Jeremy Fulton, Financial Wellness Coach

Tag: coach

  • 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.

  • 6 reasons why now is the perfect time to buy a home

    6 reasons why now is the perfect time to buy a home

    Its a new year.  Things are going to be different this year!  You have set goals for yourself, your family, and your career.  But there is one thing that is still bugging you.

    You feel like you are still throwing money away every time you write out that rent check.

    “I could be building equity in my own home, not having to live in this crowded apartment building, and not having to worry about the rent going up, again.”

    If this is you, now could be the perfect time to buy your first home!

    1. 2.93% APR
    Rates can’t drop much more than that for a 15 year fixed rate mortgage!  Many analysts think that the rates will be increasing in the next 3-12 months.  Why didn’t I quote the 30 year rate? Because you should stay away!  Not only is it a point higher, but you will end up paying a LOT more in interest charges over the life of the loan.  And besides, who wants to be in debt for 30 years?

    2. Weak housing market (at least in CT)
    Home prices are still down, but the market is improving!  This could be unlike any other time in history or the future for prepared homebuyers!  Opportunity favors the prepared!

    3. You’ve lived in the area you want to buy in for a while
    Learn from my mistakes, don’t pick an area to buy in until you know the area a bit.  Where will you be spending your time?  Are there areas you want to live at a distance from? Close to?  Where do you work and socialize?  If you live too far, you can end up feeling isolated, or end up spending more in fuel than you anticipated driving all over.

    4. You have a down payment saved
    After the housing debacle a few years ago, it’s almost impossible to get a 0% down loan (a few options, such as VA, are much more expensive than conventional loans); most banks require at least 10%, but 20% is still the magic number!

    5. You are debt free
    And I mean all debt (including so-called good debt)!  Becoming debt free is a much higher priority to reaching financial peace then owning a home.  Once your income is freed from the burden of debt, you can maximize it’s wealth-building capabilities, including building equity in a home.

    6. You have a fully funded emergency fund
    When you own a home, you are liable for ALL maintenance and repairs!  No landlord to call at 4 am when the heater quits in February!  You need to have that 3-6 month reserve to cover whatever Murphy throws at you.  Also, what happens if you lose your job?  You’ll still need to pay the mortgage!

    Bonus:
    Now how do you determine how much house you can afford?  It’s a very simple calculation; no need to find an online calculator.  Don’t spend more than 25% of your after-tax pay on a 15 year, fixed rate mortgage.  Being house poor is no fun, better to have a modest home and money to spend, invest, and give.

    Double Bonus:
    When figuring out your payment, don’t forget to include property tax and homeowners insurance!  Depending on where you live, those can add $400-600 a month to your payment!

    Not ready to buy yet?  Lets develop a plan and get you ready, together!

  • 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