allowed me to be a better person.

    When I pick up my camera I can feel any stress start to melt away as my heart rate climbs a bit due to the excitement and adrenalin flowing though me!  Making a great image (or attempting to) has turned many a bad start to a day into a great finish!  I forget the issues at work and the stress of providing for my family as a self-employed individual, as I focus on what I see though the viewfinder (you can check out my work at JeremyFultonPhotography.com).

    After spending time looking through a lens, capturing the world as I see it, I feel that I am more focused and able to do what is required of me (at work and at home).  It allows me to accomplish more, with less stress, which actually helps me professionally!

    In what ways do you express your creativity?  You may not be talented with a musical instrument, paint brush, or camera, but none-the-less I bet there is a way you create art!  Do you work on old cars, building the engine into a powerhouse?  Do you write computer programs or apps?  How about working in your flower/vegetable garden?  Do you perform tricks/stunts with a bike/snowboard/skis?  Those are all creative outlets!

    Please share with us your creative outlet and how it helps you!